U.S. Markets closed

US STOCKS-S&P 500, Nasdaq tick lower as coronavirus worries weigh

By Medha Singh

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* Nvidia climbs after upbeat revenue forecast, lifts chipmakers Expedia jumps on upbeat core earnings outlook

* Indexes down: Dow 0.28%, S&P 0.09%, Nasdaq 0.06% (Updates to early afternoon)

By Medha Singh

Feb 14 (Reuters) - The S&P 500 and the Nasdaq edged lower on Friday as concerns about an economic hit from the coronavirus outbreak outweighed a boost from Nvidia shares after the chipmaker's upbeat outlook.

Nvidia Corp jumped 7.2% after it forecast first-quarter revenue ahead of analysts' estimates, reinforcing expectations of a rebound in chip demand and lifting the broader technology sector by 0.2%.

Meanwhile, the coronavirus epidemic in China showed no signs of easing, with new cases topping 5,000 on Friday.

A recent Reuters poll showed the world's second-biggest economy will grow at its slowest pace since the financial crisis in the current quarter but the downturn will be short-lived if the outbreak is contained.

"The coronavirus still remains a concern but it appears for now at least that the assumption is it won't impact the U.S. too much and that it will be something that can be controlled in China," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

Wall Street was on course for a second straight weekly gain after hitting a series of record highs on a largely positive fourth-quarter earnings season and confidence in the U.S. economy.

However, data released on Friday was not so upbeat. A Commerce Department retail sales report showed consumer spending likely slowed further in January, while separate data indicated industrial production fell more than expected last month.

At 13:15 a.m. ET, the Dow Jones Industrial Average slipped 0.28% to 29,341.05. The S&P 500 fell 0.09% to 3,371.06 and the Nasdaq Composite was down or 0.06% at 9,706.43.

U.S. financial markets are closed on Monday for President's Day holiday.

With the fourth-quarter earnings season starting to wind down, about 77% of the 387 S&P 500 firms that have reported so far have topped earnings estimates, according to IBES by Refinitiv.

Expedia Inc jumped 10.9% after the online travel services company forecast strong quarterly core earnings amid coronavirus uncertainties.

Apart from tech, the defensive real estate, utilities and consumer staples were in the positive territory among the 11 major S&P sectors. Energy stocks dropped 1.2%.

Declining issues outnumbered advancers for a 1.09-to-1 ratio on the NYSE and for a 1.42-to-1 ratio on the Nasdaq.

The S&P index recorded 63 new 52-week highs and four new lows, while the Nasdaq recorded 118 new highs and 45 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva and Subhranshu Sahu)

  • Elon Musk Calls Bill Gates Underwhelming After Billionaire Buys a Porsche
    Business
    Bloomberg

    Elon Musk Calls Bill Gates Underwhelming After Billionaire Buys a Porsche

    If he was expecting kind words in return from Elon Musk, he apparently shouldn't have spoken about challenges that still lie ahead -- or about his new Porsche. Gates, the billionaire co-founder of Microsoft Corp., spoke with a YouTube influencer last week about the challenges of reducing emissions to slow climate change. “And certainly Tesla, if you had to name one company that's helped drive that, it's them,” Gates told YouTuber Marques Brownlee.

  • Billionaire Ray Dalio Pulls the Trigger on 3 “Strong Buy” Stocks
    Business
    TipRanks

    Billionaire Ray Dalio Pulls the Trigger on 3 “Strong Buy” Stocks

    On top of this, he pointed out, “Debunking 'too big to grow fears,' BLK delivered 7%-plus organic asset growth for the full year 2019, which is an acceleration from 2.1%-plus organic growth in 2018 and 4.3%-plus average growth rate over last five years. Importantly, strong net new money growth translated into 5% organic base fee growth in 2019, better than the 2% growth in 2018. Based on this report, Cyprys expects other analysts to make adjustments to their outlooks for 2020.

