Diamonds and Dogs
A big day for Gilead Sciences (GILD). The biotech is up 4% after confirming its remdesivir treatment for COVID-19 was approved by the FDA. The antiviral drug already had FDA emergency authorization to be used including on the President of the United States. Gilead also announced the completion of the previously announced transaction to acquire Immunomedics for $21 billion which should be immediately accretive to earnings.
Intel (INTC) reports disappointing earnings. Intel is down 10% back to a three-month low following earnings, lower margins and a delay in their newest chip. Intel did announce an accelerated $10 billion share buyback which should limit the downside.
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