Good morning, CFOs. Moderna is working to cut costs as its Covid-19 vaccine sales fade after years of beefed-up research and development spending during the pandemic, but still wants to come out of the spending cuts with more drugs on offer.

The biotech company is in the process of diversifying its commercial drug sales, in part, to reduce its reliance on Covid vaccines, even as it plans to include R&D in the cost-cutting.

“We are trying to balance speed and cost a little bit more as we look forward into the next three years,” said Jamey Mock, Moderna’s chief financial officer, adding that’s in contrast to when the company moved “extremely fast” in the pandemic. Mock joined Moderna from life-sciences testing company PerkinElmer in September 2022.

📆 Earnings

• Abercrombie & Fitch
• Brown-Forman
• Campbell Soup

📈 Economic indicators

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey.

The Federal Reserve releases the beige book for the second of eight times this year.

Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee as part of the semiannual monetary policy report to Congress.

ADP releases its National Employment report for February.

Target is betting that its plans to upgrade stores, refresh a membership program and expand private brands can help it rebound from a rocky 2023.

The Minneapolis retailer said Tuesday it would open more than 300 new stores and invest in the majority of its locations over the next decade. It also announced a paid membership program, Target Circle 360, that offers free same-day delivery on orders over $35 and free two-day shipping.

“Our goal is to recapture profitable sales, traffic and market share gains by expanding what makes Target different and better for our guests,” Chief Executive Brian Cornell told analysts during an investor presentation.

• Target Launches Paid Circle Membership. See How It Compares With Amazon Prime.

• Service on Meta Platforms’ Facebook, Facebook Messenger, Instagram and Threads resumed Tuesday after an outage knocked out the sites for hundreds of thousands of users around the world.
• Major U.S. indexes closed lower Tuesday, extending their declines from a day earlier. The pullback comes after a rally that has sent the S&P 500 to multiple records this year.
• China projected confidence that the world’s second-largest economy could defy downbeat assessments, setting an official growth target of about 5% for this year in the face of intensifying economic headwinds from inside and outside its borders.

📰 Other headlines

• Bitcoin’s Stunning Climb to New Records, Explained in Charts
• U.K. Retail Sales Growth Damped by Wet Weather, Report Says
• Tesla Superchargers Aren’t Just for Teslas Anymore
• The Nvidia Chips Inside Powerful AI Supercomputers
• How the Bromance Between Elon Musk and Sam Altman Turned Toxic
• Nikki Haley to Exit Republican Presidential Race

Patrick Industries, the Elkhart-Ind.-based maker of chassis and other components for manufacturers of RVs, named Andy Roeder as chief financial officer of the company. Roeder most recently served as CFO of Polaris' boats unit. He succeeds Matt Filer, who served as the company's interim CFO since May 2023. Jake Petkovich, Patrick Industries' previous CFO, left in 2023 to join Indicor, which provides solutions for industrial manufacturers.

—Will Feuer contributed to this newsletter.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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