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From Peloton to Netflix, this assortment of 7 stocks has soared as investors brace for coronavirus fallout — and they might make a good buy right now
It's the worst week for stocks since the financial crisis but a few names have stayed above water.
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Friday marks the end of a historically bad week for the stock market, which is on track for its worst week of losses since the financial crisis.
Markets are in correction mode, with investors fearful of the impact the COVID-19 coronavirus will have on corporate growth rushing to sell equities and most other risk assets. High-yield bonds saw their third greatest outflows ever, and the global benchmark in oil fell below $50 a barrel.
That's as news around coronavirus worsens. The World Health Organization notched its risk assessment for COVID-19 coronavirus up to "very high" Friday, though the director-general Tedros Adhanom Ghebreyesus also stressed that there is not yet evidence of the virus spreading freely in communities. "Our greatest enemy right now is not the virus itself. It's fear, rumors, and stigma."
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The Dow Jones Industrial Average fell 1,000 points to start Friday not a single name in the index posted gains.
But there are some stocks which, whether they are promising a cure to coronavirus, a protective suit against it, or amusement during it, were up this week. Here's a list of seven names that offered a glimmer of hope, at times temporary, by defying the broader market this week.
1. Peloton
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Peloton
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Ticker: PTON
Rationale: Investors are betting more people will work out from home.
Biggest single-day surge: 7.7%, on Wednesday.
How long: Peloton closed up three days in a row, before tumbling Thursday.
How it's trading now: Down 7.37%.
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2. Netflix
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Ticker: NFLX
Rationale: Investors are betting more people will stream entertainment from home.
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Biggest single-day surge: 5.3%, on Wednesday.
How long: Netflix surged for one day only in the middle of the week before tumbling back down.
How it's trading now: Down 1.40%.
3. Zoom Video Communications
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Ticker: ZM
Rationale: Investors are betting more people will need to video conference when they work from home.
Biggest single-day surge: 5.9%, on Thursday.
How long: Zoom fell Monday before it posted a smaller gain of just under 2% on Tuesday. It sunk back down Wednesday before its Thursday jump.
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How it's trading now: Down 5.88%.
4. 3M
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Ticker: MMM
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Rationale: 3M is a leading producer of protective masks.
Biggest single-day surge: 1.4%, on Wednesday
How long: 3M rose Wednesday and Thursday.
How it's trading now: Down 0.35%.
5. Moderna
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Moderna
Ticker: MRNA
Rationale: Moderna shipped a coronavirus vaccine for human trials this week.
Biggest single-day surge: 27.8%, on Tuesday.
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How long: The stock rose through Wednesday's close, tumbling since.
How it's trading now: Down 10.78%.
7. Blue Apron
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Blue Apron
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Ticker: APRN
Rationale: Investors are betting more people will order-in, which could align with Blue Apron's meal kit service.
Biggest single-day surge: 22.5%, on Thursday.
How long: Blue Apron began rising Wednesday and closed up that day, and Thursday.
How it's trading now: Up 5.036%.
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8. Lakeland Industries
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Ticker: LAKE
Rationale: Lakeland makes hazmant suits, a market investors are expecting elevated demand in.
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Biggest single-day surge: 22.5%, on Thursday.
How long: Lakeland rose every day this week into Thursday's close.
How it's trading now: Down 2.41%.
See Also:
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- Goldman Sachs reveals the 10 best stocks to buy now for a market comeback from the coronavirus-driven plunge
- BLACKROCK: Coronavirus fears have upended the most enduring drivers of stock returns. Here are 3 ways to stay afloat and beat the market.
- 'It's a clear bubble': A former Goldman Sachs hedge fund chief sounds the alarm on flailing stocks and warns the nefarious effects of coronavirus have 'only just started'
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