Business and Finance News - 8.12.24

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Akamai Technologies reported better-than-expected Q2 results, driven by a 15% increase in security revenue and a 23% rise in compute revenue, despite a 13% decline in delivery revenue. The company raised its full-year adjusted EPS guidance, leading to a 10% surge in its stock price. (Investopedia)

*Akamai Technologies (AKAM) - Akamai Technologies is a global content delivery network (CDN) and cloud services provider. It specializes in helping businesses deliver content and applications quickly and securely over the internet.

Bitcoin and Ether experienced a significant sell-off earlier this week, losing $367 billion in value, but institutional investors quickly bought the dip, leading to a midweek recovery. Spot bitcoin ETFs saw a net inflow of $245 million, while the broader crypto market rebounded alongside U.S. stocks. (CNBC)

*Bitcoin (BTC) - Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for an intermediary such as a bank. It uses blockchain technology, which records and verifies all transactions in a public ledger.

Expedia exceeded second-quarter profit expectations with $3.51 per share, driven by strong international travel demand, leading to a 7% rise in its shares. However, the company warned of a challenging macro environment and forecasted lower-than-expected growth in full-year revenue and gross bookings. (Reuters)

*Expedia (EXPE) - Expedia is an online travel company that provides services for booking flights, hotels, car rentals, vacation packages, and other travel-related activities. The company operates a range of brands, including Expedia.com, Hotels.com, and Vrbo, offering a comprehensive selection of travel options and experiences to customers worldwide.

Stellantis will lay off up to 2,450 workers at its Warren Truck assembly plant as it ends production of the Ram 1500 Classic truck, shifting focus to the Ram 1500 Tradesman. Affected workers will receive 52 weeks of supplemental unemployment benefits, transition assistance, and two years of healthcare coverage. (CNN)

*Stellantis (STLA) - Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 through the merger of Fiat Chrysler Automobiles (FCA) and the PSA Group. Stellantis sells vehicles under a variety of well-known brands, including Jeep, Ram, Dodge, Chrysler, Fiat, Peugeot, Citroën, and Opel.

Sweetgreen, Inc. reported a Q2 loss of $0.13 per share, missing the Zacks Consensus Estimate of a $0.11 loss, while revenues of $184.64 million exceeded expectations by 2.71%. Despite consistent revenue growth, the company has underperformed in meeting EPS estimates over the past four quarters. (Yahoo! Finance)

*Sweetgreen (SG) - Sweetgreen is a fast-casual restaurant chain that specializes in serving healthy, fresh, and sustainable salads and grain bowls.

A few companies expected to report earnings this week…

• Home Depot (HD) is expected to report on Tuesday.

• Cisco (CSCO) and UBS (UBS) are expected to report on Wednesday.

• Walmart (WMT), Alibaba (BABA), and Applied Materials (AMAT) are expected to report on Thursday.

*Alibaba (BABA) - Alibaba Group is a Chinese multinational conglomerate specializing in e-commerce, retail, internet, and technology. Alibaba operates various businesses, including online marketplaces like Taobao and Tmall, payment platforms such as Alipay, cloud computing services with Alibaba Cloud, and more.

*Applied Materials (AMAT) - Applied Materials, Inc. is a leading American company that supplies equipment, services, and software for the manufacturing of semiconductor chips, flat panel displays, and solar products. 

*Cisco (CSCO) - Cisco Systems, Inc. is a global technology company that designs, manufactures, and sells networking hardware, software, telecommunications equipment, and other high-technology services and products.

*The Home Depot (HD) - The Home Depot is the largest home improvement retailer in the United States. It sells tools, construction products, appliances, and services, including home improvement installations. 

*UBS Group (UBS) - UBS (Union Bank of Switzerland) is a global financial services company headquartered in Zurich, Switzerland. It provides a wide range of services, including wealth management, investment banking, asset management, and retail banking.

*Walmart(WMT) - Walmart Inc. is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It offers a wide range of products, including groceries, apparel, electronics, and home goods, both in physical stores and online.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 39,497.54 +51.05 (+0.13%)

• S&P 500: 5,344.16 +24.85 (+0.47%)

• Nasdaq Composite: 16,745.30 +85.28 (+0.51%)

• Russell 2000: 2,080.92 -3.51 (-0.2%)

• CBOE Volatility Index (VIX): 20.37 -3.42 (-14.38%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 532.99 +2.34 (+0.44%)

• iShares Core S&P 500 ETF (IVV): 535.85 +2.28 (+0.43%)

• Invesco QQQ Trust (QQQ): 450.41 +2.34 (+0.52%)

• Vanguard S&P 500 ETF (VOO): 489.82 +2.09 (+0.43%)

• Vanguard Total Stock Market ETF (VTI): 262.92 +1.13 (+0.43%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.316T]: 216.24 +2.93 (+1.37%)

• Microsoft (MSFT) [3.018T]: 406.02 +3.33 (+0.83%)

• Nvidia (NVDA) [2.581T]: 104.75 -0.22 (-0.21%)

• Alphabet (GOOG) [2.036T]: 165.39 +1.55 (+0.95%)

• Amazon (AMZN) [1.737T]: 166.94 +1.14 (+0.69%)

• Meta Platforms (META) [1.313T]: 517.77 +8.14 (+1.60%)

• Tesla (TSLA) [638B]: 200.00 +1.16 (+0.58%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $58,721.87 (5:00PM PST on 8/11/24)

• Ethereum (ETH): $2,553.57 (5:00PM PST on 8/11/24)

• Solano (SOL): $141.47 (5:00PM PST on 8/11/24)