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Stocks - Abbott, J&J Rise in Premarket on Covid-19 Treatment Hopes

Published 03/30/2020, 08:58 AM
Updated 03/30/2020, 09:00 AM
© Reuters.

By Geoffrey Smith 

Investing.com -- Stocks in focus in premarket trade on Monday, March 30th. 

  • Johnson & Johnson (NYSE:JNJ) stock was up 4.5% after the company said it plans to start testing its experimental coronavirus vaccine on humans by September, with an eye to having it approved for use early next year. the drugmaker said on Monday.
  • J&J also said it will invest than $1 billion together with U.S. agency Biomedical Advanced Research and Development Authority (BARDA) to co-fund vaccine research.
  • Abbott Labs (NYSE:ABT) stock was up 9.9% after the company said the Food and Drug Administration has issued Emergency Use Authorization for a Covid-19 test that it says can deliver positive results in as little as five minutes and negative ones in less than a quarter of an hour.
  • Oil and gas stocks were generally struggling with another sharp drop in the price of crude oil after President Donald Trump pushed back the timeline for lifting current advice restricting non-essential consumption.
  • Occidental Petroleum (NYSE:OXY) stock was down 4.7% while Exxon Mobil (NYSE:XOM) stock was down 2.6% and Chevron (NYSE:CVX) stock was down 2.3%
  • Among independent shale producers, Pioneer Natural Resources (NYSE:PXD) was down 5.3% while Continental  (NYSE:CLR) was down 4.8%.
  • Carnival (NYSE:CCL) stock was down 7.4% after the cruise line operator struggled to contain an outbreak of Covid-19 on another of its ships, the Holland America.
  • Zoom Video Communications (NASDAQ:ZM) stock was up another 5.1% after a 7.5% rise on Friday as investors continued to pour into the ultimate ‘working-from-home’ beneficiary.
  • The maker of videoconferencing software is now valued at $42 billion, or over 56 times last year’s sales, spurring talk of an unsustainable bubble.
  • Slack Technologies (NYSE:WORK) stock was up 4.5% at its highest since August, another play on the boom in remote working, albeit at a less stretched multiple of 25 times trailing 12-month sales.
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Latest comments

COVID-19 recalls the angel of God sent to reduce the appetite of burners of ****** oil, coal, nuclear weapons, wars, fertilizers, pesticides, and other death-businessmen, and the enormous desire to *******people and nature. They have already isolated the devastators of nature, locked them in their homes. They've already stopped crazy flying, carriage, traveling and the terrible pollution of water, air, climate change. What's more, he has forced himself to move to the internet so that he will never again harm life and nature.
Still no silver bullet for treatment and nothing but guesses regarding the peak. We are in uncharted territory. Limited testing, delayed reaults (over 6 days in some cases) limited supplies (gloves and mask), and very limited ventilators adds up to a huge disaster and horrific numbers that are still to come. This is only the beginning...and the US has the highest number of COVID-19 cases in the world and climbing at rapid pace. There is too much to list regarding unrealistic market gains and false confidence, record unemployment, along with US companies who are over extended and much much more. The double edge sword to send americans back to work or prolonging state and federal quarantine, either one will prolong or decimate the economy with many more cases to come in which the COVID-19 shows no signs of slowing down and NO ONE KNOWS WHEN IT WILL GET BETTER OR STOP.
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