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Yahoo BusinessJan 21, 2020
Stocks Slip Worldwide After Virus Spurs Caution: Markets Wrap
(Bloomberg) -- U.S. equities slumped, joining a global decline as investors grappled with worries that a deadly virus in China might undercut economic growth. Treasuries rose.All three of the main U.S. gauges slid in early trading, with industrial shares among the worst performers after declines in Asia and Europe triggered by reports that the respiratory virus was spreading. Shares in Hong Kong were hardest hit. The Stoxx Europe 600 Index recovered from the worst of its drop, though remained on course for a second day of losses.U.S. luxury stocks headed for their biggest drop since October on worries the virus will disrupt spending during a key Chinese holiday period; banks also retreated after UBS Group AG missed profitability targets. The risk-off mood helped support some traditional haven assets, and the yen and Treasuries advanced even as gold fell.Read more: China Virus Concern Hammers Asian Stock SentimentThe emergence of the illness in China stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn't yet as serious. The developments provided an excuse for investors who bid up U.S. stocks to record highs last week to take a pause and assess the outlook for global growth and corporate profits as earnings season picks up."There seems to be a little bit of profit taking, maybe a little less risk taking today," said Yousef Abbasi, global market strategist at INTL FCStone. "You're going to see people thinking about what is normally a travel and leisure holiday in China, a

Yahoo BusinessJan 21, 2020
Tesla Shares May Reach $960 in Early 2021, Biggest Bull Says
(Bloomberg) -- Tesla Inc.'s most bullish Wall Street analyst predicts the dizzying rally in the shares of the electric-car maker will accelerate this year and trade in the $640-to-$960 range in early 2021.New Street Research analyst Pierre Ferragu anticipates the company will sell 2 million to 3 million cars per year after 2025 at industry-leading margins, justifying a market capitalization of $230 billion to $350 billion, or about $1,100 to $1,700 per share."The stock will remain volatile, as the spread between bull and bear cases remains wide," said Ferragu, who boosted his price target to a Street high. "And God only knows what the next controversy will be."Tesla is set to report quarterly earnings next week. Shares of the company are up 3% in pre-market trading and have increased more than 100% over the past three months. A surprise third-quarter profit and strong deliveries for the fourth quarter helped fuel the rally, along with the opening of its China plant.Ferragu, who raised his price target to a $800 from previous $530, expects the company to post a strong free cash flow beat when it releases fourth-quarter earnings on Jan. 29.He also predicts 2020 delivery guidance to beat estimates, and a potential drop in gross margins in the first half of the year as Shanghai-assembled Model 3s -- which have higher fixed costs per car -- increase in the overall mix.Earlier on Tuesday, Bernstein analyst Toni Sacconaghi struck a cautious note, saying the Shanghai Gigafactory production could pressure margins in fourth and first quarter.To contact the reporter on this story: Esha Dey in New York at edey@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3
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