The Dow Is Plunging Again. Stock in Dramamine’s Maker Soared on Tuesday. By Al Root Updated March 11, 2020 8:22 am ET / Original March 11, 2020 8:04 am ET Order Reprints Print Article Text size The market continues to swing wildly, with U.S. stocks set to open in the red after the Dow Jones Industrial Average rose more than 1,160 points Tuesday. That, of course, followed Monday’s 2,000 point drop. Investors can keep blaming Covid-19 coronavirus. The number of cases in the U.S. just rose above 1,000, making the U.S. the eighth country to pass that line. It’s been a potentially nauseating ride for investors. Stock in Prestige Consumer Healthcare (ticker: PBH) rose 8.2% Tuesday, though the gain probably didn’t have anything to do with potential increased demand for its motion-sickness product, Dramamine. More coverage What Big Events Might Get Shut Down Next Low-Volatility Stocks Are a Winner Now Treasuries Had Their Worst Day in Years Hong Kong’s Hang Seng Index fell 0.6%, while the U.K.’s FTSE 100 Index is up 0.6%. The Bank of England cut short-term interest rates from 0.75% to 0.25% in a surprise move. Dow futures are off 1.7%. S&P 500 futures have fallen 1.9% and Nasdaq Composite futures are 1.8% lower. Adding to the trouble was news that authorities in Saudi Arabia have instructed Saudi Aramco, the national oil company, to increase its oil-production capacity to 13 millions barrels a day from the current 12 million as the nation seeks to increase its share of the global oil market by boosting output even as the coronavirus hits demand. The Saudi Press Agency reported that Aramco’s CEO will implement the order to raise capacity as soon as possible. The price of oil fell by about 2.9% to $33.36. The coronavirus continues to roil the travel sector. Hilton Worldwide (ticker: HLT) withdrew its financial forecasts Tuesday evening because of the outbreak. “With the coronavirus now spreading beyond China and the Asia Pacific region, and the related increase in travel restrictions and cancellations around the world, we believe that the potential negative impact will be greater than our previous estimate,” CEO Christopher Nassetta said in the company’s news release. “We will provide an update during our first quarter earnings call, based on the information we have available at the time.” Hilton stock is down about 19% year to date as of Tuesday’s close. Shares are down 2.4% in premarket trading. Shares of cruise operator Carnival (CCL) are down 6.2% after Tuesday’s 10.5% gain. Alaska Air (ALK) stock fell 6.8% after Tuesday’s 8.3% gain. Goldman Sachs upgraded shares of the pharmaceutical company Sanofi (SNY) to the equivalent of Buy from Hold. Still, shares are down about 1%. Sanofi started testing an arthritis drug as a coronavirus treatment, according to The Wall Street Journal. Mallinckrodt (MNK) stock gained 12.3% in premarket trading. The company updated investors about its effort to settle litigation over its alleged role in the opioid crisis. “We are pleased that New York state has joined the already 47 states and territories in supporting Mallinckrodt’s proposed global opioid settlement,” Mallinckrodt chief legal officer Mark Casey said in the company’s news release. “We remain committed to satisfying the terms of the agreement in principle and continuing to work toward achieving that objective.” Write to Al Root at allen.root@dowjones.com https://www.barrons.com/articles/co...-makes-no-sense-heres-how-we-know-51583777464
What is happening on the foreign exchange market, of course, not everyone can accurately predict and raise this situation further.