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(Bloomberg) — Snap Inc.’s co-founders got richer by billions of dollars in just a few hours, after the company reported better-than-expected results as the coronavirus pandemic boosted usage of its app.Shares soared as much as 25% to $35.57 in late New York trading after the owner of the popular Snapchat mobile app said sales jumped 52% to $678.7 million in the third quarter, with 249 million daily active users. The gains lifted the fortunes of Snap’s co-founders, Evan Spiegel and Bobby Murphy, by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion, according to the …read more […]

Sweden’s Ericsson on Wednesday reported quarterly core earnings that beat market estimates, helped by higher margins and China’s 5G rollout, and said it was “more confident” in meeting its 2020 targets. Ericsson’s 5G contract wins have touched 112 as more telecom operators are building next-generation networks and as diplomatic pressure from the United States is pushing out market leader Huawei from more countries. Third-quarter adjusted operating earnings rose to 9.0 billion Swedish crowns ($1.0 billion) from 6.5 billion a year ago, beating the mean forecast of 6.98 billion crowns, according to Refinitiv estimates. …read more […]

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said that the automaker is rolling out the beta version of its full self-driving software, starting Tuesday night.What Happened: Musk tweeted that the rollout of the software will be “extremely slow [and] cautious, as it should.” The autopilot beta release would be “limited to a small number of people who are expert [and] careful drivers,” Musk said, earlier in the month. The billionaire entrepreneur had said on Twitter in August that the improvement in the FSD feature will be a “quantum leap,” and promised the beta launch would happen in six to 10 …read more […]

AMC’s move to raise fresh capital comes after ratings agency S&P said earlier this month that the company had just six months of cash reserves. “In the event the Company determines that these sources of liquidity will not be available to it or will not allow it to meet its obligations as they become due, it would likely seek an in-court or out-of-court restructuring of its liabilities,” AMC said in a filing. Big theater chains, including AMC and Cineworld Group , have reopened many of their locations, but fears of the virus and delays in major releases have …read more […]

(Bloomberg) — Asian stocks rose and U.S. futures extended overnight gains amid optimism about progress on stimulus talks in Washington. Treasuries and the dollar retreated.Shares climbed in Japan, Hong Kong and South Korea, and fluctuated in Australia. S&P 500 contracts edged higher after House Speaker Nancy Pelosi said she remains hopeful of a deal before the election. The gauge bounced back from Monday’s selloff on Tuesday. Tech shares mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Netflix Inc. plunged in late trading after it missed Wall Street estimates.Elsewhere, Treasuries continued to decline, …read more […]

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Officials in California, home to Walt Disney Co’s Disneyland, on Tuesday pushed the reopening of large theme parks months down the road, drawing outrage from the industry, which predicted the loss of thousands more jobs. California Health Secretary Mark Ghaly said theme parks with a capacity of more than 15,000 visitors must wait to resume business until a county’s COVID-19 risk level drops to the lowest tier of “minimal” spread. Under California’s four-tier scheme, the lowest tier means daily cases of the coronavirus must number less than one per 100,000. …read more […]

WATERLOO, ON and BEIJING, Oct. 20, 2020 /CNW/ — BlackBerry Limited (NYSE: BB; TSX: BB) today announced that BlackBerry QNX technology will power the innovative digital cockpit in ARCFOX αT, a high-end, intelligent, electric SUV. …read more […]

Futures funding stayed flat or turned negative despite bitcoin’s rally to $12,000. …read more […]

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The mounting number of discoveries in the Guyana-Suriname oil basin is drawing in more large oil companies and could be a major boon for the economies of both countries …read more […]

(Bloomberg) — Netflix Inc. tumbled in late trading after missing Wall Street’s estimates for subscribers, renewing doubts about its ability to maintain growth as pandemic lockdowns go away and competition intensifies.The world’s largest paid streaming service added just 2.2 million new subscribers in the third quarter, well short of the 3.32 million predicted by analysts, as well as the company’s own more conservative projection. Netflix also predicted that it will sign up 6 million new subscribers this period, below the 6.54 million Wall Street estimate.Netflix added 25.9 million customers in the first half of the year, its strongest start ever. …read more […]

(Bloomberg) — Texas Instruments Inc. projected revenue for the fourth quarter that will top analysts’ estimates, indicating demand for chips used in cars and personal electronics is rebounding.Sales will be $3.41 billion to $3.69 billion and profit is expected to be $1.20 to $1.40 a share, the company said Tuesday in a statement. On average, analysts predicted profit of $1.20 a share and sales of $3.35 billion, according to data compiled by Bloomberg.Sales of chips used in vehicles have risen back to year-ago levels, helped by the reopening of auto plants in North America and Europe, Texas Instruments executives said. …read more […]