Axos Financial Stock Down 10% As Market Enters Bear Territory
Shares of Axos Financial (NYSE: AX) fell 10.3% on March 11, the online financial service provider's second double-digit stock drop in three days, and the continuation of a run that's seen it lose 26% of its value since the beginning of the month.
Like the Monday sell-off, today's decline wasn't due to anything specific to Axos' business, but broader investor fears about the state of the global economy. The World Health Organization officially labeled coronavirus COVID-19 a pandemic earlier today, sending stocks down sharply in afternoon trading.
The past few weeks haven't been kind to Axos, or most other bank stocks. The economic impact of coronavirus is already weighing on the global economy. Global travel is falling as businesses and individuals take steps to reduce risk of exposure and spread of COVID-19. This is already costing local businesses billions of dollars in lost business, while major economic indicators like oil demand are expected to fall in the first quarter because of efforts by China and now other countries to arrest the spread of the disease.
Source Fool.com
