The trailing twelve-month chart for freelancing platform Upwork (UPWK) makes for queasy viewing. The stock has declined by 73%, 50% of which were shed since the turn of the year. While the majority of companies’ valuations have tumbled aggressively since the viral outbreak, Upwork’s severe beating is a curious one. You would think as its core business is all conducted online, it would be shielded somewhat.While Upwork hasn’t been immune to the COVID-19 pandemic, BTIG’s Marvin Fong believes the company's “potential is underappreciated.” Fong puts his money where his mouth is, reiterating a Buy rating, along with a $14 price target. Expect upside of a spectacular 160%, should Fong’s forecast plays out. (To watch Fong’s track record, click here)Despite the alarming downturn, Fong believes Upwork “has held up reasonably well” and is “doing better than most.” But the contracting global economy has affected activity on the platform. Job listings on March...
The U.S. economy actually lost jobs on Friday, after a decade of gains, and the employment situation will likely only get bleaker as the nation remains closed for business to stem the spread of the deadly new coronavirus....
Yahoo Finance's Sibile Marcellus joins Seana Smith to break down the latest companies furloughing some of their employees as coronavirus cases spike in the U.S....
(Bloomberg) -- For years, gold bugs were relegated to the fringes of financial markets. Often viewed by mainstream investors as tinfoil-hat conspiracists with basements full of beans and bottled water, their warnings sounded apocalyptic: a coming collapse in financial assets, widespread devaluation of paper money and global disasters that erode civil liberties.Welcome to 2020.As the coronavirus brings economies around the world to a standstill, gold is rivaling Treasuries and the dollar as the best-performing major asset this year. The metal proved its haven status with a 6% rally as almost $16 trillion was wiped off global stock markets and oil plunged.There’s also been a scramble for physical metal as investors in exchange-traded funds build the biggest stockpile in history and dealers say they’re struggling to find gold to sell.How Virus Shows Again Why Fear and Gold Go Together: QuickTake“We’ve been trying to warn people that something like this would happen,” said...
Long term investors of data storage specialist Western Digital (WDC) are used to bouts of volatility. Following the stock’s steep decline in 2018, 2019 saw a bullish 74% increase to the share price. But along with most of the market, 2020 hasn’t painted a pretty picture so far, and Western Digital shares are down nearly 40% year-to-date.In fact, even compared to peers, Western Digital has underperformed since coronavirus decimated the market. But this is precisely why 5-star Deutsche Bank analyst Sidney Ho calls Western Digital his “favorite COVID recovery idea.”Ho reiterated a Buy on WDC, along with a $60 price target. The upside from current levels is a solid 57%. (To watch Ho’s track record, click here)Investors have raised concerns regarding the company’s prospects. These have involved how consumers’ reduced spending power could impact sales of WDC's products, along with how government mandates in Southeast Asia, where WDC has multiple manufacturing...
It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday. A two-thirds drop in oil prices in the last three months has swiftly changed Washington's thinking on whether or not it should meddle in the energy market....
