Author: admiin

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The phone is ringing off the hook. The stock market is down significantly, and everyone wants to have answers. The only thing for me to do is dig in and talk to every client. Was this Monday? No this was Monday Sept. 29, 2008.

Over the course of a 30-year career working with clients, I have seen several radical gyrations of the stock market. Everyone wants to do the right thing for their future, including make money. Losing money does not feel good. Today I know the question “What should I do?” is on everyone’s mind.

Here are the questions you need to ask yourself:

• Do I have cash for your immediate needs?

• Am I looking to sell for the sake of action and control?

• Do I know how my portfolio has done in the long term?

If you have a good investment professional helping you, you may have heard from them. Markets like these are where they earn their money. If you do not have a professional planner, here is what many planners say when they call clients:

• Review your portfolio and investment strategy.

• Don’t panic; instead, be strategic with any action.

• Consider whether this is a buying opportunity: The old adage “buy low and sell high” may apply.

No matter how good an investment person is, remember that no one knows the future path of benchmarks like the S&P 500 index SPX, -4.42%  . If you are in the stock market, you need to be thinking long term. Money in the market means you do not need it for more than seven years. Any shorter-term money should be in bonds and cash.

Let’s look at the information you need for today whether you have a planner or not. Even though history does not predict the future, what perspective does tell us is the stock market goes up and down. As short-term thinkers, we happily remember the market of the past 10 years with its long bullish ride up. Teasing apart the details of the past:

• A year ago, the Dow Jones Industrial Average DJIA, -4.42%   closed at 26,091.95 on Feb. 26, 2019.

• Just over 10 years ago, on Dec. 31, 2009, it closed at 10,428.

Yes, Monday and Tuesday were the worst two-day slide in four years, and it feels bad in the moment. Historical drops are best evaluated by percentages, not the actual points number of the slide. Read this to get some historical context about stock-market moves.

Is this recent significant slide because of the coronavirus? There is a good chance that is a piece of the puzzle. Yet, there are other factors in play. That is where you holistic view comes in handy. Look at what you need and want. If you sell and go into bonds, your yield is lower now than a week ago. If you sell and go into cash, your money will be safer. Having cash is always important. Having too much cash prevents you from missing out on future gains.

READ: Here are 5 reasons the stock market is tanking, and only one of them is the coronavirus

Don’t do something just for the sake of doing it. Reacting may cost you more in the long run. Also, reacting and making a change from a place of panic typically does not good decisions make. When the market slid after 9/11, I called Sam and Elaine, clients to whom I gave hourly advice on their discount brokerage account but did not manage their money. As their Certified Financial Planner, we met semi-annually for our investment check-in. When I reached them in Florida at their retirement home, he was distraught.

“I am tired of losing money,” Sam said. “I am switching to another advisor.”

The market had been down 20%. The client portfolio was down 8%. This was good planning as a result of a conservative portfolio in his and his wife’s first years in retirement. As much as I explained to him, with his wife listening in, that they should take the time to review closely their portfolio, he wanted to “do something.”

He made the decision to go with an advisor in Florida who had been marketing to them all along. I knew the large company and the fees they charged. I also cautioned about the capital gains they would face if they sold investments, as most of their investments they had held a long time.

Months later Elaine emailed me. She thanked me for our work together and explained she never wanted to switch, but her husband was adamant. She wanted me to know they actually had less money and owed taxes for the first time in years because of they had not considered the long-term gains of the investments they were selling. They were only comparing their statements to the previous quarter when they made the switch. They wished she had listened. Time and experience are a valuable teacher.

There is no right thing to do. Why? Because no knows the future. Investing is all about balance. In thinking, in diversification, and in watching the market. Balance your reactions, actions and attitude to the market. The pause button will help you make the best decision for you.

Now read: What typically happens following a two-day selloff of 6%? More of the same, if 1987 and 2008 are any indication

C.D. Moriarty, CFP is a Vermont-based financial speaker, writer and coach who wants to create financial peace of mind for others. She can be reached through her website at www.MoneyPeace.com.

More from C.D. Moriarty
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Sometimes, quitting feels like the only option. Maybe you really hate your job or maybe you don’t actually hate it, but you know there’s a better one out there for you — somewhere, somehow, in some place that is anywhere other than where you are now. Because where you are now feels lousy. And you are absolutely sure that quitting is the best and only option.

But what if it isn’t your only option?

We have a radical suggestion. Don’t quit. Yet. Better may be right in front of you, and we can help you find it.

The vast majority of workers both in the U.S. and globally are disengaged at work, according to Gallup — many severely so. If you’re one of them and feel the only choices you have are to tough it out or quit and move on, there’s another choice.

