Will we ever get inured to the disappointment related to the coronavirus? When Microsoft (MSFT) lowers the bottom end of the range and says it will miss its personal computer forecast, will anyone say, You know what, no kidding, that's why the stock has fallen from $190 to $170?
Judging by Microsoft's loss of a meager two-point gain and then some in after-hours, the answer is simple: Not yet.
Stocks telegraph these moves. The decline is such that I have to say, "Not yet, not yet."
But then again, I am looking at Marriott (MAR) with a miserable number and it's trading up a tad. Good sign.
We are getting very oversold. We are going to get a lot of these preannouncements. When stocks actually rally on them, as Marriott may be doing, you may have to move provided that you think that the virus may be peaking in its seriousness, something I don't think is the case, but the new Phase 3 trials for Gilead Sciences (GILD) announced tonight would seem to give hope for.