Markets were on their toes over the prospects of a new US stimulus package
Monday and Tuesday: HongKong45 gained 0.6% after the Bureau of Statistics of China showed that the country’s Q3 GDP increased by 4.9%. Despite the promising number, the figures are lower than the 5.2% forecasted.
The announcement that the US stimulus package is not imminent made the markets end in the red. The American benchmarks closed lower between 1.37% and 1.56%.
The past Q3 wasn’t a particularly prolific one for IBM. The company posted revenues that missed expectations for the third consecutive quarter, the figures coming in at $4 billion. Year-to-date, IBM stock price lost 6%.
Alibaba is expanding its online food deliveries business, to be precise. The company will have decisive power in Sun Art Retail Group Ltd, which operates supermarkets and hypermarkets around China. Following the news, the company’s stock price closed 1% lower.
Intel announced that it’s selling its NAND business for $9 billion to SK Hynix. The deal is expected to go through in the first quarter of 2025. After the news hit the wire, Intel stock price gained 0.40%.
The rising number of COVID-19 infections made Germany30 trade 0.3% lower.
Snap stock price gained 23% after it posted Q3 revenue figures of $679 million, topping the $557 million expected. For Q4, Snap believes that its revenue will grow 50% while the number of active daily users will be 257 million.
Unlike Snap, Netflix didn’t have promising Q3 figures. The company’s EPS came in at $1.74, below the $2.13 expected. The number of subscribers also came below expectations at $2.2 million. After the report, its stock price lost 5%.
Pfizer is getting ready to distribute its COVID-19 vaccine if approved by the US Food and Drug Administration. The logistics are the largest ones so far seen in distributing a vaccine. Following the news, in pre-market trading, Pfizer stock price gained 0.24%.
Tesla’s past Q3 quarter marked the fifth consecutive profitable trimester. In Q3, it had revenues of $8.77 billion, topping the $8.36 billion forecasted. Since the beginning of the year, its stock price has gained 408%. USA500 went up 7%.
Verizon’s EPS numbers came in at $1.25 higher than the $1.22 expected. The number of new subscribers came twofold higher than consensus at 553,000.
Friday: Intel’s Q3 revenue figures came in higher than expected at $18.33 billion. For the full year, the revenue is expected to increase 5% to $75.3 billion. Despite the promising results and the optimistic forecast, its stock price fell 10% after the report.
Gilead’s Remdesivir became the first and only COVID-19 vaccine to get approved by the FDA so far. Remdesivir will be sold under the name Veklury. Following the news, Gilead stock price went up 0.76%.
American Express stock price inched down 2.83% after it posted lower-than-expected Q3 earnings. The 40% drop in quarterly profit was caused by the pandemic’s impact on consumer spending.
Goldman Sachs settled with various regulators to pay more than $2.9 billion for its involvement in the 1MDB (Malaysia Development Berhad) fraud. Its stock price wasn’t impacted by the news, as it traded 0.73% higher.
Sources: investing.com, marketwatch.com, reuters.com