The Australian ASX 200 Stock Market Closed Down 1.5% in 2020 Recovering Most of Virus Related Losses
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Australian Blue Chip ASX 200 ended the last trading day of the year at 6587.1, down 1.5% for the year after record highs in February to 7-year lows in March on the coronavirus sell off given China being one of Australia's largest trading partners. The ASX recovered with Australia handling of the virus spread but was hampered by a Sino-Australia trade war since the virus.
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China’s Shanghai Composite closed 3,473 gaining 14% in 2020, its highest level since February 2018. China, being the source of the Covid-19 pandemic and employing total lockdown was the first major country to reopen it's economy.
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Video game retailer GameStop reported mixed third quarter earnings after the close Tuesday $GME stock has been a hot stock in 2020 with investors like Scion's Michael Burry and Chewy's Ryan Cohen and is one of the most heavily shorted stocks on the market with approximately 90% of the shares in lending programs. $GME fell 20% on the report.
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Morgan Stanley's chief investment officer Mike Wilson on Bloomberg Wednesday issued a sobering warning on another day of record highs saying US stocks are overbought and risks a correction due to rising interest rates. He added bull markets tend to overshoot a little bit in the short term, any kind of pullbacks will probably be bought.
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Zscaler shares soared to an all time high after beating earnings exppectations and raising guidance as the lockdown Work From Anywhere Trend (WFA) and the digitization of business underscored that the shift continues to benefit $ZS with the surge in demand for it's cloud security products.
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Technology security company Widepoint was awarded the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 Contract valued at up to $500 million. The first CWMS contract was awarded to WidePoint in 2013. $WYY stock soared over 50% on the news, The new contract size is around 10 times the companies market cap.
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Retail giant Wal-Mart on Tuesday reported better than expected third-quarter earnings and reiterated for Q4. U.S. same-store sales rose 6.4%, continuing near 10 years highs, e-commerce sales jumped 79% as stay at home shoppers grew and $WMT continued to inch into $AMZN's space.
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Chevron reported better than expected third quarter earnings Friday along with fellow oil major ExxonMobil. Capital spending was down 48% and operating expenses down 12%. Noble Energy acquisition completed in October 2020. Revenue continues to be hammered by the coronavirus economic collapse.
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Oil giant ExxonMobil reported better than expected third quarter earnings Friday with its third quarterly loss in a row. The Covid pandemic has caused plunging oil demand within a supply glut but Exxon said seeing "early stages of demand recovery.” . Q1 was $XOM's first quarterly loss in 32 years.
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Social media company Twitter reported better than expected third quarter earnings Wednesday beating on revenue and earnings BUT missed on key user metrics sending the stock down 17%. Investors are concerned for advertising revenue growth with $TWTR blatant political meddling.
