Fly Intel: Top five weekend stock stories » 20:0904/0504/05/20
GILD, BA, FB, TWTR, GOOG, GOOGL, UAL, CMCSA, CMCSK, T, VZ, ABT, CVX, HRL, JNJ, KMB, MDT, PG, TROW
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Gilead Sciences (GILD) said it is donating 1.5M doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients. In an open letter, Chairman and CEO Daniel O'Day said that the drug will be offered for compassionate use, expanded access and clinical trials, and will treat patients with severe symptoms. "Our existing supply, including finished product ready for distribution as well as investigational medicine in the final stages of production, amounts to 1.5 million individual doses. Depending on the optimal duration of treatment, which is something we are studying in clinical trials, this supply could equate to well over 140,000 treatment courses for patients. [...] Gilead is providing the entirety of this existing supply at no cost, to treat patients with the most severe symptoms of COVID-19. The 1.5 million individual doses are available for compassionate use, expanded access and clinical trials and will be donated for broader distribution following any potential future regulatory authorizations. These doses are for treating patients with severe symptoms, through daily intravenous infusions in a hospital setting. Having a potential treatment in our hands comes with significant responsibility." 2. Boeing (BA) announced that it is extending the temporary suspension of production operations at all Puget Sound area and Moses Lake sites until further notice. "These actions are being taken in light of the company's continuing focus on the health and safety of employees, current assessment of the spread of COVID-19 in Washington state, the reliability of the supply chain and additional recommendations from government health authorities," the plane maker said in a statement Sunday night. 3. Across the media landscape, advertising is disappearing, one more casualty of the global economic shutdown, and new technology won't be a savior as this is an equal-opportunity problem across print, TV, digital, radio, and outdoor advertising, Eric Savitz wrote in this week's edition of Barron's. Even the most prominent ad buyers lack reasons, and often the means, to buy ads, the author notes, while many of the small and medium-size businesses that buy online ads are struggling to stay solvent. Both Facebook (FB) and Twitter (TWTR) have already warned that they will take a hit from the downturn, and Alphabet's Google (GOOGL) no doubt is seeing the same effects, but so far hasn't discussed the matter, the publication adds. 4. United Airlines (UAL) is cutting nearly 90% of its New York-area flying, as public health officials predicted that the city will reach the peak of its novel coronavirus outbreak in the coming days, The Wall Street Journal's Alison Sider reported. The airline said the reductions set to remain in place for at least three weeks will mean substantially fewer employees will need to show up each day, though workers will continue to receive pay and benefits, the author noted. 5. Comcast (CMCSA), AT&T (T), Verizon (VZ), Abbott Laboratories (ABT), Chevron (CVX), Hormel Foods (HRL), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Medtronic (MDT), Procter & Gamble (PG), and T. Rowe Price (TROW) saw positive mentions in this week's edition of Barron's.
Gilead to donate experimental COVID-19 drug Remdesivir » 15:1304/0504/05/20
Gilead Sciences said it…
Gilead Sciences said it is donating 1.5M doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients. In an open letter, Chairman and CEO Daniel O'Day said that the drug will be offered for compassionate use, expanded access and clinical trials, and will treat patients with severe symptoms. "In addition to the expanded access programs, we continue to provide remdesivir on an individual compassionate use basis for children and pregnant women. More than 1,700 patients have now been treated through these programs. [...] As soon as we knew that remdesivir may have potential in treating the novel coronavirus, our teams began to establish a supply chain for large-scale production. Then, as now, there were many unknowns including how long the outbreak would last, at what scale and whether remdesivir is a safe and effective treatment for COVID-19. We made the decision to invest and scale up regardless, because if remdesivir was going to be needed for patients, we had to be ready. In the space of two months, we have significantly increased our available supply of remdesivir using the inventory of active pharmaceutical ingredients we already had on hand. Our existing supply, including finished product ready for distribution as well as investigational medicine in the final stages of production, amounts to 1.5 million individual doses. Depending on the optimal duration of treatment, which is something we are studying in clinical trials, this supply could equate to well over 140,000 treatment courses for patients.[...] Gilead is providing the entirety of this existing supply at no cost, to treat patients with the most severe symptoms of COVID-19. The 1.5 million individual doses are available for compassionate use, expanded access and clinical trials and will be donated for broader distribution following any potential future regulatory authorizations. These doses are for treating patients with severe symptoms, through daily intravenous infusions in a hospital setting. Having a potential treatment in our hands comes with significant responsibility. Providing our existing supplies at no charge is the right thing to do, to facilitate access to patients as quickly as possible and in recognition of the public emergency posed by this pandemic." Reference Link
