Aggregated price index
Aggregated price index with volume information
- Coronavirus Testing stocks down 0.6% on average while median return down 0.9% in a day
- Coronavirus Testing stocks down 2.0% on average while median return down 2.2% in a week
- Coronavirus Testing stocks down 0.9% on average while median return down 2.0% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index is based on equal weighted constituencies returns,Aggregated volume information is based on sum of all constituencies volumes
- 1M winners are : Winners for past month are $GNMK 17.4%, $GH 11.1%, $CEMI 5.1%, $LMNX 3.3%
- 1M losers are : Losers for past month are $BDX -5.2%, $QGEN -7.2%, $TMO -7.5%, $CODX -13.4%, $OPGN -17.5%
- 1W winners are : Winners for past week are $CEMI 13.5%, $GH 9.4%, $DGX 2.2%, $QGEN 1.2%
- 1W losers are : Losers for past week are $LH -3.0%, $ABT -3.9%, $BDX -5.8%, $TMO -7.3%, $CODX -22.8%
Index correlation analysis
Correlation for the past month is 35.0%, for the past 3 months is 31.0%
In the past month for a 5 days rolling window, the highest corrrelation is 53.0%, the lowest correlation is -0.3%, the latest correlation is 1.9%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 89.1% between DGX and LH
The lowest correlation is -16.2% between BDX and CEMI
There have also been key advances in COVID-19 testing and another Food and Drug Administration (FDA) emergency-use authorization (EUA) for a COVID-19 therapy. The company currently sells six COVID-19 tests that have received FDA EUA. Abbott reported third-quarter sales related to its COVID-19 testing products and services totaling $881 million.
At this stage, it makes good sense to buy those stocks on the dip that could prove to be valuable once the rally resumes. These are Office Depot (ODP), WESCO (WCC), General Motors (GM), Laboratory Corp. of America (LH) and Knight-Swift Transportation (KNX).
The many of us who are unwilling to leave our homes to get a coronavirus test now have a home testing solution authorized by the Food and Drug Administration. The agency announced earlier this week that it has granted Emergency Use Authorization (EUA) for in-home use to Lucira Health's COVID-19 All-In-One test kit. According to Lucira, a privately held company, the test is a single-use prescription product.
Pfizer is poised to apply for emergency use authorization of its COVID-19 vaccine within days after announcing early Wednesday that the final results of its Phase 3 trial conclude the vaccine is 95% effective.
Coronavirus test maker Co-Diagnostics reported disappointing third-quarter metrics and CODX stock crumbled on Tuesday. Moderna inked a supply deal for its coronavirus vaccine in the UK.
Quest Diagnostics Inc said on Tuesday the nationwide surge in coronavirus cases has led to a slight increase in turnaround time for its COVID-19 testing. Testing orders increased by about 50% compared with the last week of September, Quest said in a weekly testing update https://newsroom.questdiagnostics.com/COVIDTestingUpdates, adding it was also experiencing increasing constraints on supplies, including test kits. Quest said the turnaround time for its COVID-19 molecular diagnostic testing i...
Teleflex (TFX) expects further adverse financial impact of the coronavirus pandemic.
Intuitive Surgical and Abbott Labs are among 5 top stocks near buy points as the market moves on coronavirus hopes and fears.
Potential for emergency use authorizations and presidential promises are reasons to pick up these leaders today.
Medical company Abbott has now launched a handful of coronavirus tests, and the U.S. is paying $750 million for 150 million of one of its recently approved tests. So, is ABT stock a buy now?