Wednesday, 3 February 2021

S&P 500, Dow end up for 3rd day as Alphabet jumps, volatility eases

S&P 500, Dow end up for 3rd day as Alphabet jumps, volatility eases

The Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc's shares hitting a record high following its strong quarterly results.

EBay shares jump on holiday-quarter beat, strong first-quarter sales forecast

E-commerce firm eBay Inc on Wednesday topped Wall Street expectations for the holiday quarter and forecast upbeat current-quarter sales, helped by a surge in online shopping during the COVID-19 pandemic.

Qualcomm shares drop as revenue slightly misses Wall Street estimates

Qualcomm Inc shares dipped as much as 9% in after-hours trading on Wednesday as the company reported fiscal first-quarter sales that slightly missed Wall Street expectations and forecast lower-than-expected sales for its profitable patent licensing business.

'Reddit rally' stocks bounce a day after sharp selloff

GameStop and other social media darlings rebounded in calmer trading on Wednesday from their sharp sell-off in the prior session as investors turned their focus to the possibility of tighter U.S. trading regulations.

PayPal tops estimates on online spending surge

PayPal Holdings Inc beat Wall Street estimates for quarterly profit on Wednesday as coronavirus-related restrictions across the world drove a surge in digital payments.

Ford's forecast in focus as it wraps up year with quarterly loss

Ford Motor Co's investors are likely to brush aside the company's quarterly loss on Thursday and focus on its 2021 forecast and production target for the revamped F-150 pickup truck, a consistent bestseller in the U.S. automobile market.

SEC studies social media posts for signs of fraud in GameStop frenzy: Bloomberg

The U.S. securities regulator is reviewing social media posts for signs of potential fraud in frenzied trading of GameStop Corp's and other companies' shares, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Global equities rise on strong earnings, oil gains

Global equities rose on Wednesday, lifted by strong results from Alphabet Inc and upbeat earnings in Europe, while oil prices advanced almost 2% to their highest in nearly a year after data showed U.S. crude stockpiles fell to their lowest since March.

Jazz Pharma to buy GW Pharma for $7.2 billion, adding cannabis-based drug to portfolio

Jazz Pharmaceuticals Plc said on Wednesday it had agreed to buy GW Pharmaceuticals plc in a $7.2 billion cash-and-stock deal which will bolster its neuroscience business with the addition of a cannabis-based epilepsy treatment.

MetLife profit rises marginally on investment gains, strong underwriting

Insurer MetLife Inc reported a marginal rise in fourth-quarter adjusted profit on Wednesday as investment growth and strong underwriting in some of its U.S. businesses cushioned the hit from coronavirus-related claims.

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U.S. private jobs rebound sharply in January

U.S. private payrolls rebounded more than expected in January, suggesting the labor market recovery was back on track after the economy shed jobs in December. Fred Katayama reports.

Spotify outlook weakens amid pandemic uncertainty

Spotify on Wednesday forecast that revenue and paid subscribers would miss Wall Street estimates this quarter due to uncertainty over how long the coronavirus crisis would last and with it a surge in demand for its music streaming. Conway G. Gittens reports.
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