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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

(AZN)
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Energy, industrials prop up Dow; tech mega-caps slide

11/23/2020 | 12:33pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Vaccine could reach first Americans by mid-December

* U.S. business activity expands rapidly in November - data

* Tesla close to hitting $500 billion in market cap

* Surging coronavirus cases cap stock market gains

* Indexes: Dow up 0.64%, S&P up 0.18%, Nasdaq down 0.05%

Nov 23 (Reuters) - The blue-chip Dow rose in choppy trading on Monday as hopes of a COVID-19 vaccine fueled demand for economically-sensitive stocks such as energy and industrials, while a sell-off in technology heavyweights weighed on the S&P 500 and the Nasdaq.

Six of the 11 major S&P indexes were trading higher by early afternoon, with industrials and energy jumping 1.2% and 4.6%, respectively, as data showed monthly business activity expanded at the fastest rate in more than five years.

The communication services and information technology indexes were among the biggest decliners as investors rotated out of the tech mega-caps that were seen as safe bets following a coronavirus-led crash earlier this year.

"The vaccine is the driving factor in terms of the general optimism," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"(But) you are going to get a little bit of back and forth as this is a holiday week and typically we are going to get lot more volatility."

Evidence of high efficacy rates in experimental COVID-19 vaccines had lifted the S&P 500 to a record high this month and brought the blue-chip Dow close to breaching 30,000 points for the first time.

AstraZeneca Plc became the latest major drugmaker on Monday to say its vaccine could be around 90% effective, while in the United States, the health regulator is likely to approve in mid-December the distribution of the vaccine made by Pfizer Inc.

The CBOE volatility index, known as Wall Street's fear gauge, edged lower to hover near levels last seen in August.

"November has been that month when we were finally convinced that there is light at the end of the tunnel (and) today is another one of those days," said Art Hogan, chief market strategist at National Securities in New York.

Kicking off a trading week shortened by the Thanksgiving holiday on Nov. 26, the Dow Jones Industrial Average was up 0.64%, at 29,450.81. The S&P 500 was up 0.18% , while the Nasdaq Composite was down 0.05%.

Sentiment was dented by new lockdowns to contain a surge in coronavirus infections with Nevada on Sunday becoming the latest state to tighten curbs on casinos, restaurants and bars, while imposing a broader mandate for face-coverings over the next three weeks.

Meanwhile, hopes of more monetary stimulus were dampened after Treasury Secretary Steven Mnuchin last week pulled the plug on some of the Federal Reserve's pandemic emergency lending programs.

Tesla Inc surged 5.7%, inching closer to hitting $500 billion in market capitalization ahead of its inclusion in the S&P 500 next month.

Advancing issues outnumbered decliners 2.90-to-1 on the NYSE and 1.95-to-1 on the Nasdaq.

The S&P index recorded 26 new 52-week highs and no new low, while the Nasdaq recorded 146 new highs and eight new lows. (Reporting by Sagarika Jaisinghani and Shivani Kumaresan in Bengaluru; Additional reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.39% 7682.7541 Delayed Quote.4.45%
DJ INDUSTRIAL -0.04% 31176.01 Delayed Quote.1.06%
NASDAQ 100 0.82% 13404.986468 Delayed Quote.3.17%
NASDAQ COMP. 0.55% 13530.914939 Delayed Quote.2.40%
RAYMOND JAMES FINANCIAL -0.85% 102.6 Delayed Quote.7.24%
S&P 500 0.03% 3853.07 Delayed Quote.2.55%
TESLA, INC. -0.64% 844.99 Delayed Quote.19.74%
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Financials (USD)
Sales 2020 26 407 M - -
Net income 2020 2 973 M - -
Net Debt 2020 13 207 M - -
P/E ratio 2020 41,9x
Yield 2020 2,68%
Capitalization 138 B 138 B -
EV / Sales 2020 5,72x
EV / Sales 2021 4,96x
Nbr of Employees 70 600
Free-Float 95,7%
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Mean consensus BUY
Number of Analysts 25
Average target price 126,41 $
Last Close Price 105,02 $
Spread / Highest target 48,6%
Spread / Average Target 20,4%
Spread / Lowest Target -14,1%
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Managers and Directors
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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