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The company explained a 17-per cent drop in revenue by a tough macroeconomic environment and a “broad downturn” in the semiconductor sector. Semiconductors and wireless telecommunications products manufacturer Qualcomm Incorporated (NASDAQ: QCOM) has reported its earning for the second quarter (Q2) of 2023. Qualcomm has beaten analysts’ revenue forecasts, with $9.27 billion
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The US stock indices notably derailed from the recent growth path it has charted in recent times following the rate hike news. The US stock market and its associated indices took a major plunge at the close of trading on Wednesday as the Federal Reserve’s Open Market Committee (FOMC) hiked interest
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PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses. Shares of bank holding company PacWest (NASDAQ: PACW) led a heavy crash in bank stocks on Tuesday. The stock tumbled nearly 28% as the general banking clime continues to
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Chegg is facing massive disruptions in its education business amid the rapid growth of AI platforms. To contain this, Chegg is building its own AI platform CheggMate in collaboration with OpenAI. The introduction of ChatGPT by OpenAI has certainly created a massive disruption in the tech world while giving other
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Crypto exchange Coinbase’s stock price will continue to be “weighed down” until regulators establish the legal “rules of the road” in the United States, according to investment analysts from Citi.As per reports on May 1, the investment bank downgraded shares of the crypto exchange from “Buy” to “Neutral” and lowered
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Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge
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Amid lower fossil fuel costs, BP’s profits tanked in comparison to the bumper profits recorded in 2022. On Tuesday, May 2, oil major British Petroleum (BP) reported stronger-than-expected first-quarter (Q1 2023) profits, and rising from the previous quarter i.e. Q4 2022. However, the numbers were down from the exceptional profits
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Analysts at H.C. Wainwright have said that the crypto winter of 2022 ceases to have any bearing on related stocks. H.C. Wainwright believes that the crypto winter is over and has called for a buy on Coinbase (NASDAQ: COIN) stock. According to the New York-based investment bank, Coinbase stands to benefit from global
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Affected by reduced demand for Covid drug Molnupiravir, Merck has published reduced revenue figures according to its Q1 2023 report. Multinational pharmaceutical giant Merck & Co Inc (NYSE: MRK) has released its Q1 2023 report. The company’s figures show a reduction in revenue due to several factors, including a plunge in
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In-restaurant sales at Chipotle during Q1 2023 popped 22.9%, while digital sales represented 39.3% of food and beverage revenue. Despite increased menu prices, Chipotle Mexican Grill (NYSE: CMG) recorded impressive earnings and revenue in Q1 2023. On Tuesday, the restaurant company released its quarterly financial performance that exceeded analysts’ expectations. The chain’s
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