Stock Market Is Due For A Down Turn 是股市转跌的时候了

U.S. stocks jumped on Friday following President Donald Trump’s new guidelines to reopen the economy and on a report of a drug from Gilead (GILD)o potentially treat COVID-19, while Boeing (BA) headed higher on plans to resume production.  GILD has come back down to up 8% from up 12% earlier.  BA is up nearly 13%. Market leaders AMZN, NFLX, NVDA, AMD, AAPL and MSFT are being sold after their recent run up.  A series of large  firms are downgraded by analysts which include Sell ratings on AAPL, NFLX and QCOM ,  CSCO from Over Weight to Equal Weight and TXN from Equal Weight to Under Weight. The recent surge in the US stock market is overdone and is due for a down turn.  Bad earnings and economic data are the realities the market is going to face.  Technically, the S&P 500 hit resistance at 50 day moving average 2862 this morning and is coming back down.  Supports are now 2800, 2660 and 2550.

。Latest world and US virus statistics：

Global cases: More than 2,214,962
Global deaths: At least 148,704
US cases: More than 680,449
US deaths: At least 34,555

New COVID-19 hot spots:
Russia overnight case increase of 4,070. Total cases has reached 32,008 and 273deaths.
India overnight case increase of 234. Total cases has reached 13,664 and 450 deaths.
China has an increase in overnight case of 407, much higher than the recent figures.

。Chinese GDP shrank by 6.8% from a year ago (considerably worse than the 6.0% drop expected) and the worst drop on record (since 1992).---ZeroHedge

。New York Federal Reserve President John Williams warned on Friday that the U.S. economy is unlikely to fully recover by the end of 2020. The New York Fed chief said industries like construction should be the first to come back. “I expect that to be able to bounce back a little bit more quickly than maybe some of the other sectors,” Williams told CNBC’s Steve Liesman. “But I don’t see the economy getting back to full strength by the end of the year. ---CNBC

。Briefing.com on stock downgrades:

Goldman downgraded Apple (AAPL) to Sell from Neutral; firm is now modeling a deeper reduction in unit demand through mid 2020 and then a shallower recovery into early 2021. They also assume some lingering ASP weakness as consumers look to economize similar to what they have seen in prior downturns.

Netflix (NFLX) was initiated with a Sell at The Benchmark Company and given a $327 target.

Susquehanna downgraded Taiwan Semi (TSM) to Negative from Positive; firm noted 60% of TSM revenue is sensitive to consumer spending; Smartphone -- about 50% of total sales of which about 20-25% come from Apple.

KeyBanc Capital Markets downgraded Cisco Systems (CSCO) to Sector Weight from Overweight as firm sees a potential delay to firm's CAT9K thesis until later in the year/CY21.

Oppenheimer downgraded Comcast (CMCSA) to Perform from Outperform -- along with peers Boingo Wireless (WIFI) and GTT Communications (GTT) -- on COVID-19 impacts.

Barclays downgraded Texas Instruments (TXN) to Underweight from Equal Weight.

Goldman downgraded Qualcomm (QCOM) to Sell -- along with Sonos (SONO), Nutanix (NTNX), and Lumentum (LITE). Added that companies in their hardware coverage should see slower recoveries in 2021 amidst weak consumer electronics demand and enterprise spending, along with negative operating leverage.






在美国总统唐纳德·特朗普（Donald Trump）重新制定经济新准则以及有报道称Gilead (GILD)y有一种可能治疗COVID-19的药物的报告，而波音（BA）则计划恢复生产推动美国股市今早跳升。不过现在已经大幅回落。  GILD已从之前的上升12％下降至上升8％。 BA上涨了近13％。市场龙头 AMZN，NFLX，NVDA，AMD, AAPL及MSFT经过最近的大幅上涨后之后今天被卖出。另外， 分析师将一系列大公司的评级下调，包括AAPL，NFLX和QCOM被调至卖出评级，CSCO从“超重”到“等重”和TXN从“等重”到“减持”。 最近美国股市暴涨过多，应该会开始回落。不良收益和坏经济数据是市场将要面对的现实。从技术上讲，标普500指数今早在50日移动均线2862处遇到阻力之后回落。 现在的支撑为2800、2660和2550。

。最新世界和美国病毒统计：

全球案例：超过2,214,962
全球死亡人数：至少148,704
美国案件：超过680,449
美国死亡人数：至少34,555

新的COVID-19热点：
俄罗斯隔夜案件增加4,070。 病例总数已达到32,008和273死亡。
印度过夜病例增加234例。总病例达到13664例，死亡450例。
中国隔夜案件数量增加了407，远高于最近的数字。

。中国的国内生产总值比一年前下降了6.8％（远低于预期的下降6.0％），并且是有记录以来最糟糕的下降（自1992年以来）。---ZeroHedge

。纽约联储主席约翰·威廉姆斯周五警告说，到2020年底，美国经济不太可能完全复苏。纽约联储主席说，建筑等行业应该是第一个回归的行业。 威廉姆斯对CNBC的史蒂夫·里斯曼（Steve Liesman）表示：“我希望这能比其他一些领域更快地反弹。” “但我看不到年底经济能恢复到完全增长的势头。---CNBC

。Briefing.com 股票降级报告：

高盛将苹果（AAPL）评级从“中性”下调至“卖出”。该公司ren we直到2020年中，单位需求将进一步减少，然后到2021年初，市场将出现较浅的回升。他们还假设平均售价疲软，因为消费者希望像以前的低迷时期一样节省开支。

The Benchmark Company 开始跟踪Netflix（NFLX），评级为卖出，并给予$ 327 目标。

Susquehanna将Taiwan Semi（TSM）的评级从正面下调为负面；该公司指出，TSM收入的60％对消费者支出敏感；智能手机-约占总销量的50％，其中约20-25％来自苹果。

KeyBanc资本市场将Cisco Systems（CSCO）评级从“增持”下调至“行业比重”，原因是该公司认为CSCO的CAT9K可能会延迟到下半年/ CY21。

奥本海默将Comcast（CMCSA）和其他Boingo Wireless（WIFI）和GTT Communications（GTT）的评级从优于大市上调至表现优于COVID-19的影响。

巴克莱将德州仪器（TXN）的股票评级从“等权重”下调为“减持”。

高盛将高通（QCOM），Sonos（SONO），Nutanix（NTNX）和Lumentum（LITE）的评级下调为卖出。补充说，由于消费电子产品需求疲软和企业支出疲软以及运营杠杆率下降，硬件覆盖范围内的公司到2021年的恢复速度将放缓。