|I was appointed the finance correspondent for Senior Life Advisor, an online magazine for investors near or in retirement. The articles for Senior Life Advisor were designed to offer actionable information as well as items of interest about economics, investing and personal finance.|
There are some winners in the carnage on Wall Street. Teledoc, for instance, has seen its share price increase [italicize increase] over the past week, because it’s the company’s doctor visit via mobile device keeps consumers away from where there’s lots of sick people: waiting rooms. However, mostly it’s losses. Here’s what’s driving the downdraft in four industries:
e-Commerce. Giant Amazon gets about 50% of its products from China according to one securities analyst. Without product, sales may suffer and a similar dynamic has hit other e-tailers such as Wayfair.
Semiconductors. Stocks like Advanced Micro Devices, Intel and Nvidia, which until recently have been riding high, have fallen on fears of supply chain disruptions. One Wall Street analyst has said that the virus could impact not just supply chains but end-user demand.
Automotive. Auto and auto parts suppliers have been caught in the slide as idled plants in China pose another challenge to auto companies already dealing with slowing sales, declining profitability. Ford, GM, and high flying Tesla have all been hit. Tesla shares, which where as high as $908 last week are now trading below 700.
Within the past week Apple and Microsoft have warned that they won’t hit their earnings target. In our next article we’ll show how what happened in Wuhan came home to roost in Seattle and Cupertino California.