Best & Worst Performing Stocks In Coronavirus Outbreak

The coronavirus outbreak and its subsequent impact on corporate profit margins and the global economy continue to dominate the headlines. U.S. stocks endured their worst weekly slide on Feb 28 since October 2008. In fact, all the major indexes closed in the correction territory last Thursday, and several well-known companies like Nike (NYSE:NKE), United Airlines and Mastercard (NYSE:MA) issued earnings and revenue warnings.

Goldman Sachs’ chief global equity strategist, Peter Oppenheimer, added that “in the nearer term…we believe the greater risk is that the impact of the coronavirus on earnings may well be underestimated in current stock prices, suggesting that the risks of a correction are high.”

But U.S. stocks did make a roaring comeback on Mar 2 after investors started to believe that central banks around the world, including the Fed, would take actions to put a check on the steep losses. Most of them are widely expecting a coordinated global effort to trim rates to stimulate the economy.

Australian central bank’s governor in the meantime acknowledged that the coronavirus outbreak does have a “significant effect” on the country’s economy and any move to ease monetary policy will certainly “provide additional support to employment and economic activity.”

However, let’s admit we can not completely write off the adverse impact of the outbreak, and the U.S. stock market will continue to gyrate in the days to come. After all, the disease continues to spread. The virus has reached countries beyond China, including the United States, Italy, Germany, Iran and South Korea.

Nonetheless, these stocks are the big winners and losers since the coronavirus outbreak stalled the U.S. bull market —

Stocks That Defied the Coronavirus Pandemic

Co-Diagnostics, Inc. (NASDAQ:CODX) , Moderna, Inc. (NASDAQ:MRNA) , Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and Netflix, Inc. (NASDAQ:NFLX) are some of the prominent names that have soared 1889.5%, 33%, 23.8% and 17.8%, respectively, so far this year amid the coronavirus rout. Take a look —

Molecular diagnostics company Co-Diagnostics has introduced an easier-to-use molecular diagnostic test known as the Logix Smart Coronavirus COVID-19 test. And the company has received a CE mark approval from the European Union to make this test commercially available.

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With the outbreak spreading rapidly, the need for molecular diagnostic tests will increase, and in turn, boost Co-Diagnostics’ revenues. The company currently has a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its current-year earnings has moved up 66.7% over the past 60 days. What’s more, the company’s expected earnings growth rate for the next quarter is 44.4%. You can see Zacks Investment Research

Written By: Zacks Investment Research