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FINANCIAL NEWS
Ford pushes new rules for US dealers to sell its electric cars

On Wednesday, Ford Motor Co. released strict new rules for US dealers to sell its electric vehicles, including requiring fixed prices and upfront investment in chargers as the automaker attempts to cut overhead costs and boost profits.

Adobe agrees to buy startup Figma to expand creative offerings, shares plunge

Technology giant Adobe Inc. agreed Thursday to acquire design-software startup Figma Inc. in a deal valued at roughly $20 billion as it expands its range of creative tools for professionals.

Roblox shares climb on plans to debut 3D advertising next year

At its annual developer conference Friday, online gaming firm Roblox Corp. announced it plans to debut 3D ads next year as it strives to diversify its revenue stream beyond in-game purchases.

Meta Platforms acquires technology startup Lofelt as it expands VR footprint

Facebook parent Meta Platforms Inc. said it has acquired Lofelt, a Berlin technology startup aiming to replicate the illusion of touch in virtual reality.

Mercedes-Benz and Rivian enters partnership to make electric vans in Europe

On Thursday, Mercedes-Benz Vans and Rivian announced they are partnering to establish a new European factory that would produce electric vans for both brands, sending Rivian shares up about 6%.

Snap share surge on plans to cut costs across the board

Shares of Snap Inc., the parent company of social media app Snapchat, surged as much as 14.9% Wednesday following news of the company's plan to cut costs.

Chip stocks tumble amid latest US restrictions, affects Nvidia's China business

US chip stocks tumbled Thursday after government officials told them to stop exporting cutting-edge processors for artificial intelligence to China.

Meta stock slide after reporting first-ever revenue decline

For the first time, Facebook parent Meta Platforms Inc. posted a decline in revenue and issued a muted outlook as it competes with rival TikTok.

Nvidia gives dismal forescast on "challenging" market conditions

Graphics chip designer Nvidia on Wednesday issued a weak forecast for the third quarter on the back of a weakening gaming industry, sending its shares down 4.7% in after-hours trading following the results.

Netflix denies reports on pricing for ad-supported tier, still in discussions

Streaming giant Netflix refuted recent claims of pricing estimates by Bloomberg, which suggested the new add-supported streaming tier will have a monthly cost of $7 to $9 as it competes with Walt Disney.

Ford cuts 3,000 jobs as the company shifts its focus to electric vehicles

Ford Motor Co. confirmed Monday it is cutting roughly 3,000 white-collar and contract jobs in its latest efforts to reduce costs and fund its $50 billion transition to electric vehicles.

Coinbase loses market share amid investors' crypto winter fears

Crypto giant Coinbase's market share fell from highs of 10.7% in January to 6.3% in July, a sign that the largest US cryptocurrency exchange is losing ground.

AMC stock witness sixth straight day rally amid market-growth optimism

As meme stocks came back into vogue by retail investors, spurred by the market's growing optimism, shares of AMC Entertainment Holdings climbed on Monday, on pace to complete a six-day winning streak.

Micron invest in US chip manufacturing despite warning of demand slowdown

Micron announced Tuesday it would invest $40 billion over the next decade to manufacture chips in the US despite its latest comments citing a worsening market.

Amazon to acquire vacuum maker iRobot for $1.7 billion

Amazon and iRobot announced it is acquiring the Roomba maker for $61 a share in an all-cash deal valued at $1.7 billion, as Amazon pushes its presence in consumer robotics.

PayPal shares surge on strong quarterly results and confirmed Elliott stake

Shares of financial technology giant PayPal Holdings Inc. surged more than 12% in premarket trading Wendsday after the company announced better-than-expected second-quarter results and said it made significant progress in terms of capital efficiency.

Amazon stock surge over 12% on strong AWS sales and guidance

After a three-day bombardment of earnings reports from mega-cap tech companies last week, Amazon was the big winner, posting better-than-expected results that spurred a sharp rise in the stock on Friday.

Apple sees no slowdown in demand for iPhones despite grim economy

On Thursday, investors were encouraged by Apple's quarterly results that were "just good enough" to ease concerns about a strong dollar, inflation, chip shortages, and COVID-19 precautions in China.

Microsoft shares climb on double digit growth guidance

Driven by demand for cloud computing services, Microsoft Corp. on Tuesday forecasted revenue this fiscal year would grow by double digits in sales and operating income in fiscal 2023.

Verizon stock plunge amid weak subscriber growth and guidance

Last week, shares of Verizon Communications Inc. (NYSE:VZ) plunged to their biggest drop in 14 years after the company said cash-strapped customers and stiffer competition would pressure its business through the end of the year.

IBM posts impressive quarterly results driven by solid demand

On Monday, International Business Machines, better known as IBM, reported better-than-expected quarterly revenues, rising 9% year-over-year to $15.5 billion on strong demand for the company's AI and hybrid cloud products.

Netflix vows a rebound, raises new hopes of subscriber growth

On Tuesday, Netflix, whose stock has had a rough 2022, said it had lost fewer subscribers in the second quarter than previously anticipated, sending shares up 8% in after-hours trading.

Tesla beats earnings estimates on strong revenue growth, sells most of Bitcoin

Electric-vehicle leader Tesla on Wednesday reported quarterly earnings after the bell that beat analysts' expectations again. Despite facing several challenges, including limited production and shutdowns in Shanghai for the majority of the second quarter, Tesla reported revenues of $16.93 billion.

Walmart backs EV startup Canoo with agreement for electric delivery vans

On Tuesday, Electric vehicle startup Canoo Inc. signed a definitive agreement with Walmart to buy at least 4,500 of its upcoming electric delivery vans, a significant win for the embattled vehicle maker.

Activist Investor Elliott Management acquires 9% stake in Pinterest, stock soars

The Wall Street Journal reported Thursday that Elliott Management Corp., known for its activist investments, has taken a major stake in Pinterest Inc., citing people familiar with the matter.

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