Gilead Sciences Rallying Off Q1 Beat

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
'' Gilead Sciences
GILD
shares are trading higher by $3.81 at $104.32 in Friday's session. The catalyst for the rally is Q! beat for EPS ($2.94 vs. Est. $2.32) and for revenue ($7.59B vs. Est. $6.92B). In addition the company boosted guidance for the remainder of the year, the company now expects net product sales of $28 billion to $29 billion, versus its prior forecast of $26 billion to $27 billion. After a higher open ($103.20 vs. Thursday's close ($100.51), it retreated to $102.50 before resuming its rally. So far, it has breached the pair just below the $104 level, reaching $104.27. If the rally continues there be additional resistance at Monday's high ($104.53) and additional resistance at the series of highs at the %105.50 level from late April.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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