Don’t resign — redesign

A typical job search takes six to nine months and dozens of rejections; it’s a heavy lift. Why not give one of our four redesign strategies a shot? All you have to lose may be your disengagement.

1. Reframe and re-enlist by finding a different story for and relationship to your current job

While rarely a permanent solution, reframing can make things good enough…for now, which may just save your sanity for the next eight months until the toddler starts preschool, or you buy enough time to find a great job, not just another job.

It’s pretty straightforward: 1) Accept the new reality. 2) Identify new sources of “why” that you can use as your rationale for your redesigned job. 3) Reframe your relationship to the job and company. 4) Re-enlist and live into it. 5) Look for new benefits and sources of satisfaction along the way to make it good enough . . . for now.

WARNING: Beware lemonade stands! We aren’t saying “when life gives you lemons make lemonade” by telling you to manufacture something likable about what’s in fact lousy. We’re not asking you to pretend. If your boss is a total nightmare, there is no lemonade in those lemons. Look elsewhere to reframe with a positive reality, such as developing career-enhancing, get-things-done efficiency skills that knock your lousy job down from 50 to 38 hour a week, or learning everything about your company’s health-care vertical to prepare for changing industries (and get paid to do it).

Reframing means shifting your reality, changing your mindset, not just hanging tough.

Read: 9 things companies should be doing to avoid creating a toxic workplace

2. Remodel your job through accessible modifications aligned with your interests and strengths

Darcy was a team lead in a telesales call center. She liked her job and enjoyed dealing with customers and prospects, but it was pretty repetitive. She was also a great interviewer. Whenever the boss wanted to land a prospective employee, she put Darcy on the interview schedule. After those interviewees joined the company, they still wanted to talk to Darcy about their careers, but that wasn’t part of her job.

Not yet, anyway.

Darcy thought, “Why not keep interviewing people after they’re hired?” When people asked to talk, Darcy offered to meet for coffee 30 minutes before her shift started. Soon she was having four to six coffee coaching sessions a month as a side hustle on her own time.

Those two to three extra hours a week made the other 45 hours feel totally different. No money was involved but the psychic dividends were huge. Small changes can drive big outcomes when you’re tapping into doing what you’re good at but aren’t getting enough of.

When word got to Darcy’s boss about the coffee klatches, Darcy got called on the carpet. Her boss said, “I hear you’ve been meeting with people from other teams before work. Their team leads told me all about it, and apparently morale has improved on those teams. We could use more of that. If I gave you a half-day a week off your current duties to do more of that coaching, would that work for you?”

“Sure,” said Darcy. “That works just fine for me.”

Knopf

3. Relocate

Slide laterally into a new role that’s within reach, even if it’s not obvious at first. Either it’s an existing opening or a new position created just for you. Darcy spent some of those coffees with the Talent Management people and seven months later was offered a new job as the first full-time, inside telesales coach.

4. Reinvent

Launch a new career. It’s the You 2.0 Program, but at the same company, in a completely different kind of role for which you’ve prepared and retrained to give you a major career refresh and your employer continued access to a loyal and valuable team member.

If Darcy wanted to shift from sales into marketing, she might need to retrain for a year, which seems worth waiting for now that she likes her current job more. Her boss even says there’s a good chance she can get the schooling reimbursed.

Relocate and reinvent are really two variations on searching for a new job inside your existing company. Relocating is easier as it typically involves smaller shifts. Reinventing is more transformative and while much harder, it is still easier to do in the company where they already like and trust you than by jumping into a new company or a new career track.

The good news is that both relocating and reinventing use the same simple four-step process.

• Get curious.

• Talk to people.

• Try stuff.

• Tell your story.

Take your curiosity out for a walk by having conversations with people doing things that interest you, finding chances to visibly contribute in ways you’re good at, and being attentive to the opportunities those activities discover or create.

There are so many options besides quitting, and myriad ways to redesign your job rather than resign.

It worked for Darcy, and it could work for you too.

Bill Burnett is the executive director of the Stanford Design Program and was a product leader for Apple’s PowerBook business. Dave Evans is the co-director of the Stanford Life Design Lab and a co-founder of videogame maker Electronic Arts.This is adapted from their book “Designing Your Work Life.”

More work and career advice:
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WASHINGTON — Wells Fargo & Co. agreed to pay $35 million to settle regulatory claims that its financial advisers recommended exchange-traded funds that were too risky for some clients.

The Securities and Exchange Commission’s investigation targeted Wells Fargo’s sale of inverse ETFs, a type of fund that moves in the opposite direction of an index it tracks. Inverse ETFs can be used to hedge other positions or bet on a falling market, but the products are complex enough that regulators have warned for years they are unsuitable for many individual investors.

