Wells Fargo has ‘Covid beta’ portfolio to play medical treatment news

Wells Fargo has ‘Covid beta’ portfolio to play medical treatment news

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The Fearless Girl statue is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 11, 2020.

Brendan McDermid | Reuters

(This story is for CNBC Pro subscribers only).

The recent uptick for the market isn’t about President Donald Trump’s reelection odds or the soap opera of stimulus negotiations, but about the emergence of treatments for Covid-19, Wells Fargo said in a note Friday. 

“The market appears to be coming around to our bullish views on ‘Covid betas’ (i.e., rallying on positive Covid solutions and news flow), easy 1H21 comps, improving growth, potential vaccines,” the note said. It was accompanied by a list of the “Covid beta” stocks that were most likely to bounce on positive treatment news.

20200221101654 Wells Fargo has 'Covid beta' portfolio to play medical treatment news
Original news source Credit: www.cnbc.com



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