Indexes continued their freefall, due largely to coronavirus concerns and oil’s decline. The S&P 500 was down 4.5% to 2,762.11; the Dow Jones Industrial Average dropped 4.6% to 23,874; the Nasdaq fell 3.9% to 8,014.92. The three are 18% to 20% lower over the last three weeks.
The yield on a 10-year Treasury bond leapt 9% to 0.82%.
The price of gold was 0.9% lower at $1,646.
A barrel of oil fell 3.1% to $33.29.
HEALTHCARE
Edwards Lifesciences Corp. (NYSE: EW) declined 2.2% to $198.47 and a $41.3 billion market cap. Shares in the heart valve maker, Orange County’s largest public company by market cap, have fallen 17% in three weeks.
Avid Bioservices Inc. (Nasdaq: CDMO) fell 31% to $4.13 and a $233 million market cap. The Tustin-based contract maker of pharmaceuticals made from mammalian cell cultures yesterday reported fiscal third quarter revenue of $13.6 million, missing the average analyst estimate. It said a temporary production interruption led it to cut its 2020 revenue forecast to $55 million to $59 million from a prior guidance of $64 million to $67 million.
RESTAURANTS
Chipotle Mexican Grill Inc. (NYSE: CMG) dropped 6.9% to $653.05 and an $18.1 billion market cap. The fast-casual chain, OC’s second-largest public company by market cap, has seen a share drop of about 30% during the recent market meltdown.