The sanction follows on an earlier blemish for similar conduct in 2012, when Wells Fargo paid $2.7 million to the brokerage industry’s self-regulator for selling inverse and leveraged ETFs without reasonable supervision. The SEC’s settlement order said Wells Fargo updated its policies for selling the products in 2012, but the controls still weren’t sufficient.

The deal comes one week after Wells Fargo WFC, -3.78%   resolved a bigger regulatory cloud, a multiyear investigation into how low-level employees who were stressed by high sales goals opened fake and unauthorized bank accounts. Wells Fargo paid $3 billion to settle those allegations.

An expanded version of this report appears on WSJ.com.

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This common email phishing scam just caught a Shark.

“Shark Tank” star and real estate mogul Barbara Corcoran revealed Wednesday that she lost almost $400,000 after scammers tricked her bookkeeper by sending a bill that appeared to come from her assistant.

“This morning I wired $388,000 into a false bank account in Asia.”

“Lesson learned: Be careful when you wire money!” Corcoran tweeted on Wednesday. She also confirmed to ABC News that, “This morning I wired $388,000 into a false bank account in Asia.”

So how did such a savvy businesswoman and entrepreneur get duped? The same way that the many companies who have lost $26 billion through email wire fraud since 2016 have, according to the FBI: a criminal was able to impersonate a trusted business partner.

Corcoran’s team did not immediately respond to a MarketWatch request for comment, but the millionaire investor explained what happened to ABC News. Last week, Corcoran’s bookkeeper Christina received what appeared to be a routine invoice from Corcoran’s assistant Emily to approve a $388,700.11 payment to a German company called FFH Concept.

The bookkeeper replied asking, “What is this? Need to know what account to pay out of,” and the cybercriminal posing as Emily was able to give a credible, detailed response that FFH was designing German apartment units that Corcoran had invested in. Corcoran does invest in real estate, and FFH is a real company in Germany.

“Someone sends you a bill. It’s paid,” Corcoran told ABC News. “In this one instance, it was not a good strategy.”

Because as it turned out, Emily never sent the invoice; the phony bill came from an email that closely resembled hers, but it was missing an “O.” Corcoran’s team didn’t realize something was off about the “from” email until after the money was transferred.

Corcoran does not blame her bookkeeper for getting conned by the sophisticated scam. “When she showed me the emails that went back and forth with the false address, I realized immediately it’s something I would have fallen for if I had seen the emails,” Corcoran said.

Indeed, her “Shark Tank” costar Robert Herjavec, who made his millions founding and running his Herjavec Group cybersecurity firm, told ABC News that this is “very, very common.”

“Eighty-five percent of all cybercrime across the world comes through email, which is what happened to Barbara,” he said. “It’s been happening to businesses for two, three years now. It’s now happening to individuals.”

Related: How Barbara Corcoran of ‘Shark Tank’ turned a $50,000 investment into $30 million

His tips for not falling prey to the same ruse include always verifying that an email is coming from someone you trust, even going as far as to have that person call you to confirm the details.

“Number two, check your bank statements every single day, because if you catch it within 48 hours, the bank can get it back for you,” he said.

Unfortunately in Corcoran’s case, that $388,700.11 is long gone. But her team has traced the original emails to a Chinese IP address, and her legal team is working out its next steps.

Here are some more tips to avoid increasingly sophisticated phishing scammers, such as email wire fraud, online dating traps and social media shopping scams.

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To call it a case of mistaken identity might be underselling it, but shares of Zoom Technologies have been practically, er, zooming higher amid the recent buoyancy in the popular videoconferencing company Zoom Video Communications which went public back last year to much fanfare.

Indeed, MarketWatch wrote about apparent name confusion between Zoom Technologies ZOOM, +30.64%, a practically defunct company that is traded on the riskiest tier in the OTC Market, an over-the-counter trading platform, under the ticker “ZOOM”, and its doppleganger Zoom ZM, +6.24%, which trades on the Nasdaq Inc’s NDAQ, -4.93% exchange using the ticker “ZM.”

However, either due to continued name conflation or other unknown factors afoot, Zoom Technologies is bursting higher once more, and its advance now comes as Zoom Video has gained further traction with the outbreak of COVID-19, the infectious disease that is derived from the novel strain of coronavirus that reportedly originated in Wuhan, China and has sickened tens of thousands.

