Daily Archive: February 26, 2020

Stocks plunge, bonds surge after CDC warns Americans to prepare for coronavirus outbreak

U.S. stocks tumbled to an almost 12-week low and bond yields plunged to records on rising concern the coronavirus will upend global supply chains critical to economic growth.

The S&P 500’s four-day rout reached almost 7.6 per cent, with losses accelerating Tuesday after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. That follows a rapid increase in cases from Italy to Iran and Japan, with a growing list of companies warning that profits will suffer as economies around the world suffer. The S&P, Dow Jones Industrial Average and Nasdaq Composite indexes all set record highs this month.

Wall Street’s three major stock indexes fell 3 per cent as the coronavirus spread further around the world and officials described it as “a rapidly escalating epidemic,” a day after the S&P 500 and the Dow Industrials’ biggest daily decline in two years. 

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Salesforce co-CEO Keith Block steps down, Marc Benioff to be sole chief By Reuters

© Reuters. The company logo for Salesforce.com is displayed on the Salesforce Tower in New York

(Reuters) – Salesforce.com Inc (N:) said on Tuesday Keith Block has stepped down as co-chief executive officer, making Marc Benioff the sole CEO of the business software company, sending its shares down nearly 3% in extended trading.

Block was widely seen as a potential successor to Benioff, who founded the company in 1999, and will continue as the chairman.

The company has spent more than $16 billion last year for acquisitions, adding muscle to its cloud products as it fends off competition from bigger rivals like Oracle Corp (N:) and German competitor SAP (DE:).

Salesforce forecast first-quarter revenue between $4.88 billion and $4.89 billion, compared with analysts’ estimates of $4.84 billion, according to IBES data from Refinitiv.

The company reported a net loss of $248 million, or 28 cents per share, for the quarter

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Coronavirus announcement from CDC causes stock market to drop another 3% today

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