With the coronavirus pandemic in full swing, gauging its impact on the economy is pointless at the moment. However, Apple will sail through the ongoing crisis, an analyst says, predicting a “bright future” for the tech giant. Year-to-date, AAPL stock lost 8%.
Apple shares started this year at a $300 mark and went up. In February, Apple (AAPL) stock saw an all-time high closing price of $327.20. But in March, sales of iPhones dropped as much as 56%, reaching the lowest mark of $224.37 on March 23.
Starting on April 19, Disney will furlough 43,000 Disney World workers. They will still be eligible for their medical, dental, vision, and life insurance benefits. DIS stock is in the green.
Pou Chen Corp., the world’s largest maker of athletic shoes, wants to pause its operations in Vietnam, because of concerns about a potential outbreak of the coronavirus. Pou Chen’s shares are down.
Remdesivir, Gilead Sciences’ experimental drug for patients with severe COVID-19 infection, showed promise in an early analysis, raising tentative hope that the first treatment for the novel virus may be on the horizon.
Tesla started to furlough its sales and delivery workforce. It happened a few days after the company announced salary cuts and reductions due to the COVID-19 pandemic.
Coronavirus has already claimed the lives of many people. At least 16,703 people in the U.S. have died. In Spain, this number is 15,843. In France, the death toll is 12,210. The statistics are dismaying. We need the vaccine as soon as possible.
JPMorgan predicts that as the coronavirus outbreak continues to worsen, the economy would get a lot worse before it at least gets a chance to recover.
Amazon (AMZN) stock has been experiencing a surge after the company announced that it is suspending its third-party delivery service due to an increase in demand from its customers. UPS and FedEx shares rallied on the announcement as they will become the alternatives.
Bank of America (BAC) Stock price is rising again, as well as the stocks of many U.S. banks. We may be observing a new uptrend as the financial giant’s fundamentals are sound.
America’s electric-car automobile giant Tesla manages to beat the market meltdown making higher sales in March in comparison to February. The company is also preparing itself for any economic downturn ahead.
According to some estimates, the oil industry owes at least $200 billion to lenders, with the loans backed by oil and gas reserves. Many companies will not be able to pay off. Therefore, banks will manage their assets until the situation improves.
Pfizer had initially planned to enter clinical trials for its coronavirus drug by the end of the year. Now it hopes to start the trials in the third quarter. Pfizer shares price is rising.
While the Americans are losing millions of jobs over the last few weeks, Walmart is on a hiring spree looking to hire 150,000 employees on a temporary basis. Meanwhile, WMT stock remains practically at the same level.
U.S. stocks soared on Thursday to post their best week of gains since 1974, extending a remarkable rally despite evidence of increasing economic strain due to the coronavirus pandemic.