Read: Coronavirus update: 82,549 cases, 2,810 deaths, 1 possible case of spread in the U.S., Trump administration response under scrutiny

Zoom Video may be seeing a real boost in downloads and engagement as workers start to exercise more caution, Bernstein analyst Zane Chrane wrote in a note to clients. Zoom shares climbed 6.2% on Thursday, putting the videoconferencing company on pace for an 11.6% weekly gain and a 67% return in the year to date.

The fact that Zoom Video’s gains come amid a rout for the stock market that has pushed the Dow Jones Industrial Average DJIA, -4.42%, the S&P 500 index SPX, -4.42% and the Nasdaq Composite Index COMP, -4.61% into correction territory for the first time in a while, underscores the appetite for the San Jose, Calif.-based company’s stock.

So, how has Zoom Tech fared? The company is up 30% on Thursday and is on pace for a weekly gain of 96.4%. It’s return so far this year would be a stunning 424%.

Don’t miss: Will the shows go on? Coronavirus, MWC cancellation hang over tech conferences

Perhaps, adding to the confusion, Zoom Technologies’ profile information on data provider FactSet, which describes the entity as a holding company that plans to invest in mobile and telecommunications businesses, links to Zoom Video’s web site.

A FactSet representative told MarketWatch that the company would remove the link to Zoom Video’s web site from Zoom Tech’s profile.

Attempts to reach representatives for Zoom Technologies haven’t been successful. FactSet data indicate that the company is based in Boston. However, other data providers, including Bloomberg point to Beijing.

Representatives for the company couldn’t be reached at either location.

So why does Zoom Tech still trade if it is ostensibly out of business?

A spokeswoman for OTC Markets says that the company’s shares trade on a tier of the over-the-counter market, known as the “expert market,” a tier of securities listed on its platform also known as “caveat emptor,” which features a skull and crossbones image, the nearly universal symbol for danger.

“With regards to Zoom Technologies: The Expert Market is designed to serve pricing and best execution needs for institutional and professional investors in securities that are restricted from public quoting or not otherwise suitable for nonprofessional, retail investors,” the OTC Market spokeswoman said.

The OTC spokeswoman said that the exchange doesn’t keep information on companies that trade in its “caveat emptor” tier, including market values, trading volume and even general contact information.

“We do not have contact information for the company and it is our understanding that it is essentially defunct.”

Does all this create a headache for Zoom Video? A spokesman for Zoom didn’t comment on the potential case of mistaken identity. “Yes, Zoom Video Communications, Inc. (our company) is different from Zoom Technologies, our website URLs are Zoom.us or Zoom.com both lead to our website,” he said via email.

In any case, the rise of Zoom Technologies is making someone money. The defunct company’s total market value is more than $16 million, not too shabby for a company that hasn’t reported revenue since 2011. Zoom Video’s market value, meanwhile, is now more than $32 billion. So, it’s also doing well by its shareholders.

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Global warming has been a contentious political argument for more than 15 years with little resolution.

Yet nothing unites corporations, politicians and investors quite like a return on investment. And now solar, after roiling fits and starts, has achieved industry-leading ROI.

The cost of solar systems has fallen quarter over quarter for about 10 years, according to Steve Comello, director of the Energy Business Innovations focus area at the Stanford Graduate School of Business. He said in a podcast that the cost to produce 1 kilowatt of solar electricity is competitive with wind, and is the cheapest form of electricity available when taking into account utility-scale systems installed in locations that receive full sun.

He estimates the so-called levelized cost of energy (LCOE) for utility-scale solar photovoltaic (PV) has plummeted as much as 400% in the past five years, beating coal and gas.

Lazard
Big money

Companies including credit-card issuer Visa and investment firm Blackstone have taken notice of the cost savings and lower carbon footprint offered by renewable energy.

See: Beth Kindig runs a forum on tech stocks where she answers readers’ questions.

In 2018, Visa V, -3.85% set a goal of becoming 100% renewable energy-powered by this year. The company, which has 131 offices in 76 countries and four processing centers, recently said it met that goal. Operational emissions have been reduced by 90% compared with the baseline in 2014.

Last month, Blackstone announced a $850 million solar recapitalization investment in Altus Power. Altus has both public and private customers for its solar-array products, plus battery storage, which enables customers to resell power to the grid. The refinance will allow Altus to grow its portfolio to more than $1 billion in commercial and industrial solar assets.

Brookfield Renewable Partners is one of the world’s largest investors in renewable energy, with 76% of its allocation in hydro power. In a recent earnings call, the company estimated that over the next 10 years, $5 trillion to $10 trillion overall will be invested into renewable energy worldwide. China is on its road map with a 50/50 partnership to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1-gigawatt development pipeline. That equates to 750,000 households. Notably, Brookfield is highly leveraged with $11 billion in long-term debt on the balance sheet.

