Gilead Sciences Rallies Off Q4 Report

Gilead Sciences

shares are trading higher by $2.50 at $86.20 in Wednesday's session. The catalyst for the rally is a better-than expected Q4 for EPS by $0.33 with $400M more in revenues. Also, the increased its dividend and added to its buyback plan. After a higher open, it fell back and found support in the upper end of Tuesday's range ($84.22), reaching $83.87 before resuming its rally. So far it has reached $86.99 and backed off to the $86.50 area. The current high fills a void in price action, when the issue tanked on January 28 on the heels of the Massachusetts Attorney General sent a letter to the company which suggested potential legal action against the company,