Nike’s stock was down 20% by close, notching the worst day in its 44-year history as a publicly traded company. The plummet sent Nike’s share price to its lowest price since March 2020; other than that month, when the global stock market briefly crashed due to COVID-19 lockdowns, it’s Nike’s lowest price since January 2019. Precipitating the decline was Nike’s Thursday afternoon earnings report which disclosed a 2% decline in its quarterly sales ending May 31 and a warning that the com...
Tesla stock fell 7% to $628 on Tuesday, pushing the stock down nearly 49% from its all-time high in November and wiping over $30 billion from Tesla's market capitalization, which has fallen to $650 billion from a peak of more than $1.2 trillion. Prompting the steep decline, Daiwa analyst Jairam Nathan on Tuesday morning lowered his price target for Tesla shares to $800 from $1,150—telling clients Covid lockdowns in Shanghai, where the electric-vehicle maker operates its so-called Gigafactory, ...
Moody’s downgraded its rating for 10 regional institutions including M&T Bank late Monday, put larger banks like State Street, Truist and U.S. Bancorp on watch for a downgrade and issued a negative outlook warning for firms including Capital One and PNC. PNC, Truist and U.S. Bancorp’s 4% share price drops were among the steepest of any stock by 10:15 a.m. ET, while bigger bank stocks including JPMorgan Chase (down 2%) and Bank of America (down 3%) tanked, too. The 15 largest American banks l...
Tesla’s stock is down 29% year-to-date, making it the worst-performing company included on the S&P 500, returning a full three percentage points less than the next biggest loser, embattled commercial airplane maker Boeing, according to FactSet data. Tesla’s slump, which coincided with the S&P’s best first quarter in five years as all three major stock indexes set new all-time records, came as investors and analysts alike readjusted growth expectations for the company. The firm’s January earnings report revealed a whopping 40% year-over- ...
Apple shares rose more than 7% to $207 by the end of normal trading hours, some $8 higher than its prior record close and crossing $200 for the first time ever, adjusting for stock splits. That propelled a roughly $215 billion surge in Apple’s market capitalization to $3.2 trillion, ranking among the 10 largest daily market value surges in history. The rally came a day after Apple rolled out a variety of AI features to come to iPhone and other devices later this year, the most notable of which...
The Nasdaq, which is the benchmark index for tech companies, rose 2% by 4 PM ET, hitting its highest point since February 22, while the S&P 500 increased by 1%. The market rally came after Microsoft and Alphabet both reported first-quarter earnings that surpassed Wall Street expectations, according to FactSet, with the world’s largest company Microsoft recording $61.9 billion in revenue and the search engine giant ending the quarter with $80.5 billion sales. Microsoft shares were up 2% to $408 per share Friday, while Alphabet surged more than ...
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Early Tuesday, Disney reported $22.08 billion in revenue and $1.21 earnings per share in the three-month period ending March 30, narrowly falling short of consensus analyst sales estimates of $22.12 billion but beating forecasts of $1.10 profit per share. Disney also upped its guidance for full-year profit growth from 20% to 25%, still a tick below Wall Street forecasts of 25.3% growth. Perhaps most interestingly, Disney reported a $47 million quarterly operating profit for its Hulu and Disney+ ...
The S&P 500 Energy index, composed of the energy companies listed on the closely-followed index, has provided a 61.3% return this year including dividends. That’s by far the best performance of any of the S&P’s 11 sectors, with the utilities and consumer staples indexes the second and third-strongest performers at comparatively meager 3.1% and 0.2% total returns, while the nine other sectors are in the red, with the communication services sector bringing up the rear with a 42% loss this year...
The tech-heavy Nasdaq registered its highest close ever, climbing 0.2% to 15,363 points thanks in part to surging stocks of vaccine-maker Moderna (up 5%), software company Workday (up 2.4%) and payments giant PayPal (up 1.3%). Buoyed by gains in tech stocks like Etsy, ServiceNow and chipmaker Nvidia, the S&P 500 closed virtually flat near a record high from Thursday, ending the day at 4,535 points. Many experts attributed the gains to a disappointing unemployment report Friday morning showing th...