Here the 15 buy on the dip candidates I’m tracking on my JubakAm.com subscription site. I’m listing the candidates and here so you have an idea of what I’m watching. My conclusion is NOT YET.
What’s different this week? Why is the market plunging today on coronavirus fears when last week it shook off the news? Because the last few days have brought news that the coronavirus isn’t limited to China anymore.
Coronavirus cases–and deaths–spread beyond China–Is this the feared shift to pandemic outside of China?
Today Japan reported the first two deaths from coronavirus among passengers quarantined on the Diamond Princess cruise liner, South Korea reported its first fatality, and new cases in Iran sparked fears that the disease is spreading in the Middle East.
SolarEdge Technologies (SEDG) closed up 17.94% today ahead of fourth quarter earnings due after the close. Cascend Securities raised its target price on the shares by 17% during today’s session. Today’s jump will, of course, make it harder for the company to beat expectations with today’s earnings report. The stock is already up 28.1% in 2020. (In trading after the earnings release, the stock fell just 0.88%. That’s a very good outcome after a jump of this size in the regular session.)
U.S. stocks were up strongly today on news that the central banks of the United States and China were likely to continue to provide cheap–and cheaper–liquidity to financial markets and economies.
We still don’t know if the coronavirus epidemic is slowing in China–the latest report shows deaths in China up 105 to 1,770 and the official number of cases climbing in mainland China to 70,548. Hubei province has reported 1,933 new cases, up from 1,843 the day before. And social media posts that make their way through China’s censors suggest that the local government is doing everything it can to suppress any information–including reports on rising case numbers?–that it thinks might set off a panic–or reflect badly on local officials. But we do know that the government in Beijing has slapped a draconian quarantine on about 760 million people.
Raising target on Barrick Gold in Jubak Picks Portfolio and buying the shares for my Dividend Portfolio
Barrick Gold (GOLD) reported fourth quarter earnings of 17 cents a share on Wednesday, February 12. That beat the 14 cents a share estimate from Wall Street analysts for the quarter. A year ago the company earned 6 cents a share in the fourth quarter of 2018. But that wasn’t the BIG surprise from the company. Barrick Gold announced that it would raise its quarterly dividend by 40% to 7 cents a quarter. That follows on a 25% increase in the dividend in the third quarter of 2019. That raises the forward yield to 1.43% as of 3:15 p.m. New York time when the stock traded at $19.61 a share. Now I’m sure that a yield of 1.43% doesn’t make a dividend investor’s mouth water. But, hey, this is a gold mining stock and gold is notorious for not paying any dividend or yield at all.