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Financial Markets Plunge on Coronavirus Outbreak

U.S. stocks were in the red on Friday after new cases of the coronavirus were reported in eight countries, including Mexico and Nigeria. The Dow Jones Industrial Average fell 3.37% to 24,898, the S&P 500 Index lost 2.80% to 2,895 and the Nasdaq Composite Index declined 2.15% to 8,382.

Non-index stocks have posted gains and losses recently. Shares of Autodesk Inc. (NASDAQ:ADSK) jumped almost 2% on Friday after the company announced fourth-quarter results. The company posted earnings of 92 cents per share, beating estimates by 2 cents. Revenue of $899.3 million registered 22% year-over-year growth and topped expectations by $8.24 million.


"We delivered strong results across the board in fiscal 2020 and are reiterating our fiscal 2021 and 2023 targets," Chief Financial Officer Scott Herren said. "In fiscal 2020, we delivered ARR growth of 25 percent while expanding non-GAAP operating margin by 12 percentage points. Our resilient business model combined with multiple growth drivers, positions us well to deliver on our goals."

The GAAP operating income for the quarter was $134 million, up from $40 million in the prior-year quarter. The GAAP operating margin increased 9 percentage points to 15%. Further, the total non-GAAP operating income was $259 million, up from $139 million a year ago. The Non-GAAP operating margin was 29%, a gain of 10 percentage points.

Moreover, the cash flow from operating activities was $698 million, up $387 million, while free cash flow was $684 million, an increase of $390 million from last year.

Looking ahead to the first quarter of 2021, the company expects revenue between $880 million and $895 million, with earnings per share between 34 cents and 40 cents.

During the quarter ended Dec. 31, Philippe Laffont (Trades, Portfolio) trimmed his holding by 77% to 1,316 shares and Ken Fisher (Trades, Portfolio) reduced his position by 55% to 155,878 shares. Ray Dalio (Trades, Portfolio) established a 11,738-share holding.

Losers

  • MGM Resorts International (MGM) -5.5%
  • Duke Energy Corp. (NYSE:DUK) -4.4%
  • Assurant Inc. (NYSE:AIZ) -3.9%
  • Iron Mountain Inc. (NYSE:IRM) -3.7%
  • Equifax Inc. (NYSE:EFX) -3.6%
  • NetApp Inc. (NASDAQ:NTAP) -3.1%
  • Kraft Heinz Co. (NASDAQ:KHC) -2.9%
  • Incyte Corp. (NASDAQ:INCY) -2.6%
  • Centurylink Inc. (NYSE:CTL) -1.6%



Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 plummeted 3.18%, France's CAC 40 tumbled 3.38%, Germany's Dax declined 3.86% and Spain's Ibex 35 retreated 2.92%.

In Asia, Japan's Nikkei 225 fell 3.67%, India's BSE Sensex slid 3.64%, Hong Kong's Hang Seng declined 2.42% and China's Shanghai Composite lost 3.71%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.