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Wednesday, January 27, 2021 This article was first featured in Yahoo Finance Tech, a weekly newsletter highlighting our original content on the industry. Get it sent directly to your inbox every Wednesday by 4 p.m. ET. Subscribe GameStop’s stock is on fire, but that has nothing to do with reality GameStop (GME). Who would have thought the most talked about stock on Wall Street in early 2021 would be a past-its-prime mall retailer? And yet here we are. The company’s stock has gained an… Source link

A convergence of factors joined forces on Wednesday to scare the bull thesis in stocks and really club the market into the ground. Losses on the Dow Jones Industrial Average (2.2%), Nasdaq Composite (2.7%) and S&P 500 (2.6%) all accelerated into the close. The selloffs marked the biggest plunges for the major indexes since October, notes Yahoo Finance markets reporter Jared Blikre. The session was wobbly out of the gate Wednesday, but experts point to two things in particular for the hearty… Source link

Bloomberg Hedge-Fund Titans Lose Billions to Reddit Traders Running Amok (Bloomberg) — For once, Main Street is beating Wall Street.In a matter of weeks, two hedge-fund legends — Steve Cohen and Dan Sundheim — have suffered bruising losses as amateur traders banded together to take on some of the world’s most sophisticated investors. In Cohen’s case, he and Ken Griffin ended up rushing to the aid of a third, Gabe Plotkin, whose firm was getting beaten down.Driven by the frenzied trading… Source link

Tesla (TSLA) reported fourth-quarter results Wednesday after market close, offering the last look at the electric car-maker’s performance at the end of a record-breaking year and early guidance for 2021. The company posted its first-ever quarter doing $10 billion or more in revenue. However, Tesla’s earnings fell short of estimates, though the company did eke out a sixth straight quarterly profit. Shares fell more than 4% in late trading after the results. Here were the main results in… Source link

RFI China and US swap accusations of genocide, but does it make any sense? The last official act of out-going US Secretary of State Mike Pompeo was to accuse China of perpetrating “genocide” against its Uyghur population. China was quick to point to the US’s treatment of its own indigenous people, to the American history of slavery and discrimination. The increasingly vitriolic war of words adds to the ongoing deterioration of ties between Beijing and Washington. In a strongly worded press… Source link

A clash of the classes — “proletariat vs bourgeoisie” — is at the heart of the GameStop (GME) short squeeze saga, says one WallStreetBets participant. “WSB feels like it’s the working class vs. the hedge funds. The poor vs. the rich,” Twitter user @redditinvestors, who has been following Reddit’s WallStreetBets forum for years, told Yahoo Finance on Wednesday morning. WSB user and YouTuber Louis Rossman agrees. “There’s a lot of pent-up aggravation at the financial services… Source link

Microsoft (MSFT) is officially a cybersecurity giant. For the first time on Tuesday, Microsoft disclosed revenue from its various security offerings as part of its quarterly earnings — $10 billion over the last 12 months. That amounts to a 40% year-over-year jump in the growing security business, making up roughly 7% of the company’s total revenue for the previous year. “We waited in some sense [until] this milestone to show the depth, the breadth, the span of what we are doing,”… Source link

Bloomberg Hedge-Fund Titans Lose Billions to Reddit Traders Running Amok (Bloomberg) — For once, Main Street is beating Wall Street.In a matter of weeks, two hedge-fund legends — Steve Cohen and Dan Sundheim — have suffered bruising losses as amateur traders banded together to take on some of the world’s most sophisticated investors. In Cohen’s case, he and Ken Griffin ended up rushing to the aid of a third, Gabe Plotkin, whose firm was getting beaten down.Driven by the frenzied trading… Source link

Shares in video game retailer GameStop (GME) are on a wild rollercoaster ride, fueled by retail trader geeks on Reddit—and newly minted New York Mets owner Steven A. Cohen is obscurely involved. GameStop shares rose more than 50% last Friday after users on the Reddit forum WallStreetBets (WSB) ganged up to buy the stock in response to a number of short calls, most notably from Andrew Left of Citron Research, who predicted that the stock would drop to $20. (GameStop isn’t the only one: AMC… Source link

Those select few on Wall Street waiting for tech giant Microsoft (MSFT) to stumble a bit amid sky-high expectations will have to wait another quarter. Or maybe another year. The company had a litany of wins in its most recent quarter that suggests business momentum will be sustained for some time, Jefferies tech analyst Brent Thill thinks. First, sales of Microsoft’s cloud service Azure rose an impressive 50% year-over-year as companies continued to pull forward cloud spending as workforces… Source link