Friday’s Headlines: The Market Could Have Its Worst Week Since 2008
1. Stocks fell sharply in volatile trading Thursday as investors worried the coronavirus may be spreading in the U.S. The Dow and S&P 500 fell 4.4% each, while the Nasdaq fell 4.6%. This was the Dow's worst day since February 2018 while the Nasdaq and S&P 500 had their biggest one-day loss since August 2011. Thursday’s losses put the Dow, S&P 500 and Nasdaq in correction territory, and is putting the market on course for its worst week since the 2008 crash. One stock suffering badly is Corona beer-owner Constellation Brands, which saw its stock slide 8%. Read the full story here.
2. SaaS company Autodesk reported on its fourth-quarter on Thursday, coming out with quarterly earnings of $0.92 per share versus estimates of $0.90. The company also boasted revenue of $899.30 million, surpassing analyst estimates, and growing on last year’s revenue of $737.30 million. Autodesk shares have added about 3.9% since the beginning of the year versus the S&P 500's decline of -3.5%, as it continues to be a stalwart of the software industry. Read the complete report here.
3. Trade Desk earnings and revenue for its fourth quarter topped analyst estimates as the company signaled higher investments for internet TV in 2020. The California-based company saw EPS rise 37% to $1.49, while revenue rose 35% year on year to $215.9 million. "In the coming year, we will continue to make aggressive investments in high-growth areas such as Connected TV, data, and global expansion,” Chief Executive Jeff Green said in a press release. Get the complete earnings report here.