Nearly three months after its outbreak, the 2019 Coronavirus pandemic (COVID-19) has clamped its jaws shut on Western economies. Major indexes in North America and Europe have dropped to record lows amidst a global selloff that has wiped off billions, if not trillions from equity value.
As the market performance of individual companies is both related to and dependant upon global indexes, most big and small name stocks have seen their equity value plummet. One such example is The Walt Disney Company, whose Friday closing price of $85.98 on the New York Stock Exchange is the lowest close over the past five years.
A handful of stocks that have fought against the selloff include ride-hailing companies Uber and Lyft, and the retail behemoth Amazon.com, Inc; a company that had initially been feared to witness a drop in merchant advertising revenues due to spending cutbacks across the world. But now, as populations retreat indoors, Amazon is trending upwards.
Amazon rumored to deliver Coronavirus testing kits in U.K. as British government turns to corporate sector amidst COVID-19 disruption
In a fresh report, the Financial Times has an interesting scoop from the far side of the Atlantic ocean. The publication's source privy to internal discussions in the Johnson administration has commented on British efforts to navigate the spread of COVID-19 amongst citizens. As per the details, Amazon might help authorities to ensure that virus testing takes place while citizens are inside their homes and abiding quarantine instructions.
The retailer's distribution-and-collection chain will ensure that testing kits are delivered at home, and the sample collections delivered to a private facility for analysis. The results of the report will then be provided to the government and the testee.
After dropping by 2% over Thursday's close on Friday, Amazon gained 1.51% in premarket trading today, but at the time of market open, the share price is down by 0.26%. The devastation wreaked by COVID-19 in Europe and China has shocked national health systems and paralyzed investor confidence, and Amazon's drop isn't matched by the NASDAQ-100 due to the index being up by a similar value in basis points minutes after trading commenced today.
Report comes at a time when tech-heavy NASDAQ-100 sector is struggling to recover from the coronavirus, yet outpacing S&P500 during early hours of trading on Monday
As trading continues today, Amazon and the NASDAQ-100 index are both crossing into greens following the first 30 minutes after the market open. Over the course of the last 30 odd days, Amazon has outpaced the NASDAQ-100 when we count the number of days the company's stock price dropped during regular trading hours. Both it and the index have consistently exhibited a downward momentum that is unlikely to spur investor optimism.
Yet, should Amazon and the British government partner up for coronavirus testing kit, sample and report delivery and collections, the digital marketplace could bear more good news for investors. Amazon is one of the few businesses which has announced new positions following COVID-19 disruptions as users flock to stockpile resources at a time when populations are in lockdown globally.
Additionally, and more importantly, 16%, 28%, based on closing values on February 19, 2020, and opening values today, Amazon.com, Inc has lost 16% through its stock price while the NASDAQ-100 has dropped by 28% (nearly mirroring the S&P 500 as mentioned above. The drop indicates that while the retail giant has indeed been caught up a global sell-off, investors are still cautious about the extent of their AMZN sales.
Based on the current atmosphere, this optimism might end up as warranted in the end.
The post Amazon Might Help Britain Navigate COVID-19 As NASDAQ-100 Marginally Outpaces S&P by Ramish Zafar appeared first on Wccftech.
Refference- https://wccftech.com
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