5 Hours Ago
SoftBank shares climb after Arm files for listing
Shares of SoftBank Group climbed as much as 3.36% on Tuesday after news that its chip unit Arm filed for a Nasdaq listing.
Arm did not disclose a share price and therefore has no valuation yet for the listing, but Reuters said that it is expected to be “the largest of the year.”
Shares of SoftBank pared gains later in the session and are currently up 2.16%.
6 Hours Ago
South Korea’s consumer sentiment weakens for first time since Feburary.
South Korea’s consumer sentiment weakened in August for the first time in six months, according to a survey from the Bank of Korea.
The consumer sentiment index fell to 103.1 from 103.2 the previous month. A reading above 100 means that optimists outnumber pessimists in the survey, and vice versa.
Consumers’ assessment of current domestic economic conditions, as well as their outlook for future domestic economic conditions worsened in July.
However, sentiment concerning future living standards and future household income improved from July, slightly offsetting the decline.
— Lim Hui Jie
6 Hours Ago
Hong Kong inflation rate slows more than expected in July
Hong Kong’s inflation rate slowed more than expected in July, coming in at 1.8% compared to the 2% expected by economists polled by Reuters. The figure is also lower than the 1.9% seen in June.
Hong Kong’s census and statistics bureau noted that the largest increase in prices in July were recorded for alcoholic drinks and tobacco, which jumped 18.4% year-on-year.
Prices of electricity, gas and water (up 9.9% year-on-year), as well as clothing and footwear (up 6.6%) rounded off the top three sectors that saw the largest increases in July.
On the other hand, prices of durable goods and basic food fell on a year-on-year basis in July, decreasing 3.3% and 0.5% respectively.
— Lim Hui Jie
8 Hours Ago
Expect Marvell Technology earnings to come in line with expectations, analysts say
Some on Wall Street are cautioning against getting too excited about Marvell Technology earnings on Thursday.
Analysts at JPMorgan and Raymond James in notes to clients on Monday said that they both expect the company’s fiscal second quarter to come in line with what they’ve been expecting. JPMorgan is overweight on the stock, while Raymond James has an outperform rating.
“We see the current headwinds to be largely cyclical/ short-term in nature, and we believe the company continues to execute on its LT growth initiatives and should drive above-industry growth mid/longer-term,” said JPMorgan analyst Harlan Sur.
Shares climbed nearly 4% in Monday’s session.
See Chart…
Marvell Technology, 1-day
8 Hours Ago
Stocks making the biggest moves after hours
Here are the stocks making the biggest moves in extended trading.
Zoom — Shares jumped nearly 4% after the company reported an earnings and revenue beat during its fiscal second quarter. Zoom posted $1.34 earnings per share on $1.14 billion in revenue. Analysts had estimated $1.05 earnings per share on $1.12 billion in revenue, according to Refinitiv. Meanwhile, the company’s current-quarter guidance came slightly below analyst expectations.
Fabrinet — Shares advanced manufacturing services company surged more than 18% after its fiscal fourth-quarter results beat both top and bottom lines. The company’s CEO Seamus Grady said very strong growth in data communications revenue and new AI products, led the company to record performances in the 2023 fiscal year.
— Hakyung Kim
9 Hours Ago
Stock futures open lower
U.S. stock futures inched down Monday.
Dow Jones Industrial Average futures shed 27 points, or 0.08%. Meanwhile, S&P 500 and Nasdaq 100 futures declined 0.1%.
— Hakyung Kim
Read More:Stock futures lower after Nasdaq rises to best day in August: Live updates
2023-08-22 06:13:00
