Category: Market News
Shares of Amazon.com Inc. AMZN, -5.14% slumped 4.8% in afternoon trading Tuesday, adding to Monday’s 2.8% drop, after UBS analyst Lloyd Walmsley cut his stock price target to $167 from $209, citing “some risks” to the ecommerce and cloud giant’s financial outlook depending no the macroeconomic environment. Walmsley lowered his revenue estimate for 2022 to […]
Oil futures finished higher for a third consecutive session on Tuesday, with the U.S. crude benchmark settling at its highest price since mid-June. “The easing of China’s zero-COVID policy helped oil to the third day of gains following a decent correction in recent weeks,” said Craig Erlam, senior market analyst at OANDA. Also supporting oil […]
U.S. stocks closed sharply lower Tuesday, falling for a second straight day, as a fresh reading on consumer confidence slumped more than expected. The Dow Jones Industrial Average DJIA, -1.56% dropped around 490 points to close about 1.6% lower, while the S&P 500 SPX, -2.01% slid about 2% and the Nasdaq tumbled COMP, -2.98% around […]
Walt Disney Co.’s DIS, -0.71% board on Tuesday unanimously voted to extend Chief Executive Bob Chapek’s contract for three years. “Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” […]
The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 3.8 million barrels for the week ended June 24, according to sources. The API also reportedly showed a weekly inventory increases of nearly 2.9 million barrels for gasoline and 2.6 million barrels for distillate. Oil stocks at the Cushing, Okla., delivery hub […]
Visa Inc. V, -2.67% said Tuesday that its board of directors approved a deposit of $600 million into a litigation escrow account that the company previously set up in response to a years-old merchant lawsuit. The account is set up so that funding of the litigation escrow account dilutes the value of the company’s bank-owned […]
Shares of the top-five largest U.S. companies by market capitalization are all falling more than the broader stock market, as the stocks of Amazon.com Inc. AMZN, -4.95% and Tesla Inc. TSLA, -4.49% led the way lower. The combined market-cap losses of the five companies was about $259.9 billion as of Tuesday afternoon. In order of […]
Shares of eBay Inc. EBAY, -2.49% were falling 2.5% in Tuesday morning trading after UBS analyst Kunal Madhukar downgraded the stock to neutral from buy, writing of growth concerns regarding the online marketplace. “Expectations are low, with non-Focus categories declining and with Focus categories, which are doing better, comprising purely discretionary spend which could be […]
Shares of Fortinet Inc. FTNT, -0.02% were up 0.5% in Tuesday morning trading after BMO Capital Markets analyst Keith Bachman turned positive on the cybersecurity stock. Bachman sees “durable growth” ahead for the company, writing that, through calendar 2023, he expects Fortinet to sustain 20% revenue and Billings growth as well as free-cash-flow margins in […]
Front said Tuesday it raised $65 million in a Series D financing round that values the software-as-a-service company in the customer relationship business at $1.7 billion. Salesforce Inc.’s Salesforce Ventures unit led the financing, along with Battery Ventures. PagerDuty Inc. PD, -2.60% CEO Jennifer Tejada, Sequoia Capital, Threshold Ventures and Uncork Capital also paid undisclosed […]