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 Chinese face mask
manufacturers are reopening factories shut for a national
holiday, promising workers up to four times their normal wages
as consumers emptied out stock in stores in a race to protect
themselves from the new coronavirus infection.
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* STMicroelectronics climbs on upbeat results
(Adds quote, details; updates prices)
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 World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China.
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World shares fell on Thursday,
led by the biggest decline in Chinese stocks in more than eight
months, as concern mounted about the spread of a deadly virus in
China.
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China locks down city at center of virus outbreak DW (English)What Is Coronavirus? QuickTake by BloombergU.S. gets 1st case of new virus that caused an outbreak in China PBS NewsHourCoronavirus: China advises against travel to Wuhan as deaths surge BBC NewsStocks edge up, oil drops as China virus worries abate Yahoo News
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 (Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Panic coursed through the world's second-largest equity market as investors sold stocks on concern a deadly virus will worsen over China's week-long trading break.The Shanghai Composite Index settled 2.8% lower after the close of trading, the worst end to a Lunar Year in its three-decade history. More than 90% of the mainland's 4,000 stocks fell on volumes that were 20% above average, with foreign traders selling a record $1.7 billion worth of the shares via links with Hong Kong. The yuan weakened as much as 0.4% and government bond futures rose to the highest since 2016.Pressure is building on Beijing to contain a new SARS-like virus that's killed at least 17 people and infected hundreds. The coronavirus first appeared last month in the city of Wuhan in central China, a city with 11 million residents -- more than in London or New York -- that's now essentially in lockdown after officials halted public travel.Inside China's Virus Zone, Unease Grips a City in Lockdown"Fear and panic are rampant," said Wang Daixin, a fund manager at Bristlecon Pine Asset Management Ltd. "It's hard to tell how bad things will get before a turn for the better. I didn't get out when I had the chance to, so now I might as well sit it out rather than lose money. Others are offloading at whatever cost."The virus and its potential impact on the economy and financial system pose a growing challenge for President Xi Jinping. It c
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 (Bloomberg) -- Even after more than doubling his Tesla Inc. price target, UBS Group AG analyst Patrick Hummel still recommends that investors sell the electric-car maker.With the shares worth more than twice as much as they were at the beginning of October, UBS's increased target of $410 is still 28% below the last closing price of $569.56.While Tesla has the potential to become the most profitable original equipment manufacturer (OEM), the positives are "taken for granted" at the current price, according to Hummel, who sees the company's volumes doubling by 2022.Having the biggest long-term opportunity in autonomous vehicles, Tesla justifies a market value "well above" most incumbent OEMs, Hummel wrote in a note to restart coverage of the stock. Still, risks in execution and U.S. demand following the phase-out of electric vehicle tax credits seem to get ignored, he said.The shares have surged of late amid a surprise third-quarter profit and strong deliveries for the fourth quarter, while the company's market capitalization topped $100 billion on Wednesday.Just this week, Tesla's biggest bull predicted that the stock could reach a level as high as $960 by early 2021. The stock has nine buy ratings, 11 holds and 17 sells, with an average price target of about $370, according to Bloomberg consensus estimates.The shares fell 1.2% in U.S. pre-market trading, also weighed down by a downgrade to neutral from outperform at Exane BNP Paribas. Tesla is due to report quarterly earnings next Wednesday.(Updates with more ana
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Asian shares tumbled on Thursday, led by the biggest slide in Chinese stocks in more than eight months, as investors grew more anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year.
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Strapped with debt and battling legal controversies right and left, Teva's best days could very well be behind it.
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Former head of London Stock Exchange is moving to an advisory role after just a year
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 Shares of Johnson & Johnson slipped 0.1% in premarket trading Wednesday, after the consumer products and drug giant reported a fourth-quarter profit that beat expectations but revenue that came up a bit shy. Net income rose to $4.01 billion, or $1.50 a share, from $3.04 billion, or $1.12 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew 4.6% to $1.88, above the FactSet consensus of $1.87. Sales rose 1.7% to $20.75 billion, just below the FactSet consensus of $20.80 billion. Consumer revenue increased 0.9% to $3.57 billion, below the FactSet consensus of $3.59 billion; pharmaceuticals sales grew 3.5% to $10.55 billion to top expectations of $10.43 billion; and medical device sales fell 0.5% to $6.63 billion to miss expectations of $6.69 billion. For 2020, the company expects net sales of $85.4 billion to $86.2 billion, surrounding the FactSet consensus of $85.52 billion. The stock has gained 0.4% over the past three months through Tuesday, while the SPDR Health Care Select Sector ETF has climbed 13.9% and the Dow Jones Industrial Average has advanced 9.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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"Tesla's not really a car company, it's a tech company on wheels. That's what keeps confusing people," "Mad Money" host Jim Cramer said after the stock raced past the $100 billion valuation mark.
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