The stock markets in The United Stated declined due to the weakness of exports in China prompting investor’s concern regarding the global economic growth.
China’s CSI 300 Index showed that Chinese exports declined 18.1% in February, the lowest level since 2009. Analysts surveyed by Bloomberg projected an increase of 7.5% for the month of February.
Here’s what Charlie Munger had to say at the Daily Journal meeting
Charlie Munger spoke at the Daily Journal Corporation's Annual Meeting of Shareholders today. Although Warren Buffett is the more well-known Berkshire Hathaway chief, Munger has been at his side through much of his investing career. Q4 2020 hedge fund letters, conferences and more Charlie Munger's speech at the Daily Journal meeting was live-streamed on Yahoo Read More
Commenting on the data, Bruce Bittles, chief investment strategist at RW Baird & Co. told Bloomberg, “Chinese numbers gave the market an excuse to sell off.” He noted that that the markets had a good performance last week despite the potentially threatening situation in Ukraine and weak economic numbers excluding the jobs report.
Russia ignored the call of the United States and its Western allies to stop the military takeover of Ukraine’s Crimean peninsula before the referendum. The United States estimated that Russia has approximately 20,000 forces in the peninsula.
- Dow Jones Industrial Average (DJIA)- 16,418.68 (-0.21%)
- S&P 500- 1,877.17 (-0.05%)
- NASDAQ- 4,334.45 (-0.04%)
- Russell 2000- 1,200.14 (-0.26%)
- EURO STOXX 50 Price EUR- 3,092.79(-0.08%)
- FTSE 100 Index- 6,889.45 (-0.35%)
- Deutsche Borse AG German Stock Index DAX- 9,265.50 (-0.91%)
Asia Pacific Markets
- Nikkei 225- 15,120.14 (-1.01%)
- Hong Kong Hang Seng Index- 22,264.93 (-1.75%)
- Shanghai Shenzhen CSI 300 Index- 2079.79 (-3.25%
Stocks in Focus
The stock price of 3D Systems Corporations (NYSE:DDD) declined 5.07% to $63.90 per share after Barron’s commented that shares of the company are overvalued. The company is trading at a price to earnings multiple of 84, which is considered by Barron’s to be “wild” considering the fact that its earnings per share is projected to slightly decline this year.
The shares of Chiquita Brands International Inc (NYSE:CQB) gained 10.70% to $12 per share after the company agreed to acquire FYFFES PLC ORD EURO.06 (LON:FFY) for $526 million in a stock-for-stock transaction. The combined company is expected to generate $4.6 billion annual revenues.
On the other hand, stock price of Regado Biosciences Inc (NASDAQ:RGDO) climbed more than 38% to $11.30 per share after the company announced that the United States Food and Drug Administration (FDA) designated a fast track development for its REG1 anticoagulant drug.