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Dow climbs 139 points, Nasdaq soars as tech giants rally ahead of earnings

Reuters / Brendan McDermid US equities climbed higher on Thursday as rallying tech stocks and encouraging economic data reversed some of Wednesday's plunge.Apple, Amazon, Facebook, and Alphabet led gains ahead of the companies' third-quarter reports.US GDP grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended ...
Tags: Apple, Facebook, Congress, France, Germany, US, Trends, Markets, Bloomberg, Netflix, Treasury, Oil Price, Goldman Sachs, Starbucks, Economic Growth, Gross Domestic Product


Facebook exceeds Q3 revenue expectations, but stock falls slightly due to expected headwinds

Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Chip Somodevilla/Getty Images Facebook on Thursday reported $21.5 billion in revenue for Q3 2020, up 22% year-on-year, and beating Wall Street's expectations of $19.8 billion. The social media giant, which also owns Instagram and WhatsApp, said its daily active user base grew to 1.82 billion, up 12% year...
Tags: Facebook, Mark Zuckerberg, Instagram, Washington, US, Trends, Markets, Bloomberg, Canada, Earnings, Silicon Valley, Capitol Hill, Facebook Instagram, House Financial Services Committee, FB, Amazon Apple


Credit Suisse misses expectations as 3rd-quarter net profits plunge 38%, hit by a slowdown in wealth management

Thomson Reuters Credit Suisse posted a 38% drop in third-quarter net profit, well below analyst expectations, as Switzerland's second-biggest bank saw a slowdown in its wealth management business.Profit hit 546 million francs (462 million pounds) in the three months to September, lower than the 680.7 million francs ($747 million) analyst estimated.The international wealth management business, its sore point this quarter, saw a 10% drop in revenue to 2.5 billion francs from a year ago. The ...
Tags: US, Trends, Bloomberg, Credit Suisse, Switzerland, Ubs, Zurich, Shalini Nagarajan, Thomson Reuters Credit Suisse


Apple One Service Bundles Set to Launch Tomorrow, Fitness+ Coming This Quarter

Apple in September announced Apple One, a new series of services bundles that will let Apple device customers purchase several services together in one package instead of separately, saving money for those who use multiple Apple service products. Ahead of Apple's earnings call, Apple CFO Luca Maestri told Bloomberg that ‌Apple One‌ is set to launch on Friday, October 30. ‌Apple One‌ Bundle include services like Apple Music, Apple Arcade, Apple News+, Apple TV+, and more. There are three bund...
Tags: Apple, Featured, Bloomberg, Apple News, Luca Maestri, Maestri, Apple Fitness, Apple One, Apple One Service, Apple Music Apple Arcade Apple News Apple


Facebook waddles past Q3 expectations, reporting moderate revenue growth but decline in US active users. Stock dips slightly in after-hours trading.

Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Chip Somodevilla/Getty Images Facebook announced better-than-expected revenue Thursday for its third-quarter earnings, but saw a decline in its active users in the US over the past three months.Facebook generated around $21.5 billion in revenue in Q3 2020, up 22% year-on-year. The positive revenue results...
Tags: Facebook, Mark Zuckerberg, Washington, US, Trends, Markets, Bloomberg, Canada, Earnings, Silicon Valley, Capitol Hill, Facebook Instagram, House Financial Services Committee, FB, Amazon Apple, EPS


LIVE: Here come Facebook's Q3 2020 earnings

Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Chip Somodevilla/Getty Images Facebook is announcing its third-quarter earnings Thursday afternoon, with results expected to show the company is recovering from the coronavirus-related economic downturn.Here are the key numbers Wall Street is expecting, via Bloomberg:Revenue: $21.47 billion, up 22% year-o...
Tags: Apple, Facebook, Mark Zuckerberg, Washington, Wall Street, Trends, Markets, Bloomberg, Earnings, Silicon Valley, Capitol Hill, Facebook Instagram, House Financial Services Committee, FB, EPS, Tech Insider


