Fly News Breaks for January 22, 2020
Jan 22, 2020 | 07:22 EDT
As previously reported, Bernstein analyst Shan He downgraded Trip.com Group to Market Perform from Outperform given the recent outbreak of the "novel coronavirus pneumonia" in Wuhan, China that in many ways reminded him of "SARS." The analyst notes that both outbreaks started close to the Chinese New Year holiday, with patient Zero handling wild animals to be turned into food for human consumption. Within two weeks of the first reported case, the Wuhan pneumonia is confirmed to be caused by a new virus, 2019-nCoV, a coronavirus from the same family as the viruses that caused SARS in 2003 and MERS in 2015. The spread of the Wuhan pneumonia and the concerns around it turning into another SARS have led to significant negative impact on gaming, travel and leisure stocks this week, with stocks in this group down between 2%-13% over the last two days, he contends. The analyst believes the downward trend is temporary.
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