Shares of well-known companies are taking it on the chin, and Cisco is downsizing its workforce to deal with a slump in demand.
The stock market was carving out new all-time highs not too long ago. The novel coronavirus outbreak put an end to that. The Dow Jones Industrial Average (DJINDICES:^DJI) was down 3% at 10:55 a.m. EST Friday, bringing its weekly losses close to 15%.
No stock in the Dow was left untouched by this sell-off, with the consumer giants suffering particularly steep declines. Shares of tech giant Cisco (NASDAQ:CSCO) were also suffering after reports of layoffs at the networking hardware provider.
Consumer giants down big
It’s not a good day for the consumer-facing stocks in the Dow. As the novel coronavirus — which causes the COVID-19 illness — gains ground outside of China, investors are in panic mode.
Image source: Getty Images.
Coca-Cola (NYSE:KO) stock was down 5% in the morning, pushing shares of the beverage giant about 13.4% below its 52-week high. Earlier this month, Coca-Cola warned that the outbreak would hurt its first-quarter results, shaving 2 or
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