‘The market is utterly underestimating how much of a shock the coronavirus is going to be to the economy. And I think for the next 12 months, the U.S. consumer is only going to spend his money or her money on [nondiscretionary] goods. So, within that basket, I think you have to let Apple go.’
“Anything that is discretionary I think will be absolutely not spent a penny on for at least a year,” Schlossberg said.
Why P&G? Well, Jefferies just upgraded the Charmin-maker, hailing the company as “among the best in staples to weather near-term macro headwinds.”
And as for Johnson & Johnson, the company aims to start a Phase 1 trial by the end of 2020, “compared to the typical five to seven years it takes for this milestone in vaccine development,” Paul Stoffels, J&J’s chief scientific officer, said earlier this month.
Watch the full interview:
Apple shares followed the broader market nicely higher on Monday, up more than 2% at last check while the Dow Jones Industrial Average
and tech-heavy Nasdaq Composite
all gained ground.