• US Dollar pulls back
• Goldman upgrades Boeing’s (BA.US) rating
FED announced today extensive new measures to support the economy as the number of infected cases continues to rise and more states issue stay-at-home orders. Such measures include the provision of up to $300 billion in new financing for employers, consumers, and businesses; continuing purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning; purchases of agency commercial mortgage-backed securities; establishment of two facilities to support credit to large employers; establishment of a third facility to support the flow of credit to consumers and businesses; and facilitating the flow of credit to municipalities. Based on these news, the dollar index went down almost 1% to below 102. The Dow Jones w lost 3%, the S&P 500 dropped 3.1% and the Nasdaq fell 1.9% few minutes after the opening bell.
S&P500 (US500) managed to break below 2319 pts level and is trying to recover some losses after the Fed announced extensive new measures to support the economy. Source: xStation5Boeing(BA.US) – Goldman Sachs moved company’s rating from “neutral” to “buy” at, which said Boeing will remain a going concern and that the popularity of flights will return to pre-epidemic levels.
Boeing(BA.US) – continues it downward movement. The price broke below $107.14 level and is heading towards next support level at $55.40. Source:xStation5Deere (DE.US) –withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. The heavy equipment maker is continuing to operate in the U.S. and globally to the extent possible.
Deere (DE.US) – is testing key support level at $111.00. If the decline continues then the price may test next support at the $88.87 level. Source:xStation5Amazon (AMZN.US) – is increasing overtime pay for warehouse workers amid a surge in online shopping.
Danaher(DHR.US) – received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, which can deliver results in about 45 minutes, compared to standards tests which can few days.
Netflix (NFLX.US) – Baird moved company’s rating from “neutral” to “outperform” as the video streaming service might benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
Apple (AAPL.US) – withdrew from the recently imposed two-device limit on online iPhone purchases. Company’s brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
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