Tag Archives: Market News

Due to its commendable Q1 2023 streaming numbers, Warner Bros. Discovery expects its streaming business to stay profitable this year.  On Friday, May 5, Warner Bros Discovery (NASDAQ: WBD) reported its Q1 2023 earnings before the bell that came in mixed. For instance, the media and entertainment giant reported a significant overall loss despite raking in profit from its streaming endeavors. Warner Bros. Discovery lost $930 million in quarterly free cash flow even though its...

Adidas has failed to give an explicit plan of what it is going to do with unsold Yeezy stock. The Q1 2023 sales performance of Adidas exceeded expectations despite its terminated partnership deal with Ye, formerly Kanye West. Adidas announced an operating profit of 60 million euros, surpassing analysts’ expectations of 15 million euros. However, due to the loss of Yeezy sales, higher supply chain costs, and discounts, Adidas’ gross margin fell to 44.8%. Adidas in Q1 2023 Though the sale...

Amid the broader banking crisis, investors are still concerned about the next move of the government in terms of Federal Reserve policy. United States Treasury yields spiked earlier today after fluctuations experienced on Thursday. The yield on the 10-year Treasury went up by almost 5 basis points or 3.407% while that of the 2-year Treasury jumped by 9 basis points or 3.823%. The percentage surge covered up some of the losses encountered in the previous trading day. The Treasury yield...

Despite the raging impact of inflation in different economies, monetary authorities have not been sitting on their oars, rather, they have been fighting the surge through consistent interest rate hikes. The Hong Kong Initial Public Offering (IPO) market has failed to get lifted from its dampened sentiment after the listing of Chinese liquor company ZJLD Group failed relatively. As reported by CNBC, the shares of ZJLD Group tumbled as hard as 18% on its first day of trading back on April...

On Thursday, the ECB increased interest rates for the seventh consecutive time, with the latest figure aligning with analysts’ predictions.   The European Central Bank (ECB) has hiked interest rates for a seventh consecutive time as its war against inflation wages on. Today, the eurozone central bank hiked rates by 25 basis points as expected following its May policy meeting. The latest rate hike decision also sees the main refinancing operations’ interest rate increased to 3.75%. In...

In 2022, the Big Oil companies, including TotalEnergies, ExxonMobil, Chevron, BP, and Shell smashed their previous year’s earnings. The Q1 2023 fiscal report by the British oil giant Shell (LON: SHEL) surpassed expectations, cruising analysts’ predictions. In the recent report, Shell announced adjusted earnings of $9.6 billion for the first three months of the year. The performance is in continuation of its current bumper results run after commodity prices surged in 2022 due to Russia’s...

Los Angeles-based PacWest is considering several strategic options, including a sale, amid a banking crisis-induced stock plunge. Bank holding company PacWest Bancorp is reportedly mulling a sale following Wednesday’s 50% stock crash. The regional bank is weighing strategic options amid the US banking crisis, which sank three financial institutions in March. A Bloomberg report said PacWest shelved previous efforts to raise capital to remain afloat and now strongly considers selling all...

Amid the unfolding banking crisis and interest rate hikes, Bitcoin has been showing strong resilience attempting another breakout above $30,000. On Wednesday, May 3, the US Federal Reserve announced another 25 basis points rate hike taking the US funds rate to more than 5% for the first time since 2007. In hours after the Fed announced the rate hike, Bitcoin (BTC) made a quick surge of more than 2% taking the price above $29,000. This Bitcoin price surge amid the recovery in the broader...

PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses. Shares of bank holding company PacWest (NASDAQ: PACW) led a heavy crash in bank stocks on Tuesday. The stock tumbled nearly 28% as the general banking clime continues to sour following bank failures plaguing the sector. PacWest stock closed at $6.55 after falling 27.78% on the day. In addition to PacWest, Arizona-based Western Alliance Bancorp...

Chegg is facing massive disruptions in its education business amid the rapid growth of AI platforms. To contain this, Chegg is building its own AI platform CheggMate in collaboration with OpenAI. The introduction of ChatGPT by OpenAI has certainly created a massive disruption in the tech world while giving other tech giants like Alphabet (NASDAQ: GOOGL) a run for their money. Now, AI chatbot ChatGPt is causing a major disruption in the education industry as well, and online education firm...