The stock market was treading water on Friday, with the top three US indices rising or falling by less than 0.3%.
© (AP Photo / Ted S. Warren, File)
FILE – In this March 16, 2020, file photo, a subject receives an injection in the first-stage safety study clinical trial of a possible Moderna vaccine for COVID-19, the disease caused by the new coronavirus, at the Kaiser Permanente Washington Health Research Institute in Seattle. Britain, the United States, and Canada accused Russia on Thursday, July 16, 2020 of trying to steal information from researchers seeking a COVID-19 vaccine.
However, that doesn’t mean that certain individual stocks didn’t make big moves on the day, with two of the day’s biggest names like Modern Biotech (ticker: MRNA) and MGM Resorts (MGM), though they ended the week trending. very positive. different directions.
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The Dow Jones Industrial Average lost 62 points, or 0.2%, to end at 26,671.
Euphoria continued with the hope of vaccines. Moderna, which reported impressive developments in the first human trials of a vaccine earlier this week, continued to see a rebound in its shares at the close of business on Friday, as shares rebounded another 15.9% on the day.
The company definitely has a rare potential catalyst for which the shareholders of many rival biotechnologies would kill: the fact that Moderna’s nascent treatment produced antibodies in the 45 human participants in the initial trials makes it a potential goldmine for investors if MRNA ends up developing the first approved vaccine.
That said, stocks hit new 52-week highs on Friday, and stocks have already risen more than 700% from 52-week lows.
MGM stumbles. Gaming and resort giant MGM saw its shares end as one of the worst performers in the S&P 500 on Friday, as shares fell 4.5%. Obviously, 2020 has been a difficult year on Wall Street for companies involved in the virus-sensitive industries of travel, live entertainment and accommodation.
The new surge in U.S. cases, which recorded new all-time highs in new daily cases this week, is bad news for companies like MGM, which rely heavily on tourism and live gaming.
Than? Tesla is a risk action? One of the leading analysts covering electric vehicle giant Tesla (TSLA) is taking the rare step of acknowledging the risk inherent in stocks at current levels. CFRA analyst Garrett Nelson downgraded his red-hot TSLA stock rating to “sell”, maintaining a price target of $ 1,100.
In one of 2020’s biggest surprises, TSLA shares have recovered nearly 250% to date, and Nelson noted that the shares, at current levels, could be priced somewhat optimistically with stocks around $ 1,500.
Copyright 2020 US News & World Report
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