The S&P/ASX 200 Index (ASX: XJO) dropped 13% after another painful week after the coronavirus caused more falls.
The number of infections & deaths continues to increase and more countries are telling most businesses to close and citizens to stay indoors where possible.
There were a number of things that happened this week:
Travel companies need support
A number of businesses have needed to make some major announcements.
Webjet Limited (ASX: WEB) shares went into a trading halt so that it could do a capital raising.
The government announced a $715 million package to help Australian airlines Qantas Airways Limited (ASX: QAN) and Virgin Australia Holdings Ltd (ASX: VAH).
And a bailout was announced for Air New Zealand Limited (ASX: AIZ) which caused the share price to drop 36.3%.
Some companies have actually upgraded their guidance
Not many companies are having a good time because of the coronavirus impacts. But some companies are doing well:
Electronic donation business Pushpay Holdings Ltd (ASX: PPH) upgraded its guidance with more churches communicating electronically and more members of the congregation are donating digitally.
Healthcare business Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) also upgraded its guidance because its products are being used to help with coronavirus treatment.
But plenty of others have removed their guidance or gave an update:
Just on Friday alone:
The Sonic Healthcare Limited (ASX: SHL) share price dropped 12.6% on Friday after withdrawing its guidance.
The Credit Corp Group Limited (ASX: CCP) share price dropped 2.8% on Friday after withdrawing its guidance.
The Monash IVF Group Ltd (ASX: MVF) share price fell 15.7% on Friday after withdrawing its guidance.
The Telstra Corporation Ltd (ASX: TLS) share price dropped 6% after giving an update.
The Wesfarmers Ltd (ASX: WES) share price fell 4.6% after giving an update.
The Brickworks Limited (ASX: BKW) share price declined 3.2% after announcing it had to shut some of its US plants.
