• President Trump announced restart plan
• Gilead stocks jumped 10% on Covid-19 Treatment Hopes
• Schlumberger (SLB.US) reduced dividend by 75%
US indices opened higher today amid hopes that an experimental drug is being effective in treating patients with coronavirus. Also investors welcomed President Trump guidelines to reopen the economy in which states that have seen a consistent decline in the number of coronavirus infections can allow public interactions in a month.
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Contracts on S&P 500 (US500) are retreating towards yesterday's close, below 2850 points. Source: xStation5
Gilead (GILD.US) share price soared after details leaked of clinical trial of the company’s antiviral drug Remdesivir, which is showing success in treating Covid-19 patients According to STAT News, University of Chicago, which participates in the study, noted “rapid recoveries in fever and respiratory symptoms” among its patients of which most of them were discharged in less than a week.
Gilead, stated "the totality of the data need to be analyzed in order to draw any conclusions from the trial."
UChicago Medicine announced "partial data from an ongoing clinical trial is by definition incomplete and should never be used to draw conclusions." Gilead clinical trial results involving patients with severe symptoms should be published this month.Test results regarding patients with moderate symptoms may be announced next month.
Gilead (GILD.US) launched today’s session with a bullish gap and is testing resistance at locate $86.00 per share. If the price will manage to break above this level, than further upward move may accelerate. The local support can be found at $77.63 per share. Source:xStation5.
Schlumberger (SLB.US) the largest oilfield service company in the world cuts dividends by 75% to 12 1/2 cents from 50 cents for the first time in 40 years. Company’s quarterly profits of 25 cents per share came above expectations, however revenue was below forecasts. In the first quarter,company took a one-time charge of $ 8.5 billion due to the negative effects of the coronavirus pandemic and low oil prices.
Schlumberger (SLB.US) quarterly report did not make much impact on the company’s share price which is still trading in the middle of the consolidation zone between $11.66 and $19.52. Source: xStation5
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