Today we are watching…
1. FIS (#fidinfo)
The Dow shouldn’t have plummeted 800 points yesterday; it’s the worst performance in two years. However, the market held on to bullish beliefs just slightly too long. Investors confronted the probability that millions of unofficial coronavirus cases are out there, and it was Fidelity’s take in many of the sell orders. The online broker, along with Charles Schwab, reported technical issues as hoards tried to access their accounts all at once. Over $7 trillion worth of client assets are managed on Fidelity’s system, but it’s unclear how low the markets would have dipped yesterday if the company let its users place all their intended sell orders.
2. Gilead Sciences (#gildsci)
The world is descending into zombie land, but Gilead is on the case. This company is behind the groundbreaking antiviral drugs now used to treat hepatitis and HIV, and the World Health Organisation (WHO) says it’s up to Gilead’s latest compound, remdesivir, to beat the coronavirus. The stock soared yesterday as the drug was rushed into clinical testing and put on a fast-track through China’s approval pipeline. Shares now change hands at their highest level since October 2018. They’re expected to make a big move again by April at the latest when the results of these trials are revealed. The “coronacure” will be priceless!