Diamonds and Dogs

10/28/22

Gilead (GILD) having a good a day. The HIV drug maker is up 11% to a three year high following earnings. Gilead easily beat estimates as sales fell 5%. Covid treatment declined 52% on lower Covid hospitalizations and less severe infections. However, their cancer drug sales surged 79%. Gilead was able to raise guidance which was a positive. Things are looking up at Gilead. 

Another tech stock takes a hit. Amazon (AMZN) is down 11% to a two and a half year low, nearly falling below the trillion dollar market cap following lackluster earnings, a cautious view of the holiday season and lower cloud sales. Amazon said they will tighten their belt, including pausing hiring in certain businesses and winding down products and services until things rebound.