Those commitments from large corporations and investment firms come at a time when renewable stocks are rallying. Plug Power PLUG, -14.95%  has almost tripled over the past 12 months, while SolarEdge SEDG, -4.88%  has more than tripled.

Meanwhile, U.S. oil stocks are hitting rock bottom. The graph, in a tweet below, shows U.S. energy stocks at the lowest price relative to S&P 500 Index SPX, -4.42%  since the Pearl Harbor attack in 1941.

Solar’s biggest endorsement comes from China, a heavily populated country with little access to oil. Currently, China is the world’s biggest emitter of carbon dioxide from fossil fuels. (When adjusted for population, the United States ranks even higher.)

China has been the biggest manufacturer of solar photovoltaics for some time. However, most recently the country has become the largest producer of solar-generated electricity. Across 344 Chinese cities, solar was found to produce energy at lower prices than the grid. Notably, this is an apples-to-apples comparison, as this did not include subsidies, providing a convincing argument for solar power.

China is poised to dwarf the U.S. on solar power through 2024, according to Wood Mackenzie. The renewable-energy-analysis firm is forecasting solar will flatline after 2020 due to tariffs imposed by President Trump. The tariffs, plus lower subsidies in the U.S., could prompt European countries to pull ahead of the United States.

India is forecast to become a growth market for renewable energy. The country has ambitions of reaching 175 gigawatts by 2022 compared to a capacity of 10 gigawatts in 2019.

Solar and battery stocks

Enphase Energy ENPH, -6.00%  sells micro-inverters that convert direct current to alternating current, with the advantage of harvesting optimum power even when a solar module fails due to debris or snow, or if it’s in the shade. The company also sells storage for backup energy in case of a system failure or to store energy for later use.

After its most recent earnings report, Enphase’s stock had a spectacular rise of 39% in one day after reporting a hefty increase in operating income to $102 million from $1.6 million. Still, the company is guiding for modest forward revenue for the first quarter of $200 million to $210 million, compared with $210 million in the fourth quarter.

In contrast to Enphase’s strong earnings report, First Solar FSLR, -4.03%  stumbled Friday after reporting a $59 million loss in the fourth quarter, or $0.56 a share, compared with an expected profit of $2.75 per share. Revenue came in at $1.4 billion, lower than the expected $1.7 billion. The company gave 2020 revenue guidance of $2.7 billion to $2.9 billion, a decline from 2019, adding a dose of reality to the optimistic world of renewable energy.

Nearly every fad has taken its turn in the investing limelight, including marijuana, e-cigarettes, “vegan” meat, cryptocurrencies and space travel. But there is evidence of real market demand driving solar, whether it’s from companies, investment firms or homeowners.

The main driver is cost savings due to the levelized cost of energy for solar undergoing a reverse curve. The best investments in solar will be global as China, and then India, go green.

The writer holds no shares in any companies mentioned.

Beth Kindig is a San Francisco-based technology analyst with more than a decade of experience in analyzing private and public technology companies. Kindig publishes a free newsletter on tech stocks at Beth.Technology and runs a premium research service.

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MARKETWATCH FRONT PAGE

The depth of the slide for stocks this week can perhaps best be illustrated by the severity of the skid for the 124-year-old Dow Jones Industrial Average. See full story.

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Just 5% of people wash their hands properly after using the restroom, research suggests. See full story.

This stock has scored the biggest boost from the coronavirus outbreak — but the company has been out of business for years

To call it a case of mistaken identity might be underselling it, but shares of Zoom Technologies have been practically, er, zooming higher amid the recent rally in the popular videoconferencing company Zoom Video Communications which went public back last year to much fanfare. See full story.

Super Tuesday: Democrats fight over huge delegate pool, as hopes could fade fast for moderate rivals to Sanders

The “Super Tuesday” voting in 14 states and one U.S. territory is putting in play more than a third of the pledged delegates at July’s Democratic National Convention. See full story.

Mortgage rates fall to three-year low amid coronavirus fears — here’s why they may not hit an all-time low

Mortgage rates usually follow the direction of the 10-year Treasury note’s yield, which dropped to the lowest level ever recorded as more cases of COVID-19 emerged outside China. See full story.

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(Updated story with prices as of the close Thursday, Feb. 27.)

The benchmark S&P 500 Index of U.S. stocks fell for a sixth straight day since hitting a closing high Feb. 19, as losses accelerated. The S&P 500 plunged 4.4% Thursday, bringing the six-day drop to 12%.

