Diamonds and Dogs
Pent up demand for sneakers. Foot Locker (FL) is up 9% as the company preannounces upside guidance. The company now expects to make 60 cents verse estimates of a loss of 60 cents. Same-store sales for the quarter have risen 18%, compared with consensus for a decline of 23.6%. Management said they have seen strong customer demand as they reopen stores. Not bad.
No love for Gilead Sciences (GILD). The drug maker is down a percent to a five-month low even as their drug, remdesivir continues to help patients with the coronavirus. Last week, Gilead inked a deal with Pfizer to manufacturing more remdesivir. Today Gilead submitted a New Drug Application to the FDA for their drug Veklury to be used with remdesivir to treatment patients with COVID-19.
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