(upbeat music)
- [Narrator] US health
authorities are exploring whether
to green light the emergency use
of Gilead's anti-viral drug.
Boeing and Airbus outline survival plans
as the aerospace industry reels
and Tesla's CEO criticizes
lockdown measures
after the company
reported a surprise profit
in the first quarter.
I'm Shelby Holliday and here are today's
Wall Street Journal headlines.
Another grim milestone.
More than 60000 people have
died of Coronavirus in the US.
It's more than a quarter
of all known fatalities
in the world.
Meanwhile, Los Angeles became
the first major US city
to begin offering free COVID-19
tests to all residents.
- We would like to see
very quick approvals.
- [Shelby] US regulators consider granting
emergency use approval of
the Gilead drug, Remdesivir,
in serious COVID-19 patients.
If authorized, Gilead would
work with the government
to ship the drug to hospitals.
News of the talks between
Gilead and the FDA
follows a study by government researchers,
suggesting that the therapy
helped some patients
recover faster.
It's the latest in a series of trial data
showing sometimes conflicting results
and causing swings in Gilead's stock.
The company reports earnings today.
Boeing, Airbus and their engine
supplier, General Electric
said they would reduce costs
and cut thousands of jobs
and raise funds in response
to the Coronavirus crisis.
Shares of the plane makers closed up
after they outlined survival plans,
as they prepare for a long
period of reduced demand
that, optimistically, could
last three years or more.
Boeing said it plans to
cut jetliner production
and shed 10% of it's
160000 person workforce.
Airbus said it would, quote,
"Rightsize it's business."
Airlines expect barely
10% of pre-pandemic flying
in the current quarter.
- [Elon] Give people back
their God damn freedom.
- [Shelby] Elon Musk has called
the closure of Tesla's plant
a risk for the economy,
equating forced shutdowns to fascism.
Tesla's factory in Fremont, California
stopped production in late March
to comply with government orders.
A spokeswoman for the
County Health Department
didn't respond to a request for comment.
Tesla reported a surprise
first quarter profit,
propelled by strong demand
for it's model three,
but Musk highlighted
uncertainty and risks ahead
due to the pandemic.
(tense music)
