By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, October 23rd. Please refresh for updates.
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Gilead Sciences (NASDAQ:GILD) stock rose 4.4% after the U.S. Food and Drug Administration approved its antiviral drug remdesivir for treating patients hospitalized with Covid-19, making it the first and only drug approved for the disease in the United States.
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Intel (NASDAQ:INTC) stock fell 10% after the chipmaker reported a slump in margins in the latest quarter as consumers bought cheaper laptops, while businesses and governments clamped down on data center spending after splurging in the early stages of the pandemic.
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Capital One (NYSE:COF) stock rose 5% after the credit card company reported third-quarter profit and sales above Wall Street’s expectations.
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PayPal (NASDAQ:PYPL) stock rose 0.9% after Bloomberg reported that the online payments company is exploring acquisitions of cryptocurrency companies including Bitcoin custodian BitGo.
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Barclays (LON:BARC) ADR rose 6.6% after the U.K.-based bank posted a 38% rise in revenue in dollar terms in the third quarter, helped by another strong performance from its investment bank and markets division.
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Seagate Technology (NASDAQ:STX) stock fell 3.5% after the data storage company reported fiscal first-quarter below expectations, with revenue and gross margins weaker than a year ago.
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Wells Fargo (NYSE:WFC) stock rose 0.8% after Reuters reported that the banking giant is exploring a sale of its asset management business, as CEO Charles Scharf looks to shake up the troubled bank.
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American Express (NYSE:AXP) stock fell 2.7% after the credit card issuer reported a nearly 40% slump in quarterly profit, hurt by lower spending by its users, while it also set aside $665 million for potential defaults.