While Wall Street's broader indexes fell sharply on Monday on concerns abou...
- While Wall Street’s broader indexes fell sharply on Monday on concerns about coronavirus, investors turned to some consumer companies as they bet on stock-piling of products such as disinfectants and shelf-stable foods.
With virus cases rising in Italy and several Middle Eastern countries dealing with their first infections, fears of a global pandemic sent markets into a tailspin, even as China eased curbs with no new cases reported in Beijing and other cities. Other outperformers in the staples sector included tissue maker Kimberly-Clark and food suppliers such as Hormel Foods, and Campbell Soup Co as investors bet on rising demand in the event consumers have to prepare to stay at home if the virus keeps spreading.
After rising as much as 2.2% early in the session, Clorox shares were last up 1.7% and trading volume was 1.6 times their 10-day moving average. Given the global nature of investor concerns, it was also being rewarded for depending mostly on domestic revenue, said Nancy Tengler, chief investment officer of Laffer Tengler Investments.
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