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Tech stocks are mired in their longest weekly losing streak since dot-com bust

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KEY POINTS The Nasdaq dropped 3.8% this week, notching its seventh straight weekly drop. It’s the tech-heavy index’s longest weekly losing streak since 2001 during the dot-com bust. The Nasdaq is 29% off its record reached in November, while the S&P 500 briefly fell into bear market territory on Friday, down 20% from its high. …

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What happened to the stock market?

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Sometimes it takes just one stock to bring the market’s worst fears to life. On Wednesday, that stock was Target. It was a day straight out of investors’ nightmares. The Dow Jones Industrial AverageDJIA –0.75%  fell 1,164.52 points, or 3.6%, while the S&P 500SPX –0.58%  declined 4%, and the Nasdaq Composite dropped 4.7%. The S&P 500 and the Dow had their worst days since …

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Investors could get a reprieve from vicious stock sell-off in week ahead

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KEY POINTS Stocks could see a reprieve from selling in the week ahead, after the past week’s sharp plunge and rebound. Retail sales and housing data are highlights of the economic calendar, and Fed Chairman Jerome Powell speaks at a conference Tuesday. The consumer is a focus when a few big retailers — Walmart, Home …

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For the first time, Japan’s SoftBank could spend more on share buybacks than new investments: CLSA

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KEY POINTS Japanese conglomerate SoftBank Group may for the first time spend more on share buybacks than investments through its landmark Vision Fund, according to CLSA’s Oliver Matthew. SoftBank on Thursday posted a record $27 billion loss in its Vision Fund as tech stocks have plummeted in recent months. Shares of SoftBank soared more than …

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Why it’s bad news for the entire market when Apple has a big drop

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KEY POINTS Apple stock is down over 8% this week, wiping out hundreds of billions in value. The tech giant faces some supply chain challenges, but the outlook for its business hasn’t markedly changed this week. Investors have been seeing Apple as a “safe” place to park their money, but the sell-off suggests that sentiment …

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Sony announces $1.5 billion share buyback; sees 56% rise in PlayStation 5 sales

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KEY POINTS Sony plans to buy back 200 billion Japanese yen ($1.54 billion) of shares as the company announced operating profit more than doubled thanks in large part to its PlayStation gaming division. Sony’s Chief Financial Officer Hiroki Totoki said the company is forecasting sales of 18 million units of the PlayStation 5 in the …

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Ford is selling 8 million shares of once high-flying EV maker Rivian, sources say

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KEY POINTS Ford Motor is selling 8 million of its Rivian Automotive shares as the insider lockup for the stock expires on Sunday, sources told CNBC’s David Faber. Ford will be selling the shares through Goldman Sachs, sources said. JPMorgan Chase also plans to sell a Rivian share block of between 13 million and 15 …

Ford is selling 8 million shares of once high-flying EV maker Rivian, sources say Read More »

U.S.-listed Chinese EV maker Nio proposes a secondary listing of its shares in Singapore

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KEY POINTS Chinese electric carmaker Nio said on Friday it is planning a secondary listing of its shares in Singapore. Nio is listed on the New York Stock Exchange and also carried out a secondary listing in Hong Kong in March. Singapore would be the third exchange that Nio’s shares are trading on. The move …

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Elon Musk says businesses and governments may have to pay to use Twitter

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KEY POINTS The tech billionaire, who is also the CEO of Tesla and SpaceX, added that the social media platform will continue to be free for “casual users.” It’s unclear how much Musk would like to charge businesses and governments, or whether certain groups such as non-profits and journalists would be exempt from any imposed …

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BP reports bumper first-quarter net profit, but posts massive loss on hit from Russia exit

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KEY POINTS BP’s first-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $6.2 billion. Analysts had expected BP to report first-quarter profit of $4.5 billion, according to Refinitiv. The oil and gas giant also announced a further $2.5 billion in share buybacks. However, BP reported a headline loss for …

BP reports bumper first-quarter net profit, but posts massive loss on hit from Russia exit Read More »

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