Alphabet shows promising signs of recovery as it reveals its Q3 earnings

Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in Mountain View, California, in 2018. REUTERS/ Stephen Lam Alphabet reported its Q3 earnings on Thursday, revealing promising signs of recovery. Are you an Alphabet employee? Contact this reporter via the encrypted messaging app Signal (+1-628-228-1836) or email ([email protected]). Visit Business Insider's homepage for more stories. Google parent Alphabet has reported its third-quarter ...
Tags: Google, Trends, Bloomberg, Earnings, Sundar Pichai, Signal, Alphabet, GAAP, Mountain View California, Tech Insider, Hugh Langley, REUTERS Stephen Lam Alphabet


Alphabet's Q3 revenue jumps 14% as the company bounces back from a historic slump

Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in Mountain View, California, in 2018. REUTERS/ Stephen Lam Alphabet reported its Q3 earnings on Thursday, revealing a mammoth 14% jump in revenue. The company beat Wall Street estimates, bringing in $38.01 billion in revenue (minus traffic acquisition costs). "This quarter, our performance was consistent with the broader online environment," said CEO Sundar Pichai on a call with investors. Are you ...
Tags: Google, Google Play, Trends, Bloomberg, Earnings, Justice Department, Sundar Pichai, Signal, Alphabet, Pichai, GAAP, Mountain View California, Tech Insider, Waymo, Hugh Langley, REUTERS Stephen Lam Alphabet


The USPS on-time delivery rate for first-class mail fell to 69.8% this week, according to a new court filing

Postal workers wear masks and gloves during the coronavirus pandemic as they physically distance from each other at the United States Postal Service processing and distribution center on Thursday, April 30, 2020 in Oakland, California. Ben Margot/AP On-time delivery of first class mail by the USPS this week fell 6% from earlier weeks. USPS employees were ordered to make late and extra trips. While delivery numbers are being scrutinized leading up to the US election, it's important to note ...
Tags: Transportation, Politics, News, Supreme Court, US, Trends, Bloomberg, Usps, Wisconsin, United States Postal Service, Election 2020, Sullivan, Emmet Sullivan, Brett Kavanaugh, Mary Meisenzahl, Grace Panetta


US consumer comfort tumbles to lowest since August on revived virus fears

AP Photo/Eric Gay Soaring COVID-19 case counts throughout the US dragged consumer confidence to an eight-week low. Bloomberg's index of consumer comfort fell to 46.3 last week from 46.6, its lowest level since August. The decline follows steady gains in September and comes as rising coronavirus cases revive concerns of another economic shutdown. Visit Business Insider's homepage for more stories. The resurgence of COVID-19 cases in the US dragged consumer sentiment to its lowest point sin...
Tags: Europe, France, Germany, US, Trends, Bloomberg, Goldman Sachs, Commerce Department, New US, Andrew Left, COVID, Ben Winck


US stocks climb on record GDP growth and encouraging jobless claims data

Bryan R. Smith/AFP/Getty Images US equities edged higher on Thursday as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, the Labor Department said. The reading exceeded the median economist estimate of 770,000.T...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


US weekly jobless claims fall more than expected to 751,000 as labor-market recovery continues

Matias J. Ocner/Miami Herald/Tribune News Service via Getty Images New US jobless claims for the week that ended Saturday totaled 751,000, the Labor Department said Thursday. The reading came in below the consensus economist estimate of 770,000, and also shows a decline from the previous week's revised figure. Continuing claims, which track Americans receiving unemployment benefits, fell to 7.8 million for the week that ended October 17. That was roughly in line with economist forecasts. ...
Tags: France, Germany, US, Trends, Bloomberg, Bureau of Labor Statistics, ADP, Labor Department, New US, Tom Baldwin, Miami Herald Tribune News Service, Ben Winck, Matias J Ocner, Getty Images New US


US GDP surged a record 33% in the 3rd quarter as the economy reopened, roughly double the next-biggest jump

Alexi Rosenfeld/Getty Images US gross domestic product grew at a record 33.1% annualized rate in the second quarter, the Commerce Department said on Thursday. The jump follows the second quarter's 31.4% annualized slump, and roughly doubles the next-biggest increase across history. Economists surveyed by Bloomberg expected a 32% increase. The GDP reading caps a quarter of economic reopening and revived business activity throughout the country. Still, the 33% increase doesn't fully offset ...
Tags: Europe, Senate, US, Trends, Bloomberg, Mitch McConnell, Trump, Commerce Department, Tom Baldwin, Ben Winck, Alexi Rosenfeld Getty


