Tags: Coronavirus | abbott | COVID | 19 | rapidtest

Cramer: Abbott Labs' Rapid Test Could Give 'Huge Boost' to Recovery

Cramer: Abbott Labs' Rapid Test Could Give 'Huge Boost' to Recovery
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By    |   Thursday, 27 August 2020 09:58 PM

Abbott Labs’ 5-minute COVID-19 at-home test could give a “huge boost” to the nation’s economic recovery, CNBC analyst and money manager Jim Cramer said Thursday.

In his “Mad Money” show, Cramer noted travel, leisure and financial stocks were among the biggest winners on the market following the medical supplies manufacturer’s announcement Wednesday night.

“The recovery plays got a huge boost last night when Abbott Laboratories announced a 15-minute COVID test with great reliability that you can take at home,” Cramer said.

Abbott got emergency use authorization from the Food and Drug Administration for a rapid COVID-19 test that can cost $5. The company plans to begin shipping in September and expects to produce 50 million tests per month by October.

BinaxNOW, which is supported by a mobile application to display results, is expected to be used in work and school environments, which is seen as critical in the fight to contain the coronavirus and fully reopen the U.S. economy, CNBC reported. 

The White House plans to buy 150 million of the tests in a $750 million deal.

“I think Abbott’s come up with a game changer here,” Cramer said.

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Abbott Labs' 5-minute COVID-19 at-home test could give a "huge boost" to the nation's economic recovery, CNBC analyst and money manager Jim Cramer said Thursday...
abbott, COVID, 19, rapidtest
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2020-58-27
Thursday, 27 August 2020 09:58 PM
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