|
So much for the market's best day of the year. Oct. 28, on average the S&P 500's best-performing day over the past 70 years, was instead one of 2020's worst as COVID-19 concerns continued to flare up in the U.S. and Europe.
Cities such as Chicago and Newark are renewing restrictions on businesses and public gatherings amid not just record-high new caseloads in America, but rising hospitalizations and deaths as well. In Germany, restaurants and theaters will be shut down for four weeks, and other European countries are stepping up their own measures to fend off a second wave.
SEE MORE 15 Mighty Mid-Cap Stocks to Buy for 2021
Big Tech suffered from additional downward pressure, as the CEOs of Facebook (FB, -5.5%), Twitter (TWTR, -5.3%) and Google parent Alphabet (GOOGL, -5.5%) faced Congressional inquiries about moderating user content.
The S&P 500 did not come close to meeting its average 0.54% gain on Oct. 28, instead plunging 3.5% to 3,271.
Other action in the stock market today:
The Dow Jones Industrial Average declined 3.4% to 26,519.The Nasdaq Composite lost 3.7% to 11,004.
The Russell 2000, best of the four major indices Wednesday, still dropped 3.0% to 1,543.
|
|
 NCR Corp.'s 3Q revenues fell 11% to $1.59 billion year-over-year dragged down by a 26% decline in hardware sales. However, revenues of the ATM (automated teller machine) and POS (Point-Of-Sale) hardware and software solution provider came ahead of analysts' estimates of $1.55 billion.NCR's (NCR) ATM hardware sales plunged 40% as the COVID-19 pandemic impacted ATM installation activities. Moreover, its SCO/POS (Self-Checkout/Point-Of-Sale) hardware sales shrank 6% on a year-on-year basis.The company's 3Q adjusted EPS decreased by 26% to $0.54 year-on-year but came ahead of the Street estimates of $0.36.NCR's CEO Michael Hayford said, "Our third quarter performance reflects solid execution of our strategy and the resiliency of our solutions in a difficult operating environment that continues to be impacted by COVID-19." He further noted, "Looking ahead, we still face a challenging operating environment but we remain confident in our ability to execute our strategy and grow recurring revenue, drive cash flow generation and expand margins." (See NCR stock analysis on TipRanks).Ahead of its earnings release, J.P. Morgan analyst Paul J Chung upgraded the stock to Buy from Hold and raised the price target to $27 (23% upside potential) from $21. Chung is encouraged by NCR's margin structure and free cash flow outlook. The analyst sees modest growth in ATMs per branch and forecasts a steady fundamental recovery over the next 6-12 months.Currently, the Street is bullish on the stock. The Strong Buy analyst consensus is based on
|
|
 The Amazon Echo and Amazon Echo Dot smart speakers are discounted when you buy them in pairs on the site—get the details.
|
|
Private Label