U.S. Firms Interested in #Israel Port After Passing Last Time - Bloomberg

U.S. Firms Interested in Israel Port After Passing Last Time - Bloomberg A pair of American firms are among companies that have officially indicated interest in bidding for Israel’s largest seaport, following a push by the U.S. government.U.S. officials hoping to put a chill on Chinese involvement in strategic infrastructure projects have been encouraging American firms to bid for the port in the northern city of Haifa, where state-run Shanghai International Port Group Co. won a contract to oper...
Tags: Travel, Kentucky, Israel, Bloomberg, Seattle, Haifa, Rupert Neil Bumfrey, Time Bloomberg, SSA Marine, Shanghai International Port Group Co, GraeStone Logistics LLC, GraeStone, Global Ports Holding Plc, Eli Tilles Dubai, DP World and Israeli Shipyards Industries Ltd


Dow falls 200 points as record GDP growth and encouraging jobless claims fail to soothe trader nerves

Bryan R. Smith/AFP/Getty Images US equities slid on Thursday, even as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, according to the Labor Department. The reading exceeded the median economist estimate of 770...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


JPMorgan's wealth revamp — BofA equities move — WeWork wants to get paid

Spencer Platt/Getty Images Wednesday was an absolute blood bath for the markets. A rise in reported coronavirus cases has led Europe to announce some lockdowns, according to Bloomberg, while CEOs for some of the largest tech companies appeared before US Congress. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected]
Tags: Europe, New York, US, San Francisco, Trends, Bank Of America, Bloomberg, Manhattan, WeWork, Andreessen Horowitz, US Congress, New York Stock Exchange, Nyse, Reuters, Jpmorgan, Brian Moynihan


Emirates President Clark Is Said to Delay Retirement to 2021 - Bloomberg

Emirates President Clark Is Said to Delay Retirement to 2021 - Bloomberg Emirates President Tim Clark postponed his retirement into next year to help steer the world’s largest long-haul airline through the toughest crisis in its history, according to people familiar with the matter.The 70-year-old, who had already delayed a June retirement plan, hasn’t yet set a departure date, said the people, who asked not to be identified as the decision hasn’t been made public. Emirates hasn’t yet named a su...
Tags: Travel, Bloomberg, Emirates, Tim Clark, Dubai, Airbus, Clark, Boeing Co, Rupert Neil Bumfrey, Clark Is Said, Bloomberg Emirates


Dow craters 943 points in worst day since June as virus spike spurs new lockdowns

Getty Images / Bryan R. Smith US stocks cratered on Wednesday after a continued spike in COVID-19 cases prompted a new round of lockdowns in Europe.A 40% surge in COVID-19-related deaths in Europe over the past week spurred Germany and France to announce new restrictions on movement within the countries. Bars, restaurants, and gyms in Germany and France will close while schools and nurseries remain open.Tech stocks led the market lower amid a congressional hearing on Section 230 with the C...
Tags: Europe, Microsoft, France, Senate, Germany, Angela Merkel, US, Trends, Bloomberg, Deutsche Bank, Dow Jones, Fed, Emmanuel Macron, Twitter Facebook, First Solar, Matthew Fox


Might Minnesota Elect a Second Amendment Supporter to the Senate?

Second Amendment Supporters Get A Second Chance In Minnesota Minnesota – -(AmmoLand.com)- If you want a clear indication that despite the media’s pronouncements, this election is nowhere close to being a blowout, you can look no further than Minnesota’s Senate race. The potential for an upset in this state was noted before, and with less than a week before Election Day, it’s worth a closer look. The race between incumbent Tina Smith and former Representative Jason Lewis is currently rated as ...
Tags: Minnesota, Guns, Supreme Court, Senate, Reagan, Bloomberg, Citizens United, Smith, Wells Fargo, Lewis, Harold, National Rifle Association, NICS, Jason Lewis, Tina Smith, Gun Rights News


Mark Zuckerberg said Facebook makes a 'relatively small' amount from political advertising. The company has made $2.2 billion from political ads since mid-2018.

