Big tech stocks tumble amid market uncertainty

Published

2 months ago

July 1, 2022

Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

Related Topics:Amazon Economy inflation markets Tech Technology tesla ukraine

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Natasha Schapova

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

This investor sold its equity stake in Twitter during Musk takeover saga

Published

20 hours ago

August 17, 2022

Rick D'Andrea, Brittany Coles

A Securities and Exchange filing has showed active investor Elliott Management has sold its equity stake, as well as cutting its exposure, to Twitter

The company previously held 10 million stocks in the social media giant, and was one of its major shareholders.

Twitter’s stock price dramatically rose in April, on the back of Elon Musk wanting to buy the company for approximately $44billion.

The after-effects of the takeover saga are still ongoing, with the billionaire and Twitter embroiled in a legal battle.

Business

Why a Bitcoin mining company is going against a major merger

Published

20 hours ago

August 17, 2022

Rick D'Andrea

Bitcoin mining company PrimeBlock has ended plans to go public via a specialpurpose acquisition company (SPAC) merger with 10X Capital.

The firms terminated the agreement via mutual consent, according to a US Securities and Exchange Commission filing.

Plans for the merger were confirmed in April, with expectations that it would be completed in the second half of 2022, carrying an enterprise value of $1.25billion.

No official reason has been given for the decision, but it is believed the volatility of both the crypto and mainstream markets in recent months may be a factor.

Business

American Airlines is getting into supersonic travel with major Boom order

Published

1 day ago

August 17, 2022

Ahron Young

What was once a pipe dream – to fly as they did on the Concorde – American Airlines is bringing back supersonic travel.

The US airline has agreed to purchase 20 supersonic Overture planes from Boom Supersonic.

The deal is the second firm order in the last two years for Boom, which is still years from building its first commercial airplane.

“Passengers want flights that are faster, more convenient, more sustainable and that’s what Overture delivers,” Boom CEO Blake Scholl told CNBC.

“Flight times can be as little as half as what we have today, and that works great in networks like American where we can fly Miami to London in less than five hours.”

Last year United Airlines made a commitment to buy 15 Overture jets.

Boom says the Overture jet will dramatically cutting trans-Atlantic and trans-Pacific flight times.

“Supersonic travel will be an important part of our ability to deliver for our customers,” American’s chief financial officer, Derek Kerr, said in a statement announcing the order.

American has the option to purchase another 40 Overtures in the future.