Diamonds and Dogs
Kraft Heinz (KHC) higher on a surge in demand. The consumer staple is up 4% to a one month high after reporting better-than-expected sales growth due to the coronavirus. The company now expects 3% sales growth in the first quarter. That is about $200 million, or 3.7%, better than Wall Street was modeling. Restaurant sales have taken a hit which account for 15% of Heinz's business.
Gilead (GILD) taking a hit. Skepticism is growing regarding Gilead's drug remdesivir to fight the coronavirus. Data from two Chinese trials are expected in the coming weeks. With a potential vaccine more than a year away, Gilead's antiviral remdesivir offers one of the nearest-term hopes for a treatment in the pandemic. The analyst over at Barclays believes the risk/reward is not in favor of a positive result for Gilead.
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