Komal Sri-Kumar, president and investment strategist at Sri-Kumar Global Strategies, joins "Squawk Box" to discuss what he's watching in the markets. The Chinese coronavirus is forcing Wall Street to turn sour on certain stocks.
Bank of America downgraded shares of Wynn Resorts to neutral from buy and Oppenheimer downgraded shares of cosmetic company Estée Lauder to perform from outperform on heightened fear about the spreading deadly virus. Shares of the hotel chain fell 8% and shares of the skincare company ticked 4% lower on Monday.
“Following recent developments in China with the coronavirus coupled with the premium valuation at which shares trade, we no longer view the risk/reward as attractive from current levels,” Oppenheimer analyst Rupesh Parikh said in a note to clients about Estée Lauder.
Stocks fell last week as worries about the Chinese coronavirus stoked fears about slowing global growth. The virus has killed more than 80 people and infected nearly 2,800 people in China. China’s National Health Commission said on Sunday the ability of the virus to spread was getting stronger and the World Health Organization’s director general is traveling to China to meet with government and health officials.
Dow futures were off by more than 400 points on Monday as coronavirus fears deepened.
For access to live and exclusive video from CNBC subscribe to CNBC PRO:
» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:
#CNBC
#CNBC TV
0 Comments