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Share to Twitter Share to Linkedin Topline The stock market fell on Tuesday—reversing a comeback rally a day earlier—as the months-long selloff on Wall Street persists with investors continuing to offload shares amid a gloomy profit outlook from Snap, which sent tech stocks plummeting and led to rising recession fears. Key Facts The Dow Jones Industrial Average was down 0.5%, nearly 200 points, while the S&P 500 lost 1.3% and the tech-heavy Nasdaq Composite 2.6%. The relentless market selloff resumed on Tuesday—despite a rebound led by financial stocks a day earlier, with seven straight weeks of losses briefly pushing the S&P 500 into bear market territory last Friday. “Stocks are getting hit hard” and the “main culprit is the Snap warning” from Monday evening, says Vital Knowledge founder Adam Crisafulli, after the social media company warned that it expects both quarterly sales and profit to fall short of its own estimates. … [Read more...] about Stock Market Selloff Resumes As Snap’s 40% Plunge Drags Tech Shares Lower

- A + A (May 24): Social media stocks are on course to shed more than US$100 billion in market value after Snap Inc’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 30% in premarket trading. If that move holds, the company will lose about US$10 billion in market value. Added to the value of premarket declines for peers including Facebook-owner Meta Platforms Inc, Google-owner Alphabet Inc, Twitter Inc and Pinterest Inc, the group may see about US$100 billion wiped out. “At this point, our sense is this is more macro and industry-driven versus Snap specific,” Piper Sandler analyst Tom Champion wrote in a note. Others on Wall Street agreed, with RBC Capital Markets analyst Brad Erickson saying that implications for the digital advertising space are broadly negative, with Meta and Alphabet likely best insulated among … [Read more...] about Social media stocks set to erase US$100b on Snap warning

- A + A (May 24): The sell-off of equities will reach a bottom once the US Federal Reserve (Fed) signals the end of tightening, which may not happen until a recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial condition tightening has been sufficient and that the Fed has delivered and signalled enough tightening,” Goldman strategist Vickie Chang wrote in a note. “Monetary policy has historically stopped tightening about three months before equities bottom, and shifted to easing about two months afterwards.” US equities have slumped this year amid investor concerns that the Fed will plunge the economy into a recession with its active monetary tightening amid soaring inflation. The S&P 500 flirted with a bear market last Friday (May 20), while the Nasdaq 100 is down more than 25% in 2022 as frothy technology shares have led the sell-off on worries about higher rates … [Read more...] about Goldman strategist says stocks will bottom once Fed signals shift

Share to Twitter Share to Linkedin Topline Moderna CEO Stéphane Bancel , a veteran biotech executive whose fortune swelled during the Covid-19 pandemic, on Tuesday revealed he would donate all the after-tax proceeds from his original Moderna stock options—worth about $355 million—to charity over the next year. Key Facts In a regulatory filing on Tuesday, Bancel disclosed he would exercise stock options, originally granted in 2013 and set to expire in August 2023, to acquire nearly 4.6 million shares at a price of $0.99 apiece, a nearly 100% discount to current prices of about $138. Bancel, who joined Moderna in 2011, said in an accompanying blog post the donated shares would amount to roughly $355 million at current prices—after deducting about $280 million in state and federal tax payments. To avoid a large-scale transaction that potentially impacts the price of Moderna shares, Bancel said he would set up a trading plan in which he … [Read more...] about Billionaire Moderna CEO Stéphane Bancel Pledges Stock Options Worth $355 Million To Undisclosed Charitable Causes

London (CNN Business) One of the many buzzwords percolating around Davos this week is "fragmentation," the force economists there warned could have "devastating human consequences." By "fragmentation," they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that's defined the global economic order over the past three decades. It is a form of deglobalization — rebuilding fences around national or regional fiefdoms. "Fragmentation is the sense that we may be having economies protect themselves a little more domestically, and that could slow things down," Josh Lipsky, director of the Atlantic Council's GeoEconomics Center, told me. "And then it may make things more expensive in return." It's not a new issue, of course — supply-chain upheaval was turbocharged by the start of the pandemic more than two years ago — but the war in Ukraine, growing political divides and lingering trade disputes are renewing concerns … [Read more...] about Here’s another troubling reason inflation will be hard to fight

