Stock Market Today With Jim Cramer: Don't Buy Gilead On FDA News

Jim Cramer discusses the latest stock market news including Wells Fargo, earnings of American Express and Gilead's FDA approval for remdesivir.
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Stocks fluctuated Friday as lawmakers continued to negotiate on a relief package with the hope legislation could be signed before Election Day.

The Dow Jones Industrial Average fell 94 points, or 0.33%, to 28,269, the S&P 500 was up 0.03% and the Nasdaq was down 0.03%.

TheStreet's Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about Wells Fargo's potential sale of its asset management arm, earnings of American Express and Gilead's FDA approval for remdesivir.

Wells Fargo: Buy Or Sell?

Wells Fargo  (WFC) - Get Report is reportedly exploring the sale of its asset-management arm, a business that could fetch more than $3 billion, as it looks to revamp its business.

Cramer said the move is being regarded as positive. "Their stock is up slightly. Literally, anything they do is positive. Maybe they get some cash for their wealth division. Maybe the division doesn't have the great margins the company needs."

American Express: Buy Or Sell?

American Express  (AXP) - Get Report posted weaker-than-expected third-quarter earnings Friday but noted a steady recovery in current spending volumes as businesses reopened from pandemic lockdowns in key markets around the world.

Cramer said the company is spending a lot on promoting small businesses. "Stephen Squeri (its CEO) has done a remarkable job linking this company with contactless small businesses. And there are enough that are staying in business that the company is thriving. This was a very good quarter for them."

Gilead's FDA Approval For Remdesivir Won't Impact Stock

Gilead Sciences  (GILD) - Get Report on Thursday got FDA approval to use its antiviral drug remdesivir to treat coronavirus patients who require hospitalization.

Cramer said, "People are forever thinking that if we have a winner in this space it's going to make a fortune. But for Gilead, this is going to be a drug that's part of the mix. But it's not going to be the thing that moves their stock."

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