Abbott Laboratories (NYSE:ABT) is up 3% after-hours following a late-day news conference where President Trump said the federal government would start distributing rapid COVID-19 tests that it ordered from Abbott.
The U.S. will start distributing 6.5M rapid tests this week, with a plan to get 100M tests it ordered out to the states by year-end, Trump said.
Those would largely be used for opening schools and ensuring safety at senior citizen centers, Trump said.
And the news comes as 32 states are starting to see increases in cases, and experts warn of a fall/winter surge as populations increasingly move indoors for the season.
The news conference featured a demo of the test by Adm. Brett Giroir; it calls for a front-of-nose swab rather than more invasive previous tests, and the test provides a result in 15 minutes.
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