Yesterday on Wall Street

Posted 29 July, 2022

Indeed, the American GDP contracted by 0.9% on an annual basis in the second quarter, against a consensus of +0.3%, which adds to the decline of 1.6% already recorded from January to March.

Meta Platforms (-5.22% to 160.72) announced gloomy forecasts on Wednesday evening after reporting a decline in quarterly revenue for the first time, amid the threat of a global recession and increased competitive pressure on its advertising sales.

Qualcomm (-4.54% to 146.45) forecast fourth-quarter revenue below market expectations due to an expected slowdown in the economy and demand for smartphones.

Automaker Ford Motor Company rose 6.14% to 14 after reporting better-than-expected Q2 results and confirming its full-year profit outlook, adding it was "actively" studying how to offset the rising costs.

The distributor of electronic products Best Buy (+ 4.7% to 77.99) issued a warning on its annual results because of a drop in spending by its customers with inflation.

The manufacturer of electric trucks Rivian Automotive (+ 5.73% to 33.85), announced a reduction of 6% of its workforce in order to optimize costs in a more difficult macroeconomic environment.

Mastercard (+2.67% to 352.45) reported a jump in profit in the second quarter, as increased cross-border spending driven by a strong upturn in overseas travel more than offset higher costs.

Pfizer (- 1.61% to 50.72) announced a 78% growth in its quarterly profit and confirmed its sales forecast of $54 billion in 2022 for its vaccine and its oral treatment for Covid-19. 

Merck (-1.41% to 89.94) reported higher than expected profit and revenue for the.

Spirit (+ 5.6% to 25.66) accepted a takeover offer of $3.8 billion from its competitor Jetblue (- 0.36% to 8.37), an operation that will give rise to the fifth largest major American airline.

The maker of Marlboro cigarettes, Altria (-0.16% to 44) lowered the valuation of its 35% stake in the maker of e-cigarettes Juul Labs to $450 million, against $1.6 billion at the end of March and $12.8 billion at 2018.

Comcast (-9.13% to 39.41) said subscriber growth in its broadband and streaming businesses was flat in the second quarter.

Royal Caribbean (+8.42% to 37.85) reported second-quarter revenue of $2.18 billion, beating analysts' estimates of $2.11 billion.

The  Dow Jones thus gained 1.03% to 32,529.63 points, the  Nasdaq Composite  1.08% to 12,162.59 points, and the  S&P 500  1.21% to 4,072.43 points.

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01 August, 2022 09:08

← Elon Musk plans to fight back against Twitter

Elon Musk, who is being sued by Twitter in US courts for reneging on his commitment to acquiring the social network, counterattacked on Friday by filing a complaint against Twitter in a Delaware court, according to a legal document.

 

Elon Musk plans to fight back against Twitter

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29 July, 2022 09:16

For tech, the euphoria of the pandemic is over →

After two glorious years, the economic crisis has finally caught up with technology companies, especially social networks and large platforms which are facing the beginning of saturation.

 

For tech, the euphoria of the pandemic is over
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