Social media stocks plunge following Snapchat warning

Shares of Instantaneous (INSTANTANEOUS) plunged more than 40% on Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States. The company said in a regulatory filing that its bleak outlook was due to “the macroeconomic environment deteriorating further and faster than expected.” News of Snap’s woes sent … Read more

Snap stock drops 30% as company cuts profit forecast

Since late April, “the macroeconomic environment has deteriorated further and faster than expected. As a result, we believe it is likely that we will report revenue and Adjusted EBITDA below the bottom of our guidance range for the second quarter of 2022,” the company said in a statement. Filing of securities in the United States. … Read more

Pfizer and Moderna created lifesaving vaccines and their stocks soared last year. And now?

All three stocks have surged dramatically in 2021, thanks in large part to the success of their Covid-19 vaccines and strong sales. But 2022 hasn’t been so kind to them. Shares of Pfizer (DFP) are down around 15%, while its vaccine partner Comirnaty BioNTech (BNTX) fell 35%. Modern (mrna) did even worse, diving more than … Read more

Stock futures gain as Wall Street seeks to snap 8-week losing streak

U.S. stock index futures gained late on Sunday after Wall Street tumbled last week to its longest losing streak since 1932. Futures contracts Dow Jones Industrial Average YM00, +0.50% have recently risen around 170 points, or 0.5%, while S&P 500 ES00 futures, +0.58% and Nasdaq-100 NQ00 futures, +0.52% posted gains closer to 1%. CL.1 crude … Read more

Equity week ahead: What if the Fed can’t get inflation under control?

Members of the Federal Reserve, the central bank responsible for pushing inflation from 8.3% to its target of around 2%, are now raising interest rates in an attempt to cool the economy. That’s okay: the medicine doesn’t have to go down easy if it works fast and well. But inflation rates have risen sharply since … Read more

Elon Musk Called ESG a Scam – Did Tesla Chief Do Investors a Favour?

Investing typically uses a combination of head, heart, and gut, even though it’s not supposed to. And perhaps no market theme evokes “all the emotions” like ESG. This week, a major decision to remove Tesla from a closely tracked environmental, social and governance (ESG) index drew anger and relief in almost equal measure. Defiance was … Read more