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Shares of Snap Inc. ( SNAP ) plunged nearly 35% at the start of trading Friday following disappointing second quarter results , posting its weakest-ever sales. The social media company was hit hard by a major slowdown in ad spending and rising competition from competitors like TikTok for dwindling marketing dollars. The company also said Apple's privacy upgrades continued to hurt its advertising business. Snap’s second quarter revenue grew 13% to $1.11 billion, falling short of analyst expectations of $1.14 billion. Snap’s daily active users rose to 347 million in the quarter compared to estimates of 344 million. Because of the economic uncertainty, Snap failed to issue financial guidance for the third quarter. Snap also said it would “substantially slow” its rate of hiring, as well as the rate of operating expense growth. In a statement, the company said “we are not satisfied with the results we are delivering, regardless of the current headwinds.” Snap’s board also … [Read more...] about Snap Shares Plunge on Weakest Sales Ever

The number of small business owners reporting inflation as their top business problem has reached its highest level since 1979, according to a survey by the National Federation of Independent Business (NFIB). Thirty-seven percent of small business owners reported that inflation was their single most important problem in operating their business, an increase of three points from June and the highest level since the fourth quarter of 1979. Overall, the NFIB’s Small Business Optimism Index rose to 89.9, marking the sixth consecutive month below the 48-year average of 98. The reading was higher than estimates for a reading of 89 and slightly more than June’s reading of 89.5. Owners expecting better business conditions over the next six months increased nine points from June’s record low level to a net negative 52%. Expectations for better business conditions had deteriorated every month from January to June of this year. Thirty-two percent of owners reported that supply chain … [Read more...] about Small Business Inflation Worries Highest Since 1979

It’s been a tough week for chip stocks. On Monday, Nvidia had warned its revenues would be well below its guidance as gaming revenue slowed. Then Micron cut its current-quarter revenue and warned of negative free cash flow for the quarter as customer inventories pile up amid weakening demand for chips used in PCs and smartphones. Micron ( MU ) shares fell nearly 4%, while Nvidia ( NVDA ) shares fell another 4% after losing 8% the day before. The Micron warning also rattled other chip and chip-related stocks. Lam Research ( LRCX ), Applied Materials ( AMAT ), and KLA ( KLAC ) shares fell over 7%. Micron said fourth quarter revenue is likely to come in at or below the low end of the company’s prior forecast. Its earlier range of $6.8 billion to $7.6 billion had fallen short of analyst targets in June. The company also warned it could see significant sequential declines in revenue and margins in the first quarter due to a fall in shipments. The news came as Micron … [Read more...] about Micron Warning Rattles Chip Stocks

Editor's note: Below you'll find the week 99 release of the NYC Recovery Index, originally published July 26, 2022. Visit the NYC Recovery index homepage for the latest data. New York City’s economic recovery surged forward for the week ending July 16, 2022, with the overall index score increasing by five points to 72 out of 100. Although COVID-19 hospitalizations continued to rise for the sixth consecutive week, stabilizing unemployment claims, increased rental vacancies, and a rise in both subway ridership and restaurant reservations helped the index recover from the setback last week. New York City’s economic recovery stands at a score of 72 out of 100, according to the New York City Recovery Index, a joint project between Investopedia and NY1 . Over two years into the pandemic, New York City’s economic recovery is nearly three-quarters of the way back to pre-pandemic levels. COVID-19 Hospitalizations Continue to Rise The COVID-19 hospitalization rate in New … [Read more...] about The New York City Recovery Index: July 25

Mukesh Ambani Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Reliance Industries added 2.32 lakh jobs in FY 2021-22 which took its total workforce strength to 3.43 lakh at the end of FY22, according to the company's integrated annual report. Reliance's telecom arm Jio, which is India's largest digital services platform, has completed 5G coverage strategy for top 1,000 cities, with 100 percent indigenous technology. Also Read: RIL aims to be ‘preferred provider’ for mobility solutions with fuel retail, EV charging network Reliance expects its green power segment to emerge as a growth engine for the company that would potentially outperform other businesses in the next 5-7 years, Chairman and Managing Director Mukesh Ambani told shareholders in a message. The telecom-to-energy conglomerate, which is India's most … [Read more...] about Reliance creates 2.32 lakh jobs in FY22, Jio prepares blueprint for 5G coverage

