Michael Walkley from Canaccord Genuity lowers his Apple (AAPL) stock price target from $345 to $300. Also, he is reiterating the buy rating. Per Walkley, people dive in calculations regarding how coronavirus will impact the mobile phone market.
The S&P 500 closed Thursday nearly 27% below its February high, meaning it took just a matter of weeks for a bear market to roll around. Microsoft fell as well. This month, MSFT is lower by 24%. But yesterday, it started gaining again.
Top-five tech companies (Amazon, Apple, Alphabet, Microsoft and Facebook) have corrected anywhere between 25-30% over the last month’s global market crash. These companies have entered an official bear market after leading the 11-year bull market after the 2008 financial crisis.
Amazon’s business appears to be thriving these days. At the same time, hovering around $1,800 per share, Amazon (AMZN) stock is down about 17% from its recent high.
Moderna (MRNA) stock tanked by 10.48% on Thursday. The slide followed FDA Stephen Huhn’s statement that the COVID-19 vaccine is at least a year away.
Dow Jones futures and S&P 500 futures have changed little this morning, while Nasdaq futures rose modestly after California issued a “stay-at-home” order to slow the Covid-19 spread.
The White House has asked Congress for $1.3 trillion amid the coronavirus crisis. This sum includes $500 billion in direct payments to Americans, $50 billion in loans to the airline sector, and $150 billion to other “distressed sectors” of the economy.
More than 245,000 people have now been confirmed with the coronavirus globally, of which at least 85,000 have recovered from COVID-19, while more than 10,000 have died. Bank of America has already stated that the recession is here.
Avigan, also known as Favipiravir, is a Japanese flu drug developed by the healthcare arm of Fujifilm. 340 patients taking the drug found it reduces recovery time and improves their lung condition.
Let’s have a closer look at Gilead Sciences Inc (NASDAQ: GILD) and Moderna Inc (NASDAQ: MRNA) stocks as the companies are working on possible coronavirus vaccine.
These days, the BTC is trying to correct after stressful sales. On Thursday, March 19th, the key cryptocurrency is trading at $5800, growing 11%.
For Walmart, the coronavirus outbreak has taken a beneficial turn, as the demand for some categories of goods and the number of deliveries have notably increased. This week, Walmart (WMT) stock cleared the 125.48 buy point.
The NYSE is closing its physical trading floor for the first time in its history independently from the electronic trading which is going on. This closure is intended to remain temporary until things change.
An Amazon spokesperson said online shopping has surged as coronavirus spreads, and it is out of stock on some household staples and medical supplies. AMZN stock is moving higher.
Dow Futures, as well as the market in general, are very unstable these days. The ECB announced a new Pandemic Emergency Purchase Programme to support the European economy.