The stock market experienced a positive week with cooler inflation data and record-high performances. The Dow Jones Industrial Average closed above 40,000 for the first time, marking a 1.24% gain for the week. Both the S & P 500 and Nasdaq Composite also achieved all-time highs during the week due to favorable inflation data. However,
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The past week saw all three major averages closing higher, as Wall Street reacted positively to softer retail sales and consumer price data for April. The weaker-than-expected reports served as a signal for further disinflation, which is crucial for any potential interest rate cuts by the Federal Reserve. Despite some mixed signals, such as the
On Friday, U.S. stocks remained flat after the Dow Jones Industrial Average surpassed the 40,000 mark the day before. Despite intraday records for the Nasdaq Composite and S&P 500 on Thursday, both indices slipped by the end of the trading day. Jim Cramer described the current market as “muted,” with little significant movement in any
Siemens, a prominent German technology giant, recently reported a decrease in profit within its industrial business during the fiscal second quarter. The industrial profit amounted to 2.51 billion euros in the three-month period ending in March, marking a 2% decline compared to the same quarter the previous year. This figure fell below the company’s forecast
Cisco recently reported its earnings and revenue for the fiscal third quarter, surpassing Wall Street’s expectations despite a decline in sales from the previous year. The company’s stock saw a significant increase of up to 8% in extended trading following the announcement. Key highlights from the report include: The actual results reported by Cisco exceeded
Alibaba, the Chinese e-commerce giant, experienced a significant drop in net profit during the fiscal fourth quarter, leading to a 5% decrease in its shares. The company’s revenue for the quarter stood at 221.9 billion yuan, slightly higher than the LSEG consensus estimate of 219.66 billion yuan. Despite the revenue beat, Alibaba’s net income attributable
Tencent, the Chinese tech giant, managed to surpass analyst estimates for revenue and profit in the first quarter. The company’s core gaming business saw slightly better sales, while its advertising and business services division showed improved profitability. Tencent’s revenue reached 159.5 billion Chinese yuan, exceeding the expected 158.4 billion yuan. Profit attributable to equity holders
SoftBank, the Japanese conglomerate, reported a significant gain of 724.3 billion Japanese yen ($4.6 billion) on its Vision Fund in the fiscal year that ended in March. This marked the first time since 2021 that the flagship tech investment arm was in the black, with the Vision Fund segment posting a profit of 128.2 billion
Semiconductor Manufacturing International Corporation (SMIC) recently issued a warning regarding the intense competition in the chip industry, highlighting the challenges faced by the company. The market trends dictate the pricing for commodity products, making it difficult for SMIC to meet its profit expectations. As China’s biggest contract chip manufacturer, SMIC plays a crucial role in
On Thursday, Warner Bros. Discovery reported its first-quarter results, which fell short of analyst expectations in both top and bottom line performance. Despite the strong showing in its streaming unit, the company’s stock managed to gain 3% on Thursday. The company faced challenges with a loss per share of 40 cents, compared to the 24