Health care companies led a broad slide in USA stocks Friday as increased fears over the spread of a deadly outbreak of coronavirus rattled markets.
All three major USA stock averages turned sharply negative, with the S&P 500 seeing its biggest one-day percentage drop in over three months after the Centers for Disease Control and Prevention confirmed the second case of the virus on United States soil, this time in Chicago.
The US Center for Dieae Control and Prevention aid a traveler from Wuhan, China had been diagnoed with the coronaviru in Chicago, Illinoi, making it the econd confirmed cae of the viru in the country.
The Dow Jones Industrial Average dropped 170.36 points to 28,989.73 while the S&P 500 slipped 30.09 points to 3,295.45 and the Nasdaq Composite Index dropped 87.57 points to 9,314.91. During the same quarter in the prior year, the business posted $1.28 EPS.
Drugmaker Bristol-Myers Squibb led the slide in health-care stocks, shedding 4.2%. All of AMD's gains are coming at the expense of Intel, which has long dominated the server chip market. During the same quarter previous year, the business posted $1.28 earnings per share. Finally, Credit Suisse Group raised their target price on Intel from $65.00 to $75.00 and gave the stock an outperform rating in a report on Friday. Its stock advanced 2.8 per cent. As a result, INTC stock surged 9% in early hours on Friday and pushed the stock to its highest-ever level in nearly two decades.
The S&P's 500 index fell 0.9 percent. BidaskClub lowered Intel from a buy rating to a hold rating in a report on Friday, January 17th. The board declared a quarterly dividend of $0.33 per share on the company's common stock, which will be payable on March 1 to shareholders of record on February 7.
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Investors continued to dig through the latest batch of company earnings reports Friday. Discover Financial Services slumped 11.1 percent after it issued disappointing 2020 guidance.
The small group of Intel programmable solutions that sold FPGAs and so on did not perform so well, with sales falling 17 percent in the fourth quarter to $ 505 million.
So far, about 16 percent of S&P 500 companies have reported their quarterly results. Eight analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company.
"Intel's own manufacturing constraints in the value end of the computing market has opened the competitive door for AMD, which looks to be ending the year at about a 20% share of the market", he wrote in a note.
The dollar fell to 109.24 Japanese yen from 109.52 yen on Thursday. Markets were closed in Shanghai and the rest of mainland China, South Korea, Malaysia and Taiwan.
In Europe markets traded higher, as Britain's FTSE-100 climbed 1.04%, France's CAC-40 rose 0.88% and Germany's DAX jumped 1.41%. Japan's Nikkei and Hong Kong's Hang Seng edged higher.