Business & Finance News
A nearly 14% gain in Tesla Inc’s stock on Tuesday was likely sparked by investors looking to hop aboard its remarkable rally, rather than a reversal of bearish bets, an analysis of positioning dynamics showed.
Tesla is making Elon Musk a lot richer without paying him a dime.
The Nasdaq hit a record high on Tuesday and the S&P 500 posted its biggest one-day gain in about six months as fears of a heavy economic impact from the coronavirus outbreak waned after China’s central bank intervened.
The U.S. Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc executive from the banking industry over his role in Malaysia’s multi-billion-dollar 1MDB corruption scandal.
Chipotle Mexican Grill Inc raised menu prices and consumers bit, helping the fast-casual burrito chain beat analysts’ estimates for quarterly sales and profit on Tuesday.
Nike Inc said on Tuesday the coronavirus outbreak in China would have a financial impact on its operations in the country, its biggest growth market, sending the footwear maker’s shares down 3%.
Boeing Co told U.S. lawmakers it will not cancel an incentive award for its new chief executive tied to the return of its grounded 737 MAX return despite criticism from Congress, according to a letter made public Tuesday.
Ford Motor Co shares nosedived on Tuesday after it handed investors a weaker-than-expected 2020 forecast, warning that quality problems, lower profits at its credit arm and continued investments in unprofitable self-driving cars would weigh down profits.
Walt Disney Co’s new streaming service Disney+ reached 28.6 million paying subscribers this week, the company said on Tuesday as it reported quarterly earnings that beat Wall Street forecasts.
Snap Inc missed Wall Street estimates for fourth quarter revenue on Tuesday as it faced tough competition from digital advertising giants Google and Facebook, sending its shares down 12%.
State attorneys general investigating Alphabet Inc’s Google unit met on Tuesday with U.S. Justice Department officials to coordinate efforts to probe the search and advertising giant, officials told Reuters.
Macy’s Inc said on Tuesday it plans to close 125 of its least productive stores over the next three years and cut more than 2,000 corporate jobs as a part of its cost savings effort.
The executive committee of the state attorneys general investigating Alphabet’s Google wrapped up a meeting on Tuesday afternoon with U.S. Justice Department officials to coordinate efforts, officials told Reuters.
Oil prices sank about 1% on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.
The dollar strengthened and global equity markets surged on Tuesday, with Wall Street’s Nasdaq index hitting a record high, as investors took heart from China’s efforts to minimize the economic impact from the coronavirus epidemic.
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