Gilead accelerating production of experimental COVID-19 drug, WSJ reports » 14:3504/0504/05/20
Gilead Sciences has…
Gilead Sciences has ramped up production of its experimental coronavirus drug, The Wall Street Journal's Anna Wilde Mathews and Jonathan Rockoff report. The drugmaker said it now has 1.5M individual doses of its drug remdesivir on hand, an amount that could be enough to supply more than 140,000 patients. Reference Link
Cisco's Webex registered 324M users in March, Reuters reports » 14:2404/0304/03/20
CSCO, ZM, MSFT
Cisco's (CSCO) video-conferencing app Webex saw a record 324M attendees last month, with usage more than doubling int he Americas as the COVID-19 outbreak has forced companies to have staff work from home, Reuters' Supantha Mukherjee reports. Webex, along with rival meeting platforms from Zoom (ZM) and Microsoft's (MSFT) Teams, are being used globally to host everything from virtual classrooms and business meetings to church services, the author notes. "Webex grew 2.5 times in Americas, four times in Europe and 3.5 times in Asia Pacific. Our growth is sourced from enterprise expansion, education and telehealth," said Sri Srinivasan, senior vice president and general manager, Cisco Collaboration. Reference Link
Microsoft's Mixer gives all partnered streamers $100, Kotaku reports » 14:1904/0304/03/20
Microsoft's Mixer has given all of its streaming partners $100 amid the coronavirus pandemic, Kotaku's Nathan Grayson reports. Anyone who streams via Mixer can apply to be a partner, and if they clear various viewership and professionalism hurdles, they are given access to new monetization options, early access to new features, and various other perks, Grayson notes. Reference Link
Etsy put volume heavy and directionally bearish » 11:5504/0304/03/20
Bearish flow noted in…
Bearish flow noted in Etsy with 4,808 puts trading, or 2x expected. Most active are 4/9 weekly 40 puts and Jun-20 35 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 3.93, while ATM IV is up over 1 point on the day. Earnings are expected on May 7th.
Piper Sandler biopharma analysts to hold an analyst/industry conference call » 10:2504/0304/03/20
GILD, MYL, TEVA, AMRX, ABBV, REGN, ALNY, MRNA, INO
Biopharma Analysts Amsellem and Raymond, along with a physician based at the University of Pisa Hospital in Pisa, Italy, who has managed over 100 COVID-19 patients and provides his perspective where New York area could be in 2-3 weeks, on an Analyst/Industry conference call to be held on April 3 at 11 am.
Amazon makes push to become 'leading' creator of video games, NY Times says » 09:4704/0304/03/20
AMZN, MSFT, GOOG
Seth Schiesel from the…
Seth Schiesel from the New York Times wrote on Thursday that "internet giant" Amazon (AMZN) is making a push into "a new front in the campaign to dominate digital entertainment." According to the NY Times story, Amazon is looking to make its presence known as a creator of video games not just a distributor. Amazon is aiming its efforts at rivals Google (GOOG) and Microsoft (MSFT), which have broadened their video game offerings, the NYT story added. "The internet giant said it intended to release its first original big-budget game, an ambitious science-fiction shooter called Crucible, in May after several coronavirus-related delays. It is also developing a full-fledged cloud gaming platform under the code name Project Tempo," added the New York Times. Reference Link
Unusually active option classes on open April 3rd » 09:4004/0304/03/20
LB, APA, UCO, USO, XOM, OXY, TSLA, XLF, SLV, HAL
Unusual total active…
Unusual total active option classes on open include: L Brands (LB), Apache (APA), ProShares Ultra DJ UBS Crude Oil (UCO), United States Oil Fund (USO), Exxon Mobil (XOM), Occidental Petroleum (OXY), Tesla (TSLA), Financial Sector SPDR ETF (XLF), iShares Silver Trust (SLV), and Halliburton (HAL).
Etsy price target lowered to $52 from $67 at BTIG » 09:2604/0304/03/20
BTIG analyst Marvin Fong…
BTIG analyst Marvin Fong lowered the firm's price target on Etsy to $52 from $67 but keeps a Buy rating on the shares. The analyst notes that on balance, the company's March GMS update was "quite positive", with the 4th week of the month rising 27%, even though the overall environment remains volatile. Fong adds that some investors "may draw pause" from the possibility of flat EBITDA, down from Etsy's pre-pandemic forecast of $220M-$235M.