Jack in the Box Inc. (NASDAQ: JACK) was removed from the Best Ideas List at Wedbush, based on its policy around investment price discipline after a nearly 30% drop in the past two weeks alone.
Kroger Co. (NYSE: KR) was downgraded to Neutral from Outperform at Credit Suisse after its earnings pop took shares up over 8% to $33.47, with the firm noting that the enthusiasm around the consistency of execution now appears to be priced into the stock.
Lyft Inc. (NASDAQ: LYFT) continues to fall with the sharing economy taking a hit. Still, Needham started it with a Buy rating and a $48 target. Shares were down almost 8% at $37.08 on Thursday.
Macy’s Inc. (NYSE: M) was named as the Bull of the Day at Zacks, which said that this billion-dollar retailer is trading at five-year lows. Shares recently closed at $11.58 and have a consensus price target of $15.42. At least the mall-based retailer can claim that one positive report is out there after losing so much of its value.
Marvell Technology Group Ltd. (NASDAQ: MRVL) rallied over 10% to $24.93 after strong earnings and guidance, despite yesterday’s panic selling. Argus reiterated it as Buy with a $30 target price, and the firm talked up its focus on infrastructure as the right place to be at this time.
Medtronic PLC (NYSE: MDT) was maintained as Outperform but its target was cut to $121 from $126 at Credit Suisse. Shares closed down 3.3% at $100.18 on Thursday and were indicated down 1.9% at $98.26 on Friday.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) was named as the Zacks Bear of the Day stock. The firm said that cruise stocks have been crushed by coronavirus fears. Its shares last closed at $28.59, with a consensus price target of $60.14. This stock has now fallen 50% from its peak.
Starbucks Corp. (NASDAQ: SBUX) disclosed that its comparable store sales growth in China, which had been first projected to be up 3% in the quarter, but it outlined how the COVID-19 related closures and more limited operations will have those sales down approximately 50% year over year and that earnings would be hit in the range of $0.15 to $0.18. After closing down 4.3% at $76.19 a share, Starbucks was indicated down 2.7% at $74.10 on Friday. Wedbush maintained its Neutral rating but cut its target price to $84 from $95 due to wider risks due to ysales with the coronavirus fears.
TripAdvisor Inc. (NASDAQ: TRIP) was started with a Neutral rating and a $25 target price (versus a $21.74 close, after an almost 9% drop) at Citigroup.
Trivago N.V. (NASDAQ: TRVG) was started with a rating and a $130 target price (versus a $91.51 close, after an almost 6% drop) at Citigroup.
Unitil Corp. (NYSE: UTL) was raised to Buy from Neutral and the target price was maintained at $63 (versus a $57.50 close) at Janney, with the firm noting that the call is after the sell-off created an attractive entry point.
Vipshop Holdings Ltd. (NYSE: VIPS) closed up almost 27% at $16.66 on Thursday. Nomura/Instinet raised it to Buy from Neutral with a $20 target price. Citigroup raised its rating to Buy from Neutral with a $20 target price.
How the 2020 Coronavirus Stock Market Turmoil Compares to Crashes and Black Swan Events of the Modern Era
We have shown how this latest market turmoil compared to other shorter-term moves in black swan events and panics around the Lehman failure, the U.S. debt downgrade, the 1987 crash and the Long Term Capital Management failure. Also, here is a go-to guide of how to deal with a market if you are worried about it heading to a much worse bottom.
The man who is supposed to be the world’s greatest investor of modern times has taken on about $2.7 billion in airline stock losses as the news around the coronavirus impact on travel goes from bad to worse.
Thursday’s top analyst upgrades and downgrades included Abbott Laboratories, Alexion Pharmaceuticals, Avis Budget, DexCom, Johnson & Johnson, Marvell Technology, Moderna, Snap, Splunk, Zoom Video Communications and many more.