By Geoffrey Smith
- Stocks in focus in premarket trade on Wednesday, 29th April. Please refresh for updates.
- Gilead Sciences (NASDAQ:GILD) stock rose 9.5% in premarket after it said that it was aware of “positive data” from the trial of its experimental drug remdesivir with regard to treating the Covid-19 virus.
- The NIAID will brief later on its findings.
- Boeing (NYSE:BA) stock was up 5.2% after Reuters reported it intends to cut roughly 10% of its workforce as it brings production into line with a much lower level of demand from airlines. The company will also cut production of its 787 Dreamliner further.
- Boeing lost $1.7 billion in the first quarter, more than expectations, while revenue also fell by more than expected.
- General Electric (NYSE:GE) stock fell 1.6% after its first-quarter earnings fell short of expectation, with the Covid-19 virus hitting its aviation business particularly badly.
- GE had bet heavily on aviation and health care rescuing it from its chronic profitability problems.
- Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) stock was up 8.2% after better-than-expected results for the first quarter that showed its Internet advertising business holding up well despite the pandemic.
- Advanced Micro Devices (NASDAQ:AMD) stock was down 2.0% after the company cut its forecasts for the year, expecting a sharp slowdown in business investment.
- AMD lowered the bottom end of its guidance for sales growth to 20% from 28% previously. It still expects an adjusted gross margin of 45%.
