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Moderna surged more than 20% to hit an all-time high, after gaining 27.8% just on Tuesday. The rally came after the biotech company said it had shipped a coronavirus vaccine to U.S. government researchers for study. Moderna is hoping for a clinical trial by the end of April. The company went public on Dec. 7, 2018 at $23 per share and is up 26% from its IPO price. âFrancolla, Li
Shares of Apple popped more than 3% in morning trading, continuing the stock’s rebound out of correction territory. Apple through Tuesday was down 12% from its recent high on worries about the impact of the coronavirus on its quarterly revenue. Shares of streaming platform Netflix rallied more than 5%, after dropping more than 2% on Tuesday. âFitzgerald
Canaccord Genuity’s Tony Dywer weighed in before the market open on the potential for a pop like the one we are seeing Wednesday. “Expect pop then [a] test of the low. We have seen this before â maybe not the COVID-19 virus â but an event that puts global growth into question and creates an extreme selloff,” wrote Dywer in a note. “The recent history of such dramatic market swoons reinforces our view the market is likely to see a sharp oversold rally that could be relatively significant but ultimately temporary.” â Melloy
Bank of America does not think it’s quite time to step in just yet. Savita Subramanian, the firm’s chief U.S. equity and quant strategist, said she’s “still neutral, but if correction continues, buy” in a note. Subramanian is maintaining her S&P 500 3,300 year-end target, which is about 4% higher from where it is now. But the strategist notes that technical factors and supply chain disruptions from the coronavirus suggest the washout has a little further to go. She also said that the Treasury market is pricing in 50 basis points of Fed rate cuts this year.â Melloy