There isn't much to say about this past week in the markets other than the crash has continued. The major indexes were up and down very big all week and we will have to wait until next week to see if the hopefully rally on Friday can hold markets up next week or if we continue to move down. The week really started off with a spat between Russia and Saudi Arabia which caused the price of oil to plummet, which spread to the rest of the market combined with the hysteria centered around the coronavirus, the markets just began to plummet.

All 3 major indexes were down for the week ended 2020-03-13. The Dow Jones Industrial average ended the week at 23,186 a decline of 10.4%. The broader S&P 500 index ended the week at 2,711 a decline of 8.8%. The Nasdaq 100 ended the week at 7,995 a decline of 6.3%. The average change for the major averages was down 8.47%.

All of the major indexes are down year-to-date with the Dow down the most at -18.8%, the Nasdaq composite is down 10.9% and the S&P 500 is a relatively strong -8.0%. This doesn't represent the decline from their highs, which have all entered bear market territory (down 20% from their highs), the 11-year-old bull market has come to end due to the virus.

Investment Style View

If you are a dividend investor, dividend stocks declined in the last week by 13.6%, with the iShares Dividend price declining from $92.79 to $80.14.

In the latest week, large cap stocks outpaced both small cap and mid cap stocks. Large cap stocks decreased by 9.5% for the week while mid-cap stocks decreased by 13.1% and small-cap stocks decreased by 18.1%

In order for us to monitor the performance difference between growth and value stocks, we look at the different capitalization levels (large, mid and small cap). In the latest week, there was a mixture in performance between growth and value stocks based on the capitalization of the underlying companies. Large-cap growth stocks outperformed large-cap value stocks this week -7.6% vs. -10.1%. Mid-cap growth stocks outperformed Mid-cap value stocks this week -11.1% vs. -16.8%. Small-cap growth stocks outperformed Small-cap value stocks this week -15.1% vs. -18.3%.

Sector View

None of the sectors were up last week with 7 of the sectors down double-digits for the week

Sector performance was as follows:

  • Energy: -24.5%
  • Utilities: -14.37%
  • Materials: -13.84%
  • Industrials: -13.65%
  • Consumer Discretionary: -12.15%
  • Real Estate: -11.8%
  • Financials: -11.39%
  • Consumer Staples: -8.69%
  • Communication Services: -8.54%
  • Healthcare: -8.32%
  • Technology: -6.44%


  • Earnings Roundup

    Because of everything that has been going on in the world, and in particular, in our own backyards, there was really no mention of the 300+ earnings announcements that came out this week. Some of the highlights are:

    • Adobe Systems Incorporated. (ADBE) announced earnings after the market close on 2020-03-12. Earnings came in at $2.27 the analyst consensus was $2.22, a difference of $0.05 per share. Shares closed the prior day at $285.00 a share and closed the day at $335.50 an increase of 17.7%.
    • Broadcom Inc. (AVGO) announced earnings after the market close on 2020-03-12. Earnings came in at $5.25 the analyst consensus was $5.22, a difference of $0.03 per share. Shares closed the prior day at $218.78 a share and closed the day at $234.22 an increase of 7.1%.
    • Docusign Inc. (DOCU) announced earnings after the market close on 2020-03-12. Earnings came in at $0.12 the analyst consensus was $0.05, a difference of $0.07 per share. Shares closed the prior day at $68.68 a share and closed the day at $77.32 an increase of 12.6%.
    • Oracle Corporation. (ORCL) announced earnings after the market close on 2020-03-12. Earnings came in at $0.97 the analyst consensus was $0.96, a difference of $0.01 per share. Shares closed the prior day at $39.80 a share and closed the day at $47.93 an increase of 20.4%.
    • Dollar General Corporation. (DG) announced earnings after the market close on 2020-03-12. Earnings came in at $2.10 the analyst consensus was $2.02, a difference of $0.08 per share. Shares closed the prior day at $157.63 a share and closed the day at $141.97 a decline of -9.9%.
    • Franco-nevada Company. (FNV) announced earnings after the market close on 2020-03-09. Earnings came in at $0.59 the analyst consensus was $0.49, a difference of $0.10 per share. Shares closed the prior day at $107.67 a share and closed the day at $108.08 an increase of 0.4%.
    • Ulta Beauty Inc. (ULTA) announced earnings after the market close on 2020-03-12. Earnings came in at $3.83 the analyst consensus was $3.72, a difference of $0.11 per share. Shares closed the prior day at $198.54 a share and closed the day at $207.06 an increase of 4.3%.
    • Slack Technolog... (WORK) announced earnings after the market close on 2020-03-12. Earnings came in at $-0.04 the analyst consensus was $-0.06, a difference of $0.02 per share. Shares closed the prior day at $21.35 a share and closed the day at $19.59 a decline of -8.2%.


    Dividend Payments

    There were a good number of ex-dividend dates this week:

    • Wyndham Hotels & Resorts Inc (WH) paid a dividend of $0.32 on 2020-03-12. The stock closed at $36.02 giving an estimated yield of 3.6%.
    • Occidental Petroleum Corp (OXY) paid a dividend of $0.79 on 2020-03-09. The stock closed at $12.51 giving an estimated yield of 25.3%.
    • Bed Bath & Beyond (BBBY) paid a dividend of $0.17 on 2020-03-12. The stock closed at $6.29 giving an estimated yield of 10.8%.
    • PPL Corp (PPL) paid a dividend of $0.42 on 2020-03-09. The stock closed at $29.11 giving an estimated yield of 5.7%.
    Please note: with the massive price movements this week, there is no guarantee that dividend payments will be sustained and that the estimated annual yields will continue at these levels.

    The Week Ahead

    Big Economic and other data {or big events} being reported this week are:

    • Monday: the Federal Reserve Bank of NY releases its Empire State Manufacturing Survey for March. The estimate is for a 0.5 reading as compared to 12.9 for February.
    • Tuesday: the Census Bureau reports retail-sales for February, with an expected gain of 0.2% as compared to January's 0.3%
    • Tuesday: the BLS releases its Job Openings and Labor Turnover Survey for January with a forecast of 6.35 million job openings vs. Decembers' 6.42 million.
    • Wednesday: the FOMC announces its monetary policy decision with an expected cut to the current 1.00-1.25%.
    • Thursday: the Bank of Japan announces its monetary policy decision with many traders expecting a cut from the current -0.1% level.
    • Friday: the National Association of Realtors reports existing-home sales for February with a seasonally adjusted expectation of 5.55% million units sold vs. January's 5.46 million.

    The earnings continue this week with the following companies reporting earnings:

    • Monday: Tencent Music, Coupa Software
    • Tuesday: Fed-Ex
    • Wednesday: General Mills
    • Thursday: Accenture, Darden Restaurants, Lennar
    • Friday:

    Please note: with all of the closures that have been occuring over the last day or two some of these announcements may or may not be delayed or postponed. We have no insight into this.


    Authors Note: Please note, the writer currently owns no individual stocks.

    About the Writer

    This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.