- A + A KUALA LUMPUR (May 24): Logistics and express carrier provider GDEX Bhd posted a net loss of RM1.9 million in the first quarter ended March 31, 2022 (1QFY22), the first time since it was listed in 2005, amid tough competitions at home and higher operating costs. The group reported a 13.16% decline in revenue during the quarter to RM91.89 million, compared with RM105.81 million a year ago, amid lower contributions from its courier services segment. Geographically, Malaysia and Vietnam collectively made up the majority, or 99.6%, of GDEX's revenue, while Singapore contributed the balance 0.4%, according to GDEX. GDEX managing director Teong Teck Lean said in a statement accompanying the results that the group continues to face headwinds in Malaysia due to predatory pricing. "The competitive pricing environment is destructive, with some players offering free delivery service to grow their volume. However, this practice seems to be slowing down and we … [Read more...] about GDEX falls into the red for the first time ever amid stiff competitions in 1QFY22

This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Aluminium, for one, has seen year-to-date gains erased on demand headwinds, especially the slowdown in China’s manufacturing activity due to Covid-19 lockdowns. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Copper prices have also contracted to a more than seven-month low of US$9,000 a tonne as at last Thursday on fears of a global economic slowdown. Attributing the fall to a strong US dollar and weak Chinese demand, Fitch Solutions expects further weakening in metal prices in the second quarter before stabilising in the second half of the year. Local analysts are not overly concerned about softer aluminium prices as they … [Read more...] about Trailing demand a temporary blip for aluminium players

- A + A KUALA LUMPUR (May 24): Malakoff Corp Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) fell by 15.82% year-on-year (y-o-y) to RM50.88 million, from RM60.44 million. The lower net profit was due to lower contribution from Tanjung Bin Energy Sdn Bhd (TBE), resulting from the plant outage caused by low-pressure turbine blade failure, coupled with higher depreciation charges, according to the company’s filing with the bourse on Tuesday (May 24). As a result, earnings per share decreased to 1.04 sen, from 1.24 sen previously. In contrast, its quarterly revenue grew 39.42% to RM1.88 billion, from RM1.35 billion. The increase in revenue was primarily due to higher energy payments recorded from Tanjung Bin Power Sdn Bhd and TBE, given the higher Applicable Coal Price during the period under review. In a separate statement, Malakoff said its overseas investments achieved a share of profit totalling RM47.4 million, an increase of 70.5% from … [Read more...] about Malakoff’s 1Q net profit down 16% y-o-y, despite higher revenue

- A + A KUALA LUMPUR (May 24): KNM Group Bhd has sold its entire stake in Borsig GmbH, a German-based process equipment manufacturer, to GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for €220.8 million (RM1.03 billion), but is expected to make an estimated loss of RM490.55 million from the disposal. In a bourse filing on Tuesday (May 24), the group said its wholly-owned indirect subsidiary Deutsche KNM GmbH entered into a conditional sale, purchase and transfer agreement with GSV on Monday. KNM is a multinational group with core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries. GSV is a special investment vehicle wholly-owned by Vorsprung Industries SCSp, incorporated for the acquisition of Borsig. The price tag represents an enterprise value (EV) over earnings before interest, taxes, depreciation and amortisation (ebitda) of 6.63 times, compared with … [Read more...] about KNM to sell Borsig at a loss for RM1 billion

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Hem Securities IPO report on Aether Industries Aether Industries Limited is a speciality chemical manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies. Valuation and Outlook Company with its experienced promoters and senior management with extensive domain knowledge is looking decent avenue to deploy the funds in. Hence we recommend “Subscribe” on issue. For all IPO stories, click here Close Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified … [Read more...] about Subscribe to Aether Industries: Hem Securities