(11th July) Share Your Trading Plans
GameStop — Shares of the video game retailer jumped 15.1% after the company said a 4-for-1 stock split was approved by its board. A stock split theoretically makes the stock more affordable for investors, but it doesn't change the fundamentals of the company.
Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company's chief legal officer Friday.
But Twitter's board chair Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.
"We are confident we will prevail in the Delaware Court of Chancery," Taylor wrote.
Twitter shares were down about 6% after hours on Friday.
In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler said that "Twitter has not complied with its contractual obligations."
Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter's claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.
"Twitter has failed or refused to provide this information," Ringler claimed. "Sometimes Twitter has ignored Mr. Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information."
"Amazon.com's stake in Grubhub looks similar to its expansion in the UK food-delivery market with its share of Deliveroo and is undoubtedly going to pressure order-volume growth for Uber and DoorDash," BI analyst Singh said.
The rout in DoorDash's stock this year has come as the severity of the pandemic waned and people started stepping out, weighing on demand for online food delivery. In addition, investors have also been moving away from unprofitable, riskier assets in favour of safer havens in the face of a looming recession.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
$Virgin Galactic(SPCE)$
$Toughbuilt Industries, Inc.(TBLT)$
Earnings season is set to kick off this week, starting with big banks, and investors will be watching to see if they can deliver on high expectations. Here’s what we’re watching ahead of Monday’s open.
Futures tied to the S&P 500 were flat after the broad-market index reached a record high on Friday. Futures linked to the Nasdaq-100 ticked up 0.5%, suggesting further gains in technology stocks after the Nasdaq Composite ended last week at a record. Dow Jones Industrial Average futures slipped 0.3%.
Stock Market Updates
U.S. stocks posted modest weekly gains, reversing the negative trend of the previous week. There was a wide divergence across the major U.S. indexes, with the $NASDAQ(.IXIC)$ gaining nearly 5%, the $S&P 500(.SPX)$ adding 2%, and the $DJIA(.DJI)$ rising less than 1%.
As of last Friday, the Indexes and Market weekly and YTD performances are as below: $S&P/ASX 200(XJO.AU)$ increased 2.1%, $Straits Times Index(STI.SI)$ rose 2.1%.