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Wall Street Today: Uber shares drop as Softbank plans to sell shares
Stocks end mixed despite Fed’s upbeat view of economy
U.S. stocks ended mixed on Wednesday, with technology names on the up side, after a closely watched meeting of the Federal Reserve.
The $Dow Jones Industrial Average (.DJI.US)$finished down 128 points, or 0.35%. The $S&P 500 Index (.SPX.US)$was little changed and the $Nasdaq Composite Index (.IXIC.US)$gained 0.7%. Stocks were a touch higher than before the Fed announcement, though not by much.
Powell sees progress on taper conditions though a ways to go
Federal Reserve officials are moving closer to when they can start reducing massive support for the U.S. economy, though Chair Jerome Powell said there was still some way to go.
“We’re not there. And we see ourselves as having some ground to cover to get there,” he told a press conference Wednesday after the Federal Open Market Committee held interest rates in a range near zero and maintained asset purchases at $120 billion a month until “substantial further progress” was made on employment and inflation.
Facebook’s ad business posts another strong quarter
$Meta Platforms (FB.US)$posted sharp growth in quarterly revenue and profit, fueled by robust digital ad spending, as it continues to face scrutiny over the size and influence of its platforms.
Facebook’s profit doubled from a year earlier to $10.39 billion, or $3.61 a share, soundly beating analysts’ expectations. Revenue rose 56% to $29.08 billion.
However, shares fell more than 3% in after-hours trading as Facebook said it expects revenue growth to slow in the second half of this year.
The company’s stock has gained about 22% over the past three months through Wednesday’s market close, compared with roughly 5% the S&P 500 index.
Yum China posts quarterly sales that fall short of expectations
$Yum China (YUMC.US)$ slumped in late trading on Wednesday after second-quarter results missed expectations -- showing that consumer demand in the nation remained muted as Covid-19 effects persist.
The key metric of same-store sales rose 5%, well below analysts’ estimate of 11.2%. Both of the company’s chains -- KFC and Pizza Hut -- fell short.
Uber shares drop as Softbank plans to sell shares to cover Didi and other losses
SoftBank is selling about one-third of its stake in ride-hailing company $Uber Technologies (UBER.US)$ , in part to cover losses on its investment in Chinese ride-hailing company $DiDi Global (Delisted) (DIDI.US)$ , two people familiar with the matter told CNBC. It’s planning to sell 45 million shares, which will have a 30-day lockup.
Uber shares fell 5% in extended trading following the report.
The value of Uber’s own Didi stake declined $2 billion last week.
Qualcomm shares rise as revenue pops 63% driven by chip sales
$Qualcomm (QCOM.US)$ shares rose over 3% in extended trading on Wednesday after the chipmaker reported third fiscal-quarter earnings that exceeded analyst estimates and offered a strong forecast for the fourth quarter.
Here’s how the company did:
EPS: $1.92 per share, adjusted, vs. $1.68 per share as expected by analysts, according to Refinitiv.
Revenue: $8.00 billion, adjusted, vs. $7.58 billion as expected by analysts, according to Refinitiv.
Revenue: $8.00 billion, adjusted, vs. $7.58 billion as expected by analysts, according to Refinitiv.
The company is one of the main suppliers of parts and intellectual property for 5G handsets and networks that are currently being built. It stands to benefit from phone demand rising around the world as economies re-open. The company expects the number of smartphones shipped by its customers to grow “high single digits” in 2021, after decreasing 11% last year during the pandemic, and between 450 million and 550 million 5G smartphones to be shipped this year.
US infrastructure deal advances after passing key vote
US senators voted to advance a $1tn bipartisan infrastructure spending bill after weeks of painstaking negotiations on Capitol Hill, paving the way for passage of the cross-party compromise championed by president Joe Biden.
US senators voted to advance a $1tn bipartisan infrastructure spending bill after weeks of painstaking negotiations on Capitol Hill, paving the way for passage of the cross-party compromise championed by president Joe Biden.
In a 67 to 32 vote on Wednesday night, the bipartisan agreement finalised hours earlier by a group of centrist senators and the White House cleared a key legislative hurdle.
It will still need to be approved by the full Senate in a final vote in the coming days, and then in the Democrat-controlled House of Representatives, before it is enacted into law by Biden.
Google to require Covid vaccines for workers at US offices
$Alphabet-C (GOOG.US)$and Facebook have said they will require workers to be vaccinated against Covid-19 before they return to work at their US campuses.
Sundar Pichai, Google chief executive, said that the policy would be introduced in the US “in the coming weeks” before being rolled out globally for its 144,000 employees.
The internet search group also said on Wednesday that it would delay the full reopening of its campuses until October 18.
Source: Bloomberg, WSJ, CNBC, Financial Times
Source: Bloomberg, WSJ, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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