Senate Commerce Committee During Wednesday's Senate hearing on Section 230, Facebook CEO Mark Zuckerberg said the company makes a "relatively small" amount from political advertising. Both Zuckerberg and COO Sheryl Sandberg have long maintained that political ads are worth less than 1% of the firm's overall revenue. Since May 2018, almost 11 million ads pertaining to politics, election, or social issues have run on the platform, amounting to $2.2 billion in ad spending. Visit Business Ins...
Tags: Facebook, Mark Zuckerberg, Politics, Senate, US, Trends, Social Media, Bloomberg, Joe Biden, Donald Trump, Sheryl Sandberg, Zuckerberg, Trump, Tech Companies, Google Facebook, Sandberg


The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says

President of the Federal Reserve Bank of New York Bill Dudley speaks during the Bank of England Markets Forum 2018, at Bloomberg, in central London, Britain, May 24, 2018. Victoria Jones/Pool via REUTERS The Federal Reserve has all but exhausted its policy ammo and it's up to Congress to pick up some slack, Bill Dudley, former president of the New York Fed, said Wednesday. The central bank was praised for its creative and rapid response to the coronavirus' economic fallout. Yet Fed policy ...
Tags: Congress, White House, US, Trends, Bank Of America, Bloomberg, Federal Reserve, Morgan Stanley, Fed, Reuters, Dudley, London Britain, New York Fed, Federal Reserve Bank of New York, Jerome Powell, Bill Dudley


Long-term investors can look beyond current market turmoil as stocks could gain up to 12% in the next few months, a Wall Street investment chief says

Lucas Jackson/Reuters Morgan Stanley Wealth Management's investment chief told Bloomberg on Wednesday that long-term investors should look beyond the current market turmoil because a V-shaped recovery and market gain of up to 12% in the next few months is still likely. "At the minute we have this confluence of rising surging cases and the lack of CARES 2.0, and I think the longer that stalemate is occurring, the risks increase that we can have an economic stall," said Lisa Shalett. "But ri...
Tags: US, Trends, Markets, Bloomberg, Morgan Stanley, Dow, Morgan Stanley Wealth Management, Economic Outlook, Consumer Confidence, Durable Goods, Stock Market Outlook, Stock Market Analysis, Emily Graffeo, Cyclical Stocks, V-shaped Recovery, Stock Market View


MGM reportedly asked Netflix and Apple for $600 million to bring James Bond film 'No Time To Die' straight to streaming

Daniel Craig as James Bond in "No Time to Die." MGM MGM held discussions with Netflix and Apple about releasing "No Time To Die" directly on their streaming platforms, sources told Bloomberg. MGM wanted around $600 million for the upcoming James Bond installment, but the streaming giants only wanted to pay half this price, Deadline reported. MGM has pushed back the release to April 2021 "to preserve the theatrical experience for moviegoers," it told Bloomberg. Visit Business Insider's home...
Tags: Apple, Entertainment, Disney, Trends, Bloomberg, Film Industry, Netflix, Movie, Cinema, James Bond, Daniel Craig, Barbara Broccoli, MGM, Forbes, Movie Theater, Eon Productions


Former Uber CTO Thuan Pham joins South Korean e-commerce leader Coupang

Thuan Pham, who stepped down as Uber’s chief technology officer and longest-serving top executive in May, has a new job in South Korea. Coupang, the country’s largest e-commerce company by market share, announced today it has hired Pham as its new CTO. For Pham, joining Coupang, a SoftBank-backed unicorn that holds a 24.6% market share in South Korea, the fifth-largest e-commerce in the world, is a departure from his original post-Uber plans. In an interview with Bloomberg after leaving Ub...
Tags: Startups, TC, Uber, Asia, South Korea, California, Softbank, Tech, Bloomberg, E-commerce, Vietnam, Seoul, Coupang, On-demand, Cto, Korea Times


Billionaire investor Stanley Druckenmiller is said to be shorting the US dollar — and he expects a Democratic sweep this election to hurt stocks in the coming years