Thursday was the worst day of the downturn, with the Dow Jones Industrial Average DJIA, -4.42%  tumbling 1,191 points (or 4.4%) to close at 25,766.64. The Nasdaq Composite Index COMP, -4.61%  was worst of all, with a 4.6% decline. A “correction” is typically considered to be a decrease of at least 10%. A bear market is a drop of 20% or more.

All 11 sectors of the S&P 500 SPX, -4.42%  posted declines from Feb. 19 through Feb. 27. Here’s a summary of the sectors and three broad indexes. All figures are through the close of trading Thursday:

S&P 500 sector Price change since Feb. 19 Price change – 2020 Price change – 2019
Energy -17.6% -25.7% 7.6%
Information Technology -14.7% -4.6% 48.0%
Financials -12.2% -11.5% 29.2%
Consumer Discretionary -12.0% -6.4% 26.2%
Materials -11.9% -13.3% 21.9%
Industrials -11.7% -9.0% 26.8%
Communication Services -11.5% -5.9% 30.9%
Health Care -9.9% -8.2% 18.7%
Real Estate -8.7% -2.8% 24.9%
Utilities -8.6% -1.1% 22.2%
Consumer Staples -8.2% -6.0% 24.0%
Dow Jones Industrial Average -12.2% -9.7% 22.3%
S&P 500 -12.0% -7.8% 28.9%
Nasdaq Composite Index -12.7% -4.5% 35.2%

Having the energy sector top the list is no surprise. With an oversupply of oil, any indication of an international slowdown will push oil prices lower. West Texas intermediate crude oil CLJ20, -4.90%  for April delivery fell 13% to $46.73 on Feb. 27 from $53.49 on Feb. 19.

Here’s a rather alarming set of numbers for two industries within the S&P 500 consumer discretionary sector:

Industry Price change – Feb. 19 through Feb. 27 Price change – 2020 Price change – 2019
Hotels, Resorts and Cruise Lines -22.2% -27.5% 34.7%
Airlines -19.1% -19.8% 10.2%
Source: FactSet

President Trump’s press conference about the federal government’s efforts to prepare for a possible outbreak of the virus in the U.S. didn’t calm U.S. markets. The market rebounded from early losses Thursday but took a turn for the worse until the close at 4 p.m.

Read: Investors fear a ‘supply shock’ that central bankers can’t fix

Here are the 30 stocks among the S&P 500 that declined the most for six trading sessions through Feb. 27:

Company Ticker Industry Price decline since Feb. 19 Price change – 2020 Decline from 52-week high Price change – 2019
Norwegian Cruise Line Holdings Ltd. NCLH, -4.06% Hotels/Resorts/Cruiselines -33.2% -40.5% -41.9% 37.8%
ViacomCBS Inc. Class B VIAC, -2.25% Broadcasting -33.0% -43.1% -55.5% -4.0%
Devon Energy Corp. DVN, -6.28% Oil & Gas Production -31.0% -39.7% -55.7% 15.2%
Royal Caribbean Cruises Ltd. RCL, -6.49% Hotels/Resorts/Cruiselines -30.6% -42.3% -43.1% 36.5%
American Airlines Group Inc. AAL, -7.66% Airlines -27.3% -28.2% -43.9% -10.7%
Carnival Corp. CCL, -3.89% Hotels/Resorts/Cruiselines -26.5% -37.3% -45.9% 3.1%
Advanced Micro Devices Inc. AMD, -7.33% Semiconductors -25.3% -4.0% -25.7% 148.4%
Occidental Petroleum Corp. OXY, -7.04% Oil & Gas Production -25.2% -22.8% -53.8% -32.9%
Diamondback Energy Inc. FANG, -5.80% Oil & Gas Production -25.0% -35.9% -47.9% 0.2%
Cimarex Energy Co. XEC, -9.51% Oil & Gas Production -24.6% -41.6% -59.4% -14.9%
HollyFrontier Corp. HFC, -10.06% Oil Refining/Marketing -24.4% -36.2% -45.0% -0.8%
Marathon Oil Corp. MRO, -5.71% Oil & Gas Production -24.3% -41.6% -58.1% -5.3%
Live Nation Entertainment Inc. LYV, -4.95% Movies/Entertainment -24.1% -19.2% -24.6% 45.1%
Newell Brands Inc NWL, -6.85% Industrial Conglomerates -23.4% -20.7% -27.4% 3.4%
FLIR Systems Inc. FLIR, -17.87% Aerospace & Defense -23.1% -14.7% -25.3% 19.6%
EOG Resources Inc. EOG, -5.06% Oil & Gas Production -22.4% -28.4% -44.4% -4.0%
Halliburton Co. HAL, -5.49% Oilfield Services/Equipment -21.9% -28.9% -46.2% -7.9%
Centene Corp. CNC, -3.25% Managed Health Care -21.9% -16.3% -23.3% 9.1%
Concho Resources Inc. CXO, -5.66% Oil & Gas Production -21.8% -26.4% -48.2% -14.8%
Schlumberger NV SLB, -5.43% Oilfield Services/Equipment -21.7% -33.2% -45.1% 11.4%
Lincoln National Corp. LNC, -6.74%   Life/Health Insurance -21.6% -19.1% -29.3% 15.0%
SVB Financial Group SIVB, -5.76% Regional Banks -20.8% -15.8% -22.0% 32.2%
Macy’s Inc M, -5.08% Department Stores -20.8% -24.1% -51.0% -42.9%
Western Digital Corp. WDC, -7.46% Computer Peripherals -20.7% -13.1% -23.4% 71.7%
MGM Resorts International MGM, -4.46% Casinos/Gaming -20.5% -23.3% -26.3% 37.1%
Valero Energy Corp. VLO, -7.71% Oil Refining/Marketing -20.5% -29.3% -35.1% 24.9%
ConocoPhillips COP, -7.90% Oil & Gas Production -20.5% -27.5% -33.0% 4.3%
Noble Energy Inc. NBL, -1.18% Oil & Gas Production -20.1% -39.1% -46.7% 32.4%
Baker Hughes Co. Class A BKR, -6.14%   Oilfield Services/Equipment -19.9% -35.0% -41.8% 19.2%
Nvidia Corp. NVDA, -5.57% Semiconductors -19.7% 7.4% -20.1% 76.3%
Source: FactSet

