Stock market market watch

Share to Twitter Share to Linkedin Topline Starbucks’ stock slid Thursday afternoon after the company missed its quarterly revenue estimate, in part because of an immense drop in sales across China as the country grappled with tight lockdowns followed by a renewed surge in the spread of the virus, resulting in reduced commerce that hurt retail businesses across the country—one of Starbucks’ largest markets. Key Facts The company reported $8.71 billion in quarterly revenue, setting a new record but falling short of Wall Street’s $8.78 billion estimate. Sales in North America rose 10% but tumbled 13% internationally, largely due to an eye-popping 28% decline in China. Starbucks also missed on earnings per share, reporting 75 cents after analysts expected 77 cents. The company’s share price declined more than 3% in after-hours trading to $105.81. Crucial Quote “We posted today’s strong results despite challenging global consumer … [Read more...] about Starbucks Stock Drops After Massive Decline In China Sales

Share to Twitter Share to Linkedin Topline Here’s a timeline of how Indian billionaire Gautam Adani has seen his fortune shrink by $64.7 billion in just 10 days as his group of companies battles allegations of stock manipulation and fraud from U.S.-based activist investor Hindenburg Research. Timeline January 24, 2023 Hindenburg Research discloses a short position against Adani Group’s listed companies and publishes a report that accuses the Indian conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” January 25, 2023 The Adani Group’s CFO Jugeshinder Singh dismisses the allegations in a video address calling them “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.” Adani’s fortune dips from $126.4 billion to $120 billion as the Indian stock market responds negatively … [Read more...] about How Gautam Adani Lost More Than $60 Billion In Just 10 Days—And His Ranking As Asia’s Richest

Share to Twitter Share to Linkedin Netflix NFLX has revealed what its planned crackdown on password sharing in 2023 could look like in the United States. The streamer published details about password plans implemented in several other countries on a U.S. help page (accidentally, at first) on Wednesday and said it would begin a similar program domestically by second quarter. Netflix has long claimed that password sharing, or allowing those outside the immediate family to use a password to access the streamer’s programming, has dramatically cut into its potential user base. Now, subscribers will need to pay a small fee to add a new user to their account. They will also be required to watch something once a month from home Wi-Fi to log a consistent home address, allowing Netflix to track where the passwords are being used. The streaming giant has predicted the changes could lead some users to cancel their service. That’s certainly one … [Read more...] about How Netflix Crackdown On Password Sharing Might Play Out

Share to Twitter Share to Linkedin Bitcoin BTC has leveled off since its July rally that saw its price convincingly climb over $20,000— even as the market braces for an earthquake that's "getting closer by the day." Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market crash The bitcoin price, still down almost 70% from its all-time high as lawmakers mull bitcoin's future , is still reeling from various crypto industry collapses that have triggered serious warnings some other major cryptocurrencies could fail . Now, the bitcoin and crypto market is closely watching for the next U.S. consumer price index (CPI) print, due Wednesday, which could mean the Federal Reserve scales back its planned interest rate hike at its September meeting. Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex — A … [Read more...] about ‘A Positive Catalyst’—Bitcoin Price Now Poised For A Huge $180 Billion Fed Bombshell

Share to Twitter Share to Linkedin Key Takeaways Disappointing Tech Earnings Strong Jobs Report Can Markets Continue To Rally? Markets have staged an impressive rally so far this year. This week alone through Thursday, the S&P 500 is up 2% while the Nasdaq 100 is up 5%. The lone laggard has been the Dow Jones Industrial Average, which is flat on the week. What’s interesting to note here is that the Dow, while at one time a good barometer for markets, has since become an antiquated gauge largely because of how it is weighted. However, disappointing earnings from Alphabet, Amazon AMZN and Apple AAPL along with a much stronger than expected jobs report could put pressure on all indices. Much of the strength in tech stocks this week came following impressive earnings from Facebook parent, Meta. After a better than expected earnings report Wednesday, the stock rallied 23%, its biggest single day percentage gain since 2013. The … [Read more...] about Disappointing Earnings From Alphabet, Amazon And Apple

Share to Twitter Share to Linkedin Week in Review Asian equities started the week off lower and then rallied higher in the middle of the week as central bank rate hikes dominated market news, though China maintained its easing stance. January Manufacturing PMI, reported on Monday, was 50.1 versus expectations of 50.1 and December’s 47, while the Non-manufacturing (Service) PMI was 54.4 versus expectations of 52 and December’s 41.6. Both indicated an expansion, which was more pronounced in services. Baidu BIDU announced Tuesday that it would be rolling out a Chat GPT-like AI search feature. China’s currency rallied this week on reopening and an increase in demand for RMB-denominated assets. Friday’s Key News Asian equities had a strong night as India rebounded. Concerns of Adani’s implosion leading to a broader crisis lessened, though Mainland China and Hong Kong underperformed. Asia saw impressive equity performance overnight as Amazon … [Read more...] about Consumer Rebound Rolls On, Week In Review