Finance

Social Media Stocks Set to Erase $100 Billion on Snap Warning

(Bloomberg) — Social media stocks are on course to shed more than $100 billion in market value after Snap Inc.’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 32% in premarket …

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Snap Stock Dives, Drags Down Peers, On Big Warning Over Economy

Snap (SNAP) late Monday lowered an outlook it initially issued April 21, saying the macroeconomic environment has deteriorated further and faster than anticipated. Snap stock crashed on the news. X “We believe it is likely that we will report revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) below the low end of …

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Stock futures rise to recover from bear market brink

U.S. stock futures rose Monday morning, with equities coming off a seven-week losing streak on more solid footing as investors shook off some recent volatility and digested fresh trade-related remarks from the Biden administration. Contracts on the S&P 500 gained more than 1% in early trading. The index had closed out Friday’s session flat on …

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Saudi Wealth Fund Takes $1.5 Billion Stake in Alwaleed’s Firm

(Bloomberg) — Saudi Arabia’s sovereign wealth fund has bought a $1.5 billion stake in the investment company of billionaire Prince Alwaleed Bin Talal, who previously reached an undisclosed deal with the country’s government after being detained and accused of corruption. Most Read from Bloomberg The Public Investment Fund acquired 16.9% of Kingdom Holding Co. from …

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Dow Jones Futures: Market Correction Getting Worse, Tesla Breaks Down; What You Must Do Now

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market had another grizzly week, even with a furious final-hour rebound to erase Friday’s losses. X The major indexes all confirmed a new market rally on Tuesday. But that rally immediately ran into trouble with a big sell-off …

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Lagarde Says Crypto Is ‘Worth Nothing’ and Should Be Regulated

(Bloomberg) — European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings. Most Read from Bloomberg Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all …

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The S&P 500 is trading in bear-market territory. How far could it fall?

The S&P 500 index on Friday traded below the threshold that will mark a bear market if losses hold through the closing bell. History shows that when the bear arrives, it tends to stick around awhile. The large-cap U.S. benchmark SPX, -1.95% was down 2.3% at 3,813. A close below 3,837.25 would mark a 20% …

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China Stocks Face Big Risk as Thousands of Hedge Funds Near Point Where They Have to Dump Shares

(Bloomberg) — China’s almost-trillion dollar hedge fund industry risks worsening the turmoil in its stock market as deepening portfolio losses trigger forced selling by some managers. Most Read from Bloomberg About 2,350 stock-related hedge funds last month dropped below a threshold that typically activates clauses requiring them to slash exposures, with many headed toward a …

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Reuters reveals HSBC and Ping An executives plan to discuss breakup proposal

Business & FinancePolitics 04 May 2022, 11:03 am. 1 minute Reuter exclusively reported HSBC and Ping An executives plan to meet in mid-May to discuss the Chinese insurer’s proposal that the bank should explore strategic options such as spinning off its Asian business. Ping An, the biggest shareholder in HSBC, called on the London-headquartered bank last week …

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