NYC Retail Real Estate Falls As Much As 30% & Amazon Rallies Markets Higher – Daily Financial News Summary For Monday, July 20, 2020

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Markets rallied Monday as the Nasdaq rose 2.5%, the S&P 500 was up 0.8%, while the Dow Jones inched its way higher by 0.03% after starting the day in the red.

Amazon saw its share price skyrocket 7.9% and post its best day since December 2018 following the price target on Amazon stock being bumped up to $3,800 per share. This is the highest price target on Wall Street at the moment. Apple saw a 2.1% gain, Alphabet was up 3.1%, Microsoft spiked 4.3%, while Facebook and Netflix trailed with an increase of 1% each.

As we reported last week, Pfizer and BioNTech are making headway on a joint coronavirus vaccine, which reported further results that gave both a bump in stock prices today. BioNTech saw a 3.4% gain and Pfizer a 0.6% bump in share price. Synairgen, a British pharmaceutical company, saw its shares skyrocket 350% higher after news of a respiratory medication is reducing the number of COVID-19 hospitalizations in their clinical trial.

A handful of companies made noise in after-hours trading, including Moderna, which dipped another 1% after falling over 12.8% earlier in the day. This was a result of the positive news on the Pfizer and BioNTech progress.

Tesla’s year continued to be positive as the stock jumped 9.5% on the day, followed by another 1% in after-hours trading as investors get bullish on Tesla’s quarterly earnings reporting on Wednesday.

IBM also saw a 6% rise in extended trading following their quarterly earnings report that outperformed estimates with $2.18 earnings per share excluding items on revenues of  $18.12 billion. Analysts predicted $2.07 on $17.72 billion in revenues.

New York real estate is taking a beating according to a recent report by Cushman & Wakefield. Lower Fifth Avenue, considered to run from 42nd street up to 49th street, saw a 30% drop in rents compared to this time last year. Herald Square saw a 21% rent drop, while Soho saw an 18% drop. Upper 5th Avenue, which is home to most of the leading luxury retailers, only saw a 7% decrease in rents.

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