Gilead Gets Positive Results for Blood Pressure Drug
Shares of Gilead Sciences ( GILD) are up over 3% after the company said its high blood pressure drug candidate darusentan met its main goals in a late-stage clinical trial. Darusentan is designed to improve treatment-resistant hypertension or high blood pressure that has not been successfully reduced by other drugs. Shares of Gilead are over 20% off all-time highs of $57 hit in August 2008. The stock has technical support in the $31 to $35 price range. If the shares can manage to get the momentum turned around from this morning's early selloff, we see overhead resistance sitting at the $50 to $51 levels. We do not currently rate this non-dividend-paying stock, but we do follow the biotech space closely.
JPMorgan Losing Favor for Disney Shares
Shares of Disney ( DIS) are down slightly in early trading after a JPMorgan Chase ( JPM) analyst cut his ratings on the stock to neutral from overweight. The analyst trimmed his fiscal 2009 profit estimates for the company's broadcasting and theme park segments. He also cut the full-year EPS estimates to $1.68 a share from $1.73. We removed Disney from our "Recommended" list back on September 29, when shares traded at $32.75. The company has a dividend yield of 1.73%, based on last night's closing stock price of $20.21. The stock recently approached technical support near the $15 level. If that gets tested again and fails to hold, we can possibly see a $10 to $11 level come into play. If the shares can firm up, we see overhead resistance around the $25 to $26 price range. We would remain on the sidelines for now. Disney is not recommended at this time, holding a Dividend.com DARST Rating of 3.1 out of 5 stars.