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IT’S OFFICIAL: Apple is the first US company worth $US1 trillion
The company on Tuesday reported second-quarter earnings that topped Wall Street expectations, sending shares surging by more than 5% into Wednesday. The rally continued on Thursday, propelling shares to the magic number of $US207.05 apiece.
That price translates to a $US1 trillion market cap based on the current estimated number of outstanding shares.
The stock market is seeing abnormally large moves this earnings season – Goldman Sachs explains why, and how traders can capitalise
Single-stock price fluctuations have been more extreme this earnings season than at any other point in the past eight quarters, Goldman Sachs says.
The firm attributes this to poor forecasting from Wall Street analysts that has been driven by unpredictable macro developments.
Goldman also offers four single-stock trades for the remainder of earnings season.
Kroger’s battle with Visa is escalating
Kroger, the largest supermarket chain in the US, is ending Visa credit card acceptance at 21 of its Foods Co supermarket subsidiaries and five gas stations in California, effective August 14, according to The Wall Street Journal . The stores will still accept Visa debit cards.
Kroger and Visa have been in an ongoing dispute. The companies have been battling over interchange fees, which are charged to merchants each time a customer makes transactions using a credit card. Kroger sued Visa in 2016 over debit card transactions, after Visa said that the retailer’s EMV-enabled terminals didn’t comply with Visa regulations.
Tesla’s surging stock has cost short sellers $US1.1 billion in a single day
Score one for Elon Musk .
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