  • Booming market for influencers to hit $15 billion: analyst
    Business
    Yahoo Finance

    Booming market for influencers to hit $15 billion: analyst

    Social media influencers are everywhere, and they aren't likely to go away anytime soon, said Sylvia Jablonski, managing director of capital markets at Direxion. Influencers haven't just changed how people shop — they've completely transformed the advertising industry landscape. "I think influencers are staked to become very, very rich," she said, noting that the spend on influencers is going to go from about $8 billion today to about $15 billion in the next couple of years.

  • The Wuhan Virus and Research-Focused Biotech Companies
    World
    GuruFocus.com

    The Wuhan Virus and Research-Focused Biotech Companies

    The problem with these companies is that their low or nonexistent revenues result in a weak investor perception as the qualitative benefits of their research cannot be measured tangibly. However, with the outbreak of the Wuhan coronavirus, the importance of investing in the research of such companies is suddenly a hot topic in the investor community, which is why many of these stocks have seen their prices rise. Warning!

  • InMode Reverses Lower
    Business
    Investor's Business Daily Video

    InMode Reverses Lower

    InMode reported strong earnings, sales and guidance … but after surging at the open shares reversed lower. Has a 53.30 cup-with-handle buy point. Looked like an early entry at the open – but good idea to wait 5 minutes or even for topping first-hour high, especially with a volatile IPO like INMD.

  • Leon Cooperman's Top 6 Buys for the 4th Quarter
    Business
    GuruFocus.com

    Leon Cooperman's Top 6 Buys for the 4th Quarter

    GuruFocus ranks Ferro's profitability 7 out of 10: operating margins have expanded over the past five years despite outperforming just 57.46% of global competitors. Additionally, Ferro's three-year revenue growth rate of 15.90% outperforms 77.69% of global chemical companies. Mario Gabelli (Trades, Portfolio) also has a holding in Ferro.

  • Boeing finds debris in 737 MAX jetliners - company memo
    Business
    Reuters

    Boeing finds debris in 737 MAX jetliners - company memo

    Boeing Co found debris that could pose potential safety risks in the fuel tanks of several 737 MAX aircraft that are in storage and waiting to be delivered to airlines, according to an internal memo seen by Reuters on Tuesday. Foreign object debris, an industrial term for rags, tools, metal shavings and other materials left behind by workers during the production process, has been a quality control issue for various Boeing aircraft, such as its KC-46 tankers. Mark Jenks, general manager of the 737 programme, told employees in the memo that such debris was "absolutely unacceptable" and that the company was taking steps to address the issue in its production system.

  • Michael Burry's Scion Asset Management Buys 5 Stocks in the 4th Quarter
    Business
    GuruFocus.com

    Michael Burry's Scion Asset Management Buys 5 Stocks in the 4th Quarter

    GuruFocus has detected 5 Warning Signs with BBBY. Click here to check it out. BBBY 30-Year Financial Data The intrinsic value of BBBY Peter Lynch Chart of BBBY As of quarter-end, Scion's $82 million equity portfolio contains nine stocks, with turnover of 48%.

  • Bloomberg's new plan to crack down on Wall Street includes a financial transaction tax
    Business
    Yahoo Finance

    Bloomberg's new plan to crack down on Wall Street includes a financial transaction tax

    Bloomberg has been campaigning as a more moderate alternative to candidates like Sen. Elizabeth Warren (D-MA) and Sen. Bernie Sanders (I-VT) and has been courting business leaders and Wall Street executives — who will likely cringe at the idea of a financial transaction tax. But the more progressive wing of the party has championed even tougher regulations and taxes on Wall Street on the wealthiest Americans. Bloomberg's financial transaction tax would be phased in gradually, starting at 0.02% to “monitor and minimize unintended consequences.

