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MARKETS: Stocks whipsaw violently on Trump's China presser — YF Premium is bullish on Autodesk (ADSK)

Yahoo Finance's Jared Blikre joins Myles Udland to break down the day's price action in stocks as well as a long in Autodesk (ADSK), a Yahoo Finance Premium Investment Idea.

Video transcript

JARED BLIKRE: Well, it's been crazy and illiquid most of the day, although that could change into the close. As you mentioned, month end. Also MSCI rebalancing. So should have a lot of volume between here and 4:00 PM.

But just looking at the Dow, down about 30-- about 25 points now. NASDAQ is up 1%. Tech and biotech doing well today. S&P 500 up 3/10 of a percent.

Here's a look at the intraday price action, and we can see just lots of volatility surrounding the announcement of the Trump presser and then the actual Trump presser. And just kind of squeezing up against about 3,050 right now.

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But bulls are somewhat well positioned for the weekend. We'll have to see what happens next week. Anybody's guess. But yeah, crazy week overall, Myles, and especially today.

Let's take a look at our Yahoo Finance Premium idea of the day, and this is Autodesk. And we're going to take a look at a year-to-date chart. And this is a fundamental call by Argus Research. They are raising their long-term price target to $240. So here is our y-axis, and $240 would be somewhere up there.

If you wanted some protection, probably $160 down here. That gives you some moving-average support, including the 200-day.

And then just some of the notes in the research itself saying that Autodesk posted another strong quarter in fiscal first-quarter '21, almost doubling non-GAAP and GAAP EPS off of 20% revenue growth. And they're also saying while the direct impact of COVID-19 on Autodesk is rather light, the coronavirus effects do impact the company's clients, and the company lowered guidance for fiscal year '21 to encompass a broad range of scenarios. However, the shares remain favorably valued relative to peers on a forward basis, and that is the basis of their call here, looking for $240 again.

You can get a free trial on Yahoo Finance Premium at our website, yahoofinance.com. Myles.

MYLES UDLAND: All right, Jared Blikre, we'll check in with you after we get to the closing bell.