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 IMAX Corp. said Thursday it supports the decision to postpone the Chinese New Year film slate in China because of the outbreak of a new coronavirus in the city of Wuhan that has sickened more than 500 people and killed 17. "The safety of Chinese audiences is our top priority," the operator of big screen cinemas said in a statement. "IMAX supports the decision to postpone the release of the Chinese New Year film slate and believes it to be the best course of action in an unfortunate situation."
The news comes as Wuhan remains in a state of lockdown as the Chinese authorities work to contain the virus, which has been compared to SARS and MERS, two other coronaviruses. Cases of the illness have been confirmed in the U.S., Japan, Thailand and Singapore and the World Health Organization is holding a meeting to decide whether to declare a global health emergency. The virus is understood to be passed from human to human. The outbreak has come on the cusp of Chinese New Year, when millions of Chinese people travel around the country to be with family. IMAX shares were down 3.6% and have fallen 10% in the last 12 months, while the S&P 500 has gained 26%.
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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Shares of vaccine makers rose sharply again on Thursday, amid rising concerns about the outbreak of a new coronavirus in Wuhan, China that has led the authorities to quarantine the city of 11 million. Novavax Inx. , which developed a vaccine for MERS (Middle East respiratory syndrome) in 2013, gained 9% in early trade, while Moderna Inc. was up 2%. The company said it will work with the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a vaccine to treat the new illness. Inovio Pharmaceuticals Inc. shares rose 9%, after that company said the CEPI has given it a grant of up to $9 million to develop a vaccine against the virus. NanoViricides , which rallied on the first reports of the news before falling back after it issued 2.5 million shares, soared 45%. The virus was first identified in December in Wuhan City, China. It has since sickened more than 599 people, including a U.S. resident who had traveled to Wuhan this month, according to the Centers for Disease Control and Prevention. China has reported 17 deaths. Health officials now believe the virus is spread human to human. The SPDR S&P Biotech ETF has gained 18% in the last 12 months, while the S&P 500 has gained 26%.
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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 The biggest tumble in Chinese stocks in more than eight months led global equity markets lower Thursday as concern mounted about a new coronavirus outbreak in China.
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 Tesla shares — unsafe at any speed? Apparently so, according to the consumer advocate and former presidential candidate, who issued a stark warning this week, not only on the pricey stock, but on the market as a whole.
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Investors worry about the global economy, as Chinese authorities lock down the city of Wuhan, where the virus appeared.
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Oil prices pared some of their earlier losses on Thursday after weekly data from the Energy Information Administration revealed that U.S. crude supplies fell by 400,000 barrels for the week ended Jan. 17. Analysts polled by S&P Global Platts forecast a rise of 500,000 barrels, while the American Petroleum Institute on Wednesday reported an increase of 1.6 million barrels, according to sources. EIA and API data were each released a day later than usual because of Monday's Martin Luther King Jr. holiday. The EIA data also showed a supply climb of 1.7 million barrels for gasoline, but distillate stocks declined by 1.2 million barrels. The S&P Global Platts survey had shown expectations for an increase in supplies of 3.3 million barrels for gasoline and 1.6 million barrels for distillates. March West Texas Intermediate crude was down $1.48, or 2.6%, at 55.26 a barrel on the New York Mercantile Exchange. It was trading at $54.93 before the supply data.
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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Singapore has confirmed a first case of the coronavirus that has led to the quarantine of the Chinese city of Wuhan, Channel News Asia reported on Thursday. That news was followed by confirmation from officials in Vietnam, that two Chinese nationals are being treated in hospital, as AFP reported. The outbreak has sickened more than 500 people in China and 17 patients have died from the illness, according to official reports. Wuhan, the site of the first reports of the illness believed to have started at a seafood market, is on lockdown to prevent it from spreading further. The illness can cause pneumonia and other respiratory issues and has been compared to SARS and MERS, two other coronaviruses. The World Health Organization is scheduled to meet again on Thursday after ending a meeting Wednesday without deciding whether to declare the illness a global health emergency.
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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Shares of Micron Technology Inc. and Western Digital Corp. are up about 2% each in premarket trading Thursday after Morgan Stanley analyst Joseph Moore upgraded both stocks to overweight from equal weight. "We did not expect memory fundamentals to bottom this quickly, but as proof points grow, the ramifications are significant," Moore wrote. "The higher trough and the elevated valuation environment for semis suggests memory rerating potential even give the moves we have already seen." Micron's stock has added 32% over the past three months, and Western Digital's has gained 19% as the S&P 500 has risen 11%. Moore's channel checks point to "real conviction" from customers that the memory market will get tighter throughout this calendar year, which is causing them to put more inventory in place. Moore upped his price target on Micron's stock to $73 from $56, and he increased his Western Digital target to $88 from $64.
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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Singapore has confirmed a first case of the coronavirus that has led to the quarantine of the Chinese city of Wuhan, Channel News Asia reported on Thursday. The outbreak has sickened more than 500 people in China and 17 patients have died from the illness, according to official reports. Wuhan, the site of the first reports of the illness believed to have started at a seafood market, is on lockdown to prevent it from spreading further. The illness can cause pneumonia and other respiratory issues and has been compared to SARS and MERS, two other coronaviruses. The World Health Organization is scheduled to meet again on Thursday after ending a meeting Wednesday without deciding whether to declare the illness a global health emergency.
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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Shares of American Airlines Group Inc. fell 0.9% in premarket trading Thursday, after the air carrier beat fourth-quarter profit and load factor expectations but matched on revenue, and said it expects flat pre-tax margins for 2020. Net income rose to $414 million, or 95 cents a share, from $325 million, or 70 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.15 from 97 cents, above the FactSet consensus of $1.14. Revenue rose 3.4% to $11.31 billion, in line with the FactSet consensus of $11.31 billion, as a 3.9% increase in passenger revenue helped offset an 18.3% drop in cargo revenue. Load factor rose to 84.7% from 82.1%, above expectations of 82.8%. The company said it cancelled about 10,000 flights during the quarter as a result of Boeing Co.-built 737 MAX planes being grounded. The company said it expects 2020 pre-tax margin, excluding net special items, to be "approximately flat year over year," compared with 2019's 6.3%. The stock has slipped 3.4% over the past three months through Wednesday, while the NYSE Arca Airlines Index has gained 5.0% and the S&P 500 has climbed 10.6%.
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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BJ's Wholesale Club Holdings Inc. was downgraded to neutral from buy at Bank of America on concern that the retailer's effort to streamline merchandise by cutting the number of items in some categories could disrupt same-store sales. Bank of America cut its price objective to $25 from $30. BJ's stock is down nearly 1% in Thursday trading. "While assortment optimization can support margin improvements, we believe it can also create near-term disruption by eliminating/displacing traffic-driving items," the note said. Any impact could take as much as six months to show itself, another risk. Analysts are also worried that a declining population and slower economic growth in the Northeast, where BJ's has 61% of its store base, could be a challenge. BJ's stock has slumped 12% over the past year while the S&P 500 index is up 25.5% for the period.
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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Tom Plumb of Wisconsin Capital Management says growth-stock valuations aren't overly high and expects investors to keep paying up for the most successful companies.
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