YouTube American billionaire Stanley Druckenmiller is betting that the US dollar will weaken, and expects a Democratic 'blue wave' this election to be a long-term drag on stocks, Bloomberg reported.At a virtual conference on Tuesday, the hedge-fund manager said higher taxes and inflation will hurt equities in the coming years."We have borrowed so much that I'm skeptical that three to five years out that equities will give us any kind of return," Druckenmiller said at the Robin Hood Investo...
Tags: US, Trends, Bloomberg, Joe Biden, Pennsylvania, Warren Buffett, Biden, Donald Trump, Morgan Stanley, Trump, Democratic, US Treasuries, Druckenmiller, Stanley Druckenmiller, Nancy Zevenbergen, Duquesne Family Office


Biden forces are overwhelming Trump team in final burst of TV ad spending

Bloomberg's new TV ads for Biden in Texas and Ohio come as Trump's money woes force him to scale back his Florida ad spending.
Tags: Florida, Texas, News, Bloomberg, Ohio, Biden, Trump


Streetbees raises $39M in a Series B round as brands race to interrogate Pandemic-hit consumers

Streetbees started out as an app for consumers to snap pictures of supermarket shelf layouts and get paid. Consumer brands wanted to know if the supermarkets really had put them at eye level or not. Quickly, the startup realized it could interrogate consumers about how they felt about the brands themselves, turning their app into a new way to track consumer attitudes. With the pandemic hitting, brands now need tools like this to find out about consumer attitudes while they are stuck at home. Tod...
Tags: Travel, TC, Bloomberg, Lakestar, Procter, Pepsico Unilever, Streetbees, Christoph Schuh Partner, Latitude Atomico GMG Ventures, Alan Hudson Managing Partner GMG Ventures LLP


Deutsche Bank posts a surprise bounce back to profit with 3rd-quarter earnings, driven by 47% jump in debt-trading

REUTERS/Luke MacGregor Deutsche Bank beat expectations with its third-quarter earnings with a surprise return to profit, and posted a 47% jump in trading fixed-income securities and currencies.The bank set aside 273 million euros as provisions for bad loans, lower than the 371 million euros analysts polled by Bloomberg estimated. This was Deutsche Bank's strongest quarter in a year hammered by the coronavirus, as a market rally that started in 2019 provided an unexpected boost to its tradi...
Tags: Germany, Trends, Bank Of America, Bloomberg, Deutsche Bank, Deutsche, Shalini Nagarajan, REUTERS Luke MacGregor Deutsche Bank, Christian Sewing Deutsche Bank


iPhone 12 Models Might Support Reverse Charging of Future Apple Accessories According to FCC Filing

iPhone 12 models could have an inactive wireless charging feature for accessories, according to an FCC filing discovered by VentureBeat's Jeremy Horwitz. Mockup of reverse charging of AirPods on iPhone via The Apple Post In the filing, Apple said that 2020 iPhones support a wireless charging function that will seemingly be enabled for at least one future Apple accessory:In addition to being able to be charged by a desktop WPT charger (puck), 2020 iPhones also support WPT charging function at...
Tags: Apple, Featured, Fcc, Bloomberg, VentureBeat, Mark Gurman, Ming Chi Kuo, WPT, Apple Post, Iphone 12, iPhone 12 Pro, Jeremy Horwitz Mockup


Apple reportedly bought a video AI startup for $50 million as it tries to improve Siri and other apps

Karl Mondon/Digital First Media/The Mercury News via Getty Images Apple purchased artificial intelligence startup Vilynx earlier this year for approximately $50 million, Bloomberg reported Tuesday. Barcelona-based Vilynx built AI tools that analyze videos with the goal of "understanding" what's in them and categorizing that information, which Apple could use to improve Siri and other apps. Bloomberg also reported that around 50 of Vilynx's engineers and data scientists will stay on at App...
Tags: Apple, Startups, Europe, UK, Trends, Siri, Spain, Bloomberg, Barcelona, Artificial Intelligence, Tim Cook, Mergers and Acquisitions, Ai, Seattle, Europe Apple, Siri Apple