Channel Stocks Muddle Through Ongoing COVID-19 Pandemic, Recession
Stock markets were riding high for the first couple of months of 2020 before plunging in March as the COVID-19 pandemic hit and many segments of the U.S. economy shut down. (The U.S. economy went into recession in February, according to the National Bureau of Economic Research.)
While stock markets recovered somewhat in the second quarter, it has been a very bumpy ride since with stocks returning very mixed results in the third quarter.
The Dow Jones ended trading on Sept. 30 at 27,781.70, up 7.63 percent from the 25,812.88 close on Jun 30. The tech-heavy Nasdaq has fared a bit better, closing at 11,167.51 on Sept. 30, up 11.02 percent from the 10,058.77 closing on June 30.
So how did publicly held solution provider companies and distributors fair? Of the 24 companies on our watch list this quarter, 16 recorded stock price increases between June 30, 2020 and Sept. 30, 2020 with eight recording stock price declines – including four by double-digit percentages.
Here‘s a look at how some of the biggest publicly traded solution provider companies faired in the third quarter of 2020, starting with companies with the biggest gains in share price, based on stock closing prices on June 30, 2020 and Sept. 30, 2020.
Also included are each company’s market capitalizations and change during the quarter.