You can click on the tickers for more about each company.

To be sure, not all the price declines reflect coronavirus fears. Shares of ViacomCBS VIAC, -2.25% fell 18% on Feb. 20, after the newly combined company’s earnings forecast for 2020 disappointed investors

Don’t miss: Your ‘defensive’ stocks might not be defensive at all. Here is another path to safety

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This post was originally published on this site

The S&P 500 moved from all-time closing high to correction territory in record speed, as a stock-market selloff attributed to fears that the rapid spread of COVID-19 outside China could produce a global economic shock accelerated on Thursday.

The Dow Jones Industrial Average and Nasdaq Composite also entered contraction territory, defined as a drop of more than 10% from a recent peak, on Thursday.

The S&P 500 SPX, -4.42%  fell 137.63 points, or 4.4%, to end at 2,978.76, its largest one-day percentage decline since Aug. 28, 2011. The drop left the large-cap benchmark 12% below its record close of 3,386.15 set on Feb. 19, meeting the criteria for a market correction, which is typically defined as a drop of 10% or more from a recent peak.

See: The Dow’s weekly skid would rank within its top 15 in its 124-year history

The drop over six trading days marked the fastest slide into correction territory from a recent peak since a two-day decline on Nov. 5-6, 2008, during the depths of the global financial crisis, according to Dow Jones Market Data. And it was the fastest decline from a record close to correction territory in market history (see chart below from Deutsche Bank).

Deutsche Bank

The drop also saw the S&P 500 close well below its 200-day moving average at 3,046.91. A move below the average can trigger chart-inspired selling.

The Dow DJIA, -4.42%  tumbled 1,190.95 points, or 4.4%, to end at 25,766.64, leaving it 12.8% below its all-time closing high from Feb. 12.

The Nasdaq Composite COMP, -4.61% dropped 414.29 points, or 4.6%, to end at 8,566.48. The tech-heavy index finished 12.7% below its record close of 9,817.18 set on Feb. 19.

This post was originally published on this site

U.S. stocks tumbled to close lower for a sixth straight day Thursday, taking benchmark indexes into correction territory and to the lowest levels since October, as the global coronavirus epidemic disrupted international trade and travel.

How did major indexes fare?

The Dow Jones Industrial Average DJIA, -4.42% lost 1,190.90 points, or 4.4%, to close below 26,000 at 25,766.60, while the S&P 500 SPX, -4.42%  shed 137.63 points, or 4.4%, to end at 2,978.76. The Nasdaq Composite COMP, -4.61% slumped 414.29 points, or 4.6%, finishing at 8,566.48.

All three benchmarks closed in correction territory, defined as a decline of at least 10%, but no more than 20%, from a recent peak. For the S&P 500 and Nasdaq, it marked the worst daily percentage drop since Aug. 18, 2011, but the steepest since Feb. 5, 2018 for the Dow.

The Dow is now down 9.71% for the year, while the S&P 500 is off 7.80% year-to-date, and the Nasdaq has lost 4.53%.