  • Business
    GuruFocus.com

    SpaceX: Starlink IPO Should See Hope Trump Economics

    GuruFocus has detected 8 Warning Signs with IRDM. Click here to check it out. IRDM 30-Year Financial Data The intrinsic value of IRDM Peter Lynch Chart of IRDM An expensive endeavor Musk made Starlink the key pillar of his pitch to investors during SpaceX's most recent funding round, espousing his belief that it will be the profit engine that will drive the company's more ambitious, but less lucrative, pursuits.

  • Business
    Barrons.com

    Tesla Stock Is Still Skyrocketing. Critics Are Giving Up.

    Investors who thought (TSLA) stock's volatility would calm down after its epic stock price rise are, apparently, wrong. Tesla (ticker: TSLA) stock was up more than 7% in trading on Tuesday, to about $858.40 a share at the close, after three bearish Wall Street analysts increased their price targets. None, however, upgraded the stock.

  • David Rolfe Adds 4 Stocks to Portfolio in 4th Quarter
    Business
    GuruFocus.com

    David Rolfe Adds 4 Stocks to Portfolio in 4th Quarter

    The stock traded for an average price of $57.47 per share during the quarter. The New York-based pharmaceutical company, which focuses on drugs to treat cardiovascular, oncology and immune disorders, has a $155.61 billion market cap; its shares were trading around $66.38 on Tuesday with a price-earnings ratio of 30.25, a price-book ratio of 6.11 and a price-sales ratio of 4.48. The Peter Lynch chart shows the stock is trading above its fair value, suggesting it is overpriced.

  • Roku, Inc. Just Released Its Yearly Results And Analysts Are Updating Their Estimates
    Business
    Simply Wall St.

    Roku, Inc. Just Released Its Yearly Results And Analysts Are Updating Their Estimates

    Revenues came in at US$1.1b, in line with forecasts and the company reported a statutory loss of US$0.52 per share, roughly in line with expectations. Following the result, analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. So we gathered the latest post-earnings forecasts to see what analysts' statutory forecasts suggest is in store for next year.

  • Netflix Stock Is Nearing A Key Buy Point
    Business
    Investor's Business Daily Video

    Netflix Stock Is Nearing A Key Buy Point

    The IBD Live Team discusses Netflix stock on Tuesday as it nears a key cup-based buy point.

  • Nutrien forecasts 2020 profit below estimate on weak potash demand
    Business
    Reuters

    Nutrien forecasts 2020 profit below estimate on weak potash demand

    Nutrien said it expects adjusted earnings of $1.90 per share to $2.60 per share, below analysts' expectations of $2.73 per share. The company, however, said the recent progress in trade relations between the world's two largest economies has led to positive sentiment among U.S. growers as agricultural exports to China are expected to improve significantly both in the short and medium term. The company reported a net loss from continuing operations of $48 million, or 8 cents per share, in the fourth quarter ended Dec. 31, compared with a profit of $296 million, or 48 cents per share, a year earlier.

  • Here’s the reason Americans are saving so much of their income
    Business
    MarketWatch

    Here’s the reason Americans are saving so much of their income

    U.S. household wealth compared to income is near a record high. In the fourth quarter, savings as a percent of disposable income was 7.7%, more or less the post-crisis average. Some of the explanation can be boiled down to: Goldman's clients.

  • What ‘Rothifying’ 401(k)s Would Mean for Retirees
    Business
    The Wall Street Journal

    What ‘Rothifying’ 401(k)s Would Mean for Retirees

    Research shows that switching 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.

  • If you could buy only one stock for 5G and artificial intelligence exposure, this would be it
    Business
    MarketWatch

    If you could buy only one stock for 5G and artificial intelligence exposure, this would be it

    During the California gold rush, many miners went bankrupt. Most investors recognize that the gold rush is on in 5G and artificial intelligence. The picks and shovels for the present-day gold rushes are semiconductors.

  • Business
    TheStreet.com

    How Much Do Doctors Make?

