Another Bad Day

Another terrible day for stocks. The Dow fell 5.86% today or 1,464 points. The Dow closed more than 20% below its highest closing mark. That’s the unofficial definition of a bear market. The S&P 500 lost 4.89% but it hasn’t reached bear territory just yet.

Fiserv (FISV) said it will postpone its investor conference on March 25. The company also said it expects to have greater synergies from its First Data acquisition.

Fiserv also stood by its previous guidance for internal revenue growth of 6% to 8% and EPS growth of 23% to 27%.

CEO Jeffery Yabuki said, “We remain comfortable with our outlook for the full year based on the diversity and resilience of our business along with our current view of the market.”

Moody’s (MCO) reaffirmed its 2020 guidance range of $9.10 to $9.30, but Moody’s now expects to be toward the lower end of that range.

“We are revising Moody’s Investors Service’s full year 2020 revenue guidance from mid-single-digit to low-single-digit percent growth reflecting ongoing uncertainty related to the coronavirus,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “We will continue to monitor and proactively manage our response to the situation as we work to meet stakeholder expectations.”

Posted by on March 11th, 2020 at 8:06 pm


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