Here is what you need to know.
Facebook sees the biggest wipeout in stock-market history.Shares plunged 19% on Thursday following the social-media giant’s disappointing second-quarter results, wiping out $US120 billion in market value.
Amazon reports a record profit. The e-commerce giant posted a record profit of $US2.5 billion in the second quarter – which was nearly 13 times bigger than a year ago.
Starbucks slows down in China. The coffee giant reported record revenue in its fiscal third quarter, but said same-store sales in China fell 2% amid strong competition and hiccups in its delivery program, Reuters reports.
Cybersecurity company Tenable spikes in its trading debut.Shares surged 31.5% in their trading debut on Thursday, giving the company a market cap of about $US2.7 billion.
Slack gobbles up one of its biggest rivals. Slack – the $US5 billion messaging service – has agreed to buy the IP to Stride and HipChat from Atlassian. Terms of the deal were not disclosed.
AMD says its crypto boom is over. “For Q2, we were approximately 6% of revenue for blockchain,” Lisa Su, AMD’s chief executive, told analysts. “For Q3, we’re planning very little blockchain.”
The SEC rejects the Winklevoss twins’ bitcoin fund for a second time. The US Securities and Exchange Commission first rejected a plan by Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, to list a bitcoin ETF in March 2017.
Stock markets around the world trade mixed. China’s Shanghai Composite (-0.3%) trailed in Asia and Britain’s FTSE (+0.5%) is out front in Europe. The S&P 500 is set to open up 0.23% near 2,844.
Earnings reports keep coming. Chevron, Merck, and Twitter are among the names reporting ahead of the opening bell.
US economic flows. GDP will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.97%.
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