    Doctors adhere to the Hippocratic Oath, which stems from Greek medical history, and calls for physicians to swear to uphold the highest ethical standards in the service of medicine. The numbers do vary for the average physician salary, depending on the source of the information. Data from ZipRecruiter notes the average annual pay for a "medical doctor" stands at $224,190 in 2018, with the highest salaries in the $397,000 range and on the lower end at $23,500.

  • Startups bring micro investing to real estate
    Business
    Yahoo Finance

    Startups bring micro investing to real estate

    The best portfolios are diversified, and real estate performs very uniquely, in a way that is uncorrelated to the stock market and bonds… We want to offer the same asset class at a lower price point,” said Janine Yorio, founder and chief executive officer of a New York City-based real estate micro-investment app called Compound, which flips properties at a profit for investors. The model is similar to the traditional real estate investment trust (REIT), but micro-investing companies give investors the ability to become part owners of specific properties — which creates lower fee structures, favorable tax benefits and assets that are not tied to the stock market.

  • 3 “Strong Buy” Stocks Top Investors Are Snapping Up Right Now
    Business
    TipRanks

    3 “Strong Buy” Stocks Top Investors Are Snapping Up Right Now

    See Centene stock analysis on TipRanks) Applied Materials (AMAT) Next up is a fellow large cap, though from an entirely different sector. Semi-conductor company Applied Materials makes integrated circuit chips for a wide range of electronics, including TVs, smartphones and flat panel display screens. The $61 billion heavyweight's robust start to 2020 is a direct continuation of 2019's stellar performance; last year's gains of 90% have been boosted by a further 9% year-to-date.

  • Business
    MarketWatch

    Herbalife stock rises on earnings beat

    Herbalife Nutrition Ltd. (hlf) shares rose in the extended session Tuesday after the supplements company topped Wall Street estimates for the quarter. Herbalife shares rose 4.8% after hours, following a 1.8% decline in the regular session to close at $38.95. "The extent and duration of business disruption and related financial impact from the coronavirus cannot be reasonably estimated at this time but could materially impact our consolidated results for the first quarter and full year 2020," Herbalife said in a statement.

  • 10 Stocks' Profit Will Soar More Than Anyone Dreamed, Analysts Say
    Business
    Investor's Business Daily

    10 Stocks' Profit Will Soar More Than Anyone Dreamed, Analysts Say

    Analysts' forecast for S&P 500 profit for 2020 has declined all year, says FactSet. Digging further shows you just how much. Analysts Souring On S&P 500 Earnings Most S&P 500 companies are expected to make less than thought in 2020, not more.

  • Dow Jones Futures: AMD Ignores Apple-Led Retreat; Enphase, SolarEdge, Amedisys, 10X Genomics, Palomar Are Key Movers Late
    Business
    Investor's Business Daily

    Dow Jones Futures: AMD Ignores Apple-Led Retreat; Enphase, SolarEdge, Amedisys, 10X Genomics, Palomar Are Key Movers Late

    Dow Jones futures rose slightly Tuesday, along with S&P 500 futures and Nasdaq futures. The stock market rally held up well Tuesday despite an Apple revenue warning on the coronavirus. Enphase Energy, Amedisys and 2019 IPO stocks 10X Genomics and Palomar Holdings reported earnings.

  • Shades of Detroit? Germany's auto heartlands in peril as 'golden age' fades
    Business
    Reuters

    Shades of Detroit? Germany's auto heartlands in peril as 'golden age' fades

    At the Schmitts' plant in Hallstadt, workers are trying to avoid forced layoffs; at a Bosch factory in nearby Bamberg, pay cuts and reduced hours have been agreed, as has investment in new fuel cell technology. With pockets of rising joblessness in the affluent, auto-producing heartlands of Bavaria and Baden-Wuerttemberg in southern Germany, there are serious implications for a country which relies on the car industry for roughly 5% of its economic output and, and an important part of its national identity. "Germany is entering uncharted waters.