The Nifty50 extended its northward journey for the fifth consecutive session on August 12 and registered a fresh closing high ahead of inflation and industrial output data due later in the day. Positive European cues, a fall in volatility, and buying in metal, select banking & financial services along with index heavyweight Reliance Industries aided the rally. The index witnessed bullish candle formation on the weekly scale for the fourth consecutive week, indicating the mood is positive, while on the daily charts, there was a small-bodied bullish candlestick pattern with a higher high formation. As long as the index holds the previous bullish gap zone of 17,566-17,632, the uptrend is expected to continue till 17,800-17,900-18,000, but small bouts of volatility and consolidation can't be ruled out after a rally in four straight weeks, experts said. The mood was also positive in the broader space with moderately decent breadth. The Nifty Midcap 100 and Smallcap 100 indices … [Read more...] about Technical View | Bullish candle on Nifty’s weekly scale indicates positive sentiment

Share to Twitter Share to Linkedin ABS-CBN Corp. —controlled by tycoon Oscar Lopez —has agreed to buy a stake in rival television network TV5 as the company, which once dominated the Philippine media industry until the government forced it off the airwaves two years ago, seeks to revive its business. Under the deal, ABS-CBN agreed to pay Mediaquest—a unit of Philippine telecommunications giant PLDT’s trust fund—2.2 billion pesos ($39.5 million) to acquire the 35% stake in TV5, according to a regulatory filing on Thursday. The deal comes two years after ABS-CBN lost its free-to-air franchise. The Philippine Congress started reviewing the company’s application to renew ABS-CBN’s franchise for another 25 years in December 2019, but had not reached a decision by the time the license expired in May the following year. While ABS-CBN has been broadcasting its shows through digital channels and some of its content is also being aired by TV5, it remains in … [Read more...] about Philippines’ ABS-CBN To Buy Stake In Rival TV Network As Former Media Giant Seeks To Revive Business

Share to Twitter Share to Linkedin Welcome to the Checks & Imbalances newsletter . Today we get you caught up on this week’s abundance of Trump news. Mar-A-Lago Is Looking To Hire 91 Foreign Workers This Year M ar-a-Lago, former president Donald Trump’s private club-cum-legal residence at the center of an investigation into his handling of classified government documents, has relied on temporary foreign workers to keep the sprawling estate humming. Last year, the Trump Organization sought 87 foreign workers for the Palm Beach property, up from 78 a few years earlier. It’s not clear how many were hired, but no doubt at least some likely had backstage access to political theater (maybe even scraps of presidential records floating in toilets ). On Monday, the Federal Bureau of Investigation raided Mar-a-Lago, with one of Trump’s attorneys confirming the agency’s search related to an investigation into his handling of classified … [Read more...] about Checks & Imbalances: Mar-A-Lago’s Busy Week

Share to Twitter Share to Linkedin Topline While most attention may have been focused on the FBI’s Monday evening search at Mar-a-Lago, the past week has seen a stunning series of legal setbacks and developments for former President Donald Trump and those in his orbit—culminating Friday with the revelation that Trump is under investigation for potentially violating the Espionage Act. Timeline Friday, Aug. 5 Digital World Acquisition Corp., the special purpose acquisition company seeking to merge with Trump’s Truth Social platform, requested in a Securities and Exchange Commission filing that it have another year to close the deal due to investigations by the SEC and the Department of Justice , potentially derailing the plan to take the platform public. Monday, Aug. 8, 1:35 p.m. CNN reported that a lawyer representing the plaintiffs in a defamation suit against Infowars host Alex Jones had turned over two years of Jones’ texts to the … [Read more...] about Legally, It’s Been A Rough Week In Trumpworld—A Timeline

Share to Twitter Share to Linkedin Topline In an apparently coordinated action, at least four major state-owned Chinese companies said Friday they intend to delist their stocks in the U.S., as Beijing appears unwilling to bend to increased U.S. scrutiny into the country’s financial auditing practices. Key Facts Aluminum Corp. of China, China Life Insurance, PetroChina and Sinopec all announced they plan to delist from U.S. stock exchanges within the next month. The quartet are among the largest companies in China and in the world: According to Forbes ’ list of the 2,000 largest public companies globally released in May, PetroChina is the 21st largest company in the world, Sinopec the 45th, China Life Insurance the 71st and Aluminum Corp. of China the 853rd. All will remain listed on the Hong Kong and Chinese exchanges. Chinese financial regulators said Friday the delistings are routine and talks with foreign regulators are … [Read more...] about Several Large Chinese-Owned Companies Announce Plans To Delist From NYSE