Tag Archives: Market News

Wise saw its shares dip Monday after management announced that long-serving CFO Matt Briers would leave the company early next year.  Shares of British fintech firm Wise (LON: WISE) slipped 4% on news of CFO Matt Briers’ resignation next year. The London-based company’s stock slide also comes amid reports of CEO Kristo Kaarman’s paternity leave which begins in September. Wise’s shares are changing hands at 590 GBX after management made the announcements. Briers’ pending departure in 2024...

The ban on Micron Technology has drawn a response from US Commerce Secretary Gina Raimondo who said America will not sit back and firmly oppose restrictions that are not backed by proper facts.  The chip and semiconductor industry is likely to see its next major distortion following the labeling of United States-based chipmaker Micron Technology Inc (NASDAQ: MU) as a threat to its National security infrastructure. As reported by CNBC, China’s Cyberspace Administration said Micron failed to...

Sportswear and footwear retail company Foot Locker took a beating in its Q1 2023 report after sustaining an 11% drawdown in revenue.  Foot Locker Retail Inc (NYSE: FL) plunged 25% following a big earnings miss in the Q1 2023 outing. For the first quarter of 2023, the sportswear and footwear retailer reported revenue of $1.93 billion versus the $1.99 billion analysts expected. In addition, the company realized earnings per share of 70 cents adjusted versus 81 cents expected. Following...

The British government has undertaken a focused approach in revamping its semiconductor industry and will capitalize on its strengths such as designing and producing non-silicon chips, and intellectual property rights.  On Friday, May 19, Great Britain announced support of £1 billion ($1.2 billion) for its semiconductor industry. With this move, the United Kingdom joins the race with the US and EU to boost its domestic chipmaking capabilities and reduce its dependence on foreign players....

The job cuts will happen despite an increase in its network connection, whereby BT Group reported a total of 8.6 million 5G connections, up 62% last year. Shares of BT Group PLC (LSE: BT.A) dropped as much as 8 percent on Thursday to trade around £136.85. The sudden drop in the £14.91 billion valued British multinational telecommunications holding company was attributed to the announcement that between 40,000 to 55,000 of its workforce will be reduced by 2030. According to the company, the...

Walmart “leveraged expenses and expanded operating margin” in Q1 2023 and now expects a 3.5% increase in consolidated net sales for the year.  Walmart Inc (NYSE: WMT) has raised its 2023 full-year guidance following its stellar Q1 earnings report. On Thursday, the multinational retail corporation reported better-than-expected revenue, which was boosted by grocery and online businesses. For the first quarter of the year, Walmart posted revenue of $152.30 billion compared to the $148.76...

The investor community is brewing with optimism as it expects AI to drive profit growth at a time of rising borrowing costs and supply chain problems Although the onslaught of artificial intelligence (AI) is creating a major disruption in the market date, banking giant Goldman Sachs is bullish about the tech and expects it to boost the S&P 500 profits over the next decade. The emergence of ChatGPT from OpenAI and several AI platforms subsequently, has created a significant storm in the...

Sony could pursue a partial divisional spin-off by listing its finance unit within the next two to three years. Sony Group Corp is reportedly mulling a partial spin-off and listing of its finance unit just three years after assuming full ownership. The Japanese multinational conglomerate could retain a stake of slightly less than 20% of Sony Financial Group. In addition to a possible spin-off, Sony is also focusing on other operational plans, including strengthening its entertainment and...

Chinese tech giant Tencent saw its Q1 2023 revenue jump 11% YoY to $21.4 billion amid relaxed industrial regulations.  Tencent Holdings posted its Q1 2023 results, reflecting the company’s fastest jump in quarterly revenue in over a year. The latest quarterly figures also mark a resounding rebound for the Chinese tech giant following a series of underwhelmingly flat quarters. For Q1 2023, Tencent posted an 11% year-over-year revenue jump to 150 billion Chinese yuan ($21.4 billion) compared...

According to the UBS post-acquisition plans, it is going to implement a phased integration of the Credit Suisse brand which may last a couple of years.  Swiss multinational banking giant UBS Group AG (SWX: UBSG) has revealed new details about what its liabilities are likely to be from the acquisition of Credit Suisse Group AG (SWX: CSGN). According to a CNBC report based on the filing, the firm lodged with the United States Securities and Exchange Commission (SEC), a total financial hit of...