In the worst year for stocks since the Great Recession, several big names are headed for their worst year on record with just one trading day left in 2022. The S&P 500 index SPX, +1.75% and Dow Jones Industrial Average DJIA, +1.05% are both headed for their worst year since 2008, with declines of 20.6% … Read more
As 2022 winds down and investors reflect on a horrendous year, they can take some comfort in the fact that the big guys had their share of misses. Among them is Harris Kupperman, the president of hedge fund Praetorian Capital, who recently blogged about his 2022 calls he nailed — a selloff of big tech … Read more
Meta Platforms Inc. has long given unfair deference to VIP users of its Facebook and Instagram services under a program called “cross check” and has misled the public about the program, the company’s oversight board concluded in a report issued Tuesday. The report offers the most detailed review to date of cross check, which Meta … Read more
Well, that was something. Inflation came in a bit below forecast, and then the rockets came out — the best one-day percentage rise for the S&P 500 SPX, +5.54% since April 6, 2020, and the best one-day percentage rise for the Nasdaq Composite since March 24, 2020. If inflation has truly peaked, there’s really just … Read more
It’s midterm day in America, so pack your weapon (where legally permitted), have your local election lawyer on speed dial and get out the popcorn. U-S-A, U-S-A. More on that later. The company lost $2.7 billion in the third quarter, though its earnings are notoriously volatile, and the losses were down to swings in derivatives … Read more
Meta Platforms Inc. META 2.11% is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic. The layoffs are expected to affect many thousands of employees and an … Read more
Slower, but higher rates and no pivot this side of Christmas. That was the message from Fed Chairman Jerome Powell after the central bank’s fourth-straight jumbo hike. Bruised investors look ready to keep selling stocks on Thursday as yields tear higher. Not everyone agrees with Powell. “The Fed is making a huge policy error, and they will manage to break … Read more
As the Fed kicks off its two-day interest-rate setting meeting, the focus is on whether Jerome Powell & Co. stick to their hawkish tone or indicate the pace of rate hikes may slow down. Certainly, there’s valid reason for at least slowing down, after another jumbo rate hike is delivered on Wednesday. Inflation at a … Read more
On the heels of last week’s bullish turn for stocks, the setup is looking slightly less positive for Monday. Hong Kong stocks may be affecting the mood with a giant slump after China’s leader cemented his power. And we’re entering Fed blackout period ahead of next week’s meeting that’s expected to deliver yet another three-quarters … Read more
Microsoft Corp. is laying off nearly 1,000 workers across multiple divisions, according to news reports Monday. Axios and Business Insider reported the cuts late Monday. Sources told the news organizations that the number of layoffs was under 1,000, and span various regions and departments — including Xbox and Edge. Microsoft MSFT, +3.92% has about 221,000 … Read more