Read: Stock market slammed by fears coronavirus will deliver a ‘supply shock’ that central bankers can’t fix

What drove the market?

Investor sentiment took another hit Thursday when California’s governor said 8,400 people were being monitored after travelling to China. The outbreak has the potential to become a pandemic and is at a decisive stage, the head of the World Health Organization said Thursday.

The latest slide began Wednesday night, after a news conference by President Donald Trump failed to reassure investors and more new cases of the disease were reported outside China than inside for the first time.

“The number of confirmed cases of coronavirus is on the rise, and so is the number of countries that have infections. Dealers are dreading a pandemic as they are afraid economic activity will be reduced as lockdowns will disrupt the business world,” said David Madden, market analyst at CMC Markets UK, in a note.

See: COVID-19 case tally: 82,550 cases, 2,810 deaths

The global economy is on course for its weakest year since the 2008 financial crisis as efforts to contain epidemic has hit manufacturing activity in China and disrupted international trade and travel, Bank of America predicted. Earlier, Goldman Sachs cut its outlook for U.S. companies’ profit growth to zero.

“And frankly at this stage after the coronavirus slow down in travel plans that has busted the global supply chain apart, it will be a miracle if we avoid a recession,” MUFG chief economist, Chris Rupkey said. “If companies can’t get the parts, then they can’t produce the goods that make the economy hum.”

See: Investors are using ‘alternative’ data to track China’s recovery from coronavirus

In U.S. economic data reported Thursday, the number of Americans applying for unemployment benefits for the first time rose more than expected in the Feb. 22 week. Jobless claims are still close to longtime lows, however.

And an updated estimate of U.S. fourth-quarter gross domestic product matched economist expectations and showed no change from the first estimate of 2.1% annualized growth. A report on U.S. durable goods orders was weaker than expected, declining 0.2% in January.

Which companies were in focus?
  • Shares of Best Buy Co. Inc. BBY, -4.71%  fell 4.5% despite reporting fourth-quarter profit and revenue that topped Wall Street expectations.
  • Perrigo Co. PLC PRGO, -14.27%  shares tumbled 14.3% after the provider of over-the-counter health and wellness products reported fourth-quarter adjusted profit that was shy of expectations, sales that were in line, and a downbeat full-year earnings forecast.
  • Teladoc Health Inc. TDOC, +15.65% shares roared 15.7% higher after a pair of hefty price target increases.
  • Shares of J.C. Penney Co. Inc. JCP, -4.98% jumped in premarket trading Thursday but closed 5% lower after the retailer reported earnings and revenue that topped analyst expectations and offered guidance that wasn’t as bearish as Wall Street forecasts.
  • Booking Holdings Inc., BKNG, -1.09% the company formerly known as Priceline, lost 1.1% after the company said late Wednesday that coronavirus would hit its Q1 profit. Wall Street analysts on Thursday cut their stock price target for the online travel aggregator.
  • Tesla Inc. TSLA, -12.81% shares fell 12.8% Thursday, a weekly loss for the car maker of about 25%.
  • Shares of Whiting Petroleum Corp. WLL, -24.34% lost 24.3% after the company provided guidance that disappointed analysts.
  • Apache Corporation APA, +2.62%   shares ended 2.6% higher after the company reported higher-than-expected earnings.
  • Square Inc. SQ, +3.55%   shares rose 3.6% after strong earnings.
How did other markets fare?

Most Asian markets fell Thursday, with Japan’s Nikkei NIK, -2.13% down 2.1%, while Hong Kong’s Hang Seng HSI, +0.31%  rose 0.3% and South Korea’s Kospi 180721, -1.05% slipped 1.1%.

European markets slumped for a sixth day with the Stoxx Europe 600 SXXP, -3.75% closing down 3.8% at 389.45.

The U.S. dollar index DXY, -0.60% slipped 0.5% against a basket of currency trading partners.

Gold for April delivery GCJ20, +0.21% gave back earlier gains to finish lower for a third day at $1,642.50, while the 10-year U.S. Treasury TMUBMUSD10Y, -5.17%  rate fell 1.4 basis points to 1.296%, recovering from another all-time low earlier in the morning.

Oil prices fell to a 13 month low with West Texas Intermediate crude for April delivery CLJ20, -4.90% tumbling 3.4% to settle at $47.09 and Brent crude, the global benchmark, BRNJ20, -1.57% fell 2.3% to end at $52.18 a barrel.

The Cboe Volatility Index VIX, +42.09% surged 41%.

Related: Coronavirus worries are rocking global markets. What are ETF investors doing?