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Apple stock falls as Justice Department files antitrust lawsuit
29 minutes ago
The Justice Department filed a lawsuit against Apple (AAPL) on Thursday, accusing the consumer technology giant of restricting the development of features that could weaken its grip on the U.S. smartphone market.
“Apple is undermining apps, products, and services that could reduce users’ dependence on the iPhone, promote interoperability, and lower costs for consumers and developers. “They use their monopoly power to extract more money from consumers, developers, content creators, artists, publishers, small businesses, and retailers, among others,” the complaint alleges.
The Justice Department is joined in the lawsuit by attorneys general from 15 states and the District of Columbia.
Apple shares fell more than 3% on Thursday on the news. The stock has lost about 10% of its value this year.
Reddit begins trading on Thursday — what you need to know
37 minutes ago
Reddit’s initial public offering (IPO) price was $34 per share Wednesday night, and is expected to begin trading on the New York Stock Exchange (NYSE) on Thursday under the ticker “RDDT.”
At this price point, Reddit would be worth about $6.4 billion. Reuters The offering is about four to five times oversubscribed, and the company is on track to easily raise its $748 million goal from the public market, people familiar with the transaction said.
In its latest filing with the Securities and Exchange Commission (SEC), the company highlighted its investments in cryptocurrencies, stating that OpenAI CEO Sam Altman is an investor in the company and as of February 22, 2024. He said he holds 9.2% of the voting rights.
The filing also revealed that 2023 sales will increase 21% from the previous year to $804 million, but the company has yet to record a profit in its nearly 20-year history. Some hope that will change after the company’s CEO recently sought to leverage the vast amounts of data on the platform to train generative artificial intelligence models.
But Reddit also has challenges ahead, as recent regulatory filings revealed an investigation by the Federal Trade Commission (FTC) and a patent dispute with Nokia Corp. (NOK).
-Kevin George
Gold trading is near record levels and could rise further, BofA says
1 hour 11 minutes ago
Gold continues to be one of Bank of America’s favorite trades for 2024, as it continues to break records and a variety of factors are expected to push prices higher.
Spot gold rose to $2,233 on Wednesday, and futures rose to $2,225 in the evening.
This is the fifth time this month that precious metal prices have hit an all-time high, following yesterday’s announcement by the Federal Reserve that it could cut interest rates a third time this year. The forecast pushed yields on U.S. Treasuries lower and made gold, which offers no investment yield, more attractive.
BofA analysts led by Jared Woodard said one of the main drivers of the rally is that central banks are buying gold at an “unprecedented pace.”
Another factor that could ultimately push prices higher is the return of family investors, BofA said. Gold holdings in ETFs, which are thought to represent investor demand, have lost $16 billion in the past two-and-a-half years. BofA believes more investors will enter the market and the price could rise to $2,600.
-Christiana Shawdon
Micron stock soars to record high on strong earnings and positive outlook
1 hour 44 minutes ago
Micron Technology (MU) stock soared to a record high in early trading on Thursday. It comes after the memory and storage chip maker reported quarterly results that beat Wall Street expectations and issued a better-than-expected outlook amid artificial intelligence (AI)-driven demand.
Shares rose 14.5% to $110.23 about 30 minutes after the opening bell on Thursday. The stock has increased 29% since the beginning of the year.
The Boise, Idaho-based company late Wednesday reported fiscal second-quarter adjusted earnings of 42 cents per share, up from a loss of $1.91 per share in the year-ago period, and analysts. The loss significantly exceeded the expected loss. Revenue for the period was $5.82 billion, up from $3.69 billion in the same period last year and easily beating the consensus estimate of $5.34 billion.
Looking ahead, the memory chip maker expects interim adjusted earnings of 45 cents per share for the current quarter on revenue of $6.6 billion, plus or minus $200 million. Both metrics far exceeded street expectations of $5.98 billion in revenue and 8 cents per share.
Looking at the weekly chart, Micron stock broke out of a 16-month upward channel in late February, hitting new all-time highs in the process. But since then, the stock has consolidated on average volume around the pattern’s highest trendline as investors wait and see before the company’s earnings release.
Note the previous double top pattern that formed on the chart near $98 during the post-closure breakout. This area can turn into a future price support level during a retracement.
-Timothy Smith
Stocks that move the most before the market
2 hours 39 minutes ago
Profit:
- Micron Technology Inc. (MU): Shares of the memory and storage chip maker soared after the company reported a surprise profit in its fiscal second quarter and provided better-than-expected guidance amid strong AI demand. %Rose.
- Astera Labs (ALAB): The AI chip company’s stock rose more than 5% after surging 72% in its first day of trading yesterday.
loss:
- Accenture Plc (ACN): Shares of the IT services provider fell 6% after the company cut its full-year revenue forecast on the back of a slowdown in IT spending.
- Darden Restaurants, Inc. (DRI): Shares of parent company Olive Garden fell more than 5% as sales fell short of Wall Street expectations due to lower same-store sales.
- Chewy Co. (CHWY): Shares of the electronic pet supplies retailer fell more than 4% after the company warned that it expects pet ownership to increase at a below-average pace this year.
Futures prices suggest stock prices will rise, already hitting record highs
3 hours 33 minutes ago
In premarket trading Thursday, futures contracts tied to the Dow Jones Industrial Average rose 0.3%.
S&P 500 futures rose 0.5%.
Nasdaq 100 futures were trading 0.9% higher a little more than an hour before the market opened.
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