On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into the market’s coronavirus-based selloff. We also take a look at quarterly earnings results from the likes of Home Depot (HD - Free Report) and see what investors should expect from Salesforce (CRM - Free Report) . The episode then closes with why SolarEdge Technologies SEDG is a Zacks Rank #1 (Strong Buy) stock right now.
All three major indexes fell over 1% Tuesday, as Wall Street’s selling continues on new coronavirus worries. Monday saw the Dow suffer its worse one-day decline in over two years as more cases pop up in South Korea, Italy, and Iran. Meanwhile, investors have jumped into safe havens such as 10-year U.S. Treasury notes and gold.
Last week, Apple (AAPL - Free Report) flashed a warning sign about how the coronavirus is impacting the Chinese economy. Since then, Royal Caribbean, Procter & Gamble (PG - Free Report) , and most recently, Mastercard (MA - Free Report) , said they are likely to be impacted by the virus that has slowed the world’s second-largest economy.
On the earnings front, Home Depot (HD - Free Report) stock climbed, while Shake Shack SHAK stock tumbled. Meanwhile, HP (HPQ - Free Report) signaled that it would fight back against Xerox’s (XRX - Free Report) hostile takeover bid.
Looking ahead, Macy’s (M - Free Report) and Salesforce are set to report their quarterly financial results after the closing bell Tuesday. Then, Wall Street will turn its attention to Square SQ, Lowe’s (LOW - Free Report) , TJX (TJX - Free Report) , and others on Wednesday.
The episode then closes with why SolarEdge is a Zacks Rank #1 (Strong Buy) as part of a strong solar energy industry that includes Enphase Energy (ENPH - Free Report) and SunPower (SPWR - Free Report) .
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