Let us go through the stock price performance report for several companies that have made the biggest movements.
Alibaba Shares Dip by 10%
The stock prices for Alibaba have experienced a dip in the premarket trading. The shares for the e-commerce giant have tumbled 10% after JPMorgan downgraded its stock status. According to the JPMorgan analysts, they have downgraded Alibaba’s stocks due to their office shutdowns in Shenzhen amid rising in the coronavirus cases.
Due to the recent shutdown, there are a lot of concerns among the investors and JPMorgan analysts are also fearing loss of investments in Alibaba. Given the current circumstances, the JPMorgan analysts have downgraded the stock status of Alibaba to “underweight”.
Baidu Shares Dip by 8%
The share prices for Baidu have dipped by 8% in the premarket trading. Baidu’s share price loss is also due to the closure of Baidu’s offices in the Shenzhen area due to the widespread coronavirus.
As a result of the widespread issue, JPMorgan analysts have downgraded the stock for Baidu from “overweight” to “underweight”.
JD.com Stocks Dip by 10%
The stocks for JD.com have also suffered a 10% loss in premarket trading. The loss for JD.com also comes amid the shutdown of JD.com’s office in Shenzhen due to the rise in coronavirus cases. Like Alibaba and Baidu, JPMorgan analysts have downgraded the stock status for JD.com to “underweight”.
Apple Shares Plummet by 2.7%
The share prices for Apple have experienced a 2.7% dip in premarket trading. The loss in the share prices for Apple is also due to the shutdown of the tech hub in Shenzhen, China amid the increase in coronavirus cases.
The share price loss was observed after one of the major suppliers of Apple in China made an announcement regarding the shutting down of its facility in Shenzhen.
Due to the indefinite closure of the Chinese supplier, it is not known exactly how many sales Apple may lose in the upcoming quarters.
Despite the recent dip, the majority of the investment firms are confident Apple would deliver a strong performance. One of the major investment firms is KeyBanc, whose investors are confident that Apple’s demand would still remain strong.
Chevron Stocks Dip by 2.5%
The stock prices for Chevron have experienced a 2.5% plummet in premarket trading. Chevron had its stock status downgraded by the analysts at Morgan Stanley. The analysts reportedly downgraded the stock status of the energy company from “overweight” to “equal-weight”.
According to Morgan Stanley analysts, Chevron’s performance hasn’t been well in recent days. This is mainly because of the drop in the oil prices, which has made the stocks for Chevron very unattractive.