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Technology

Reuters | Equities.com |

ByteDance abandoned the sale of TikTok in the United States on Sunday in pursuit of a partnership with Oracle Corp that it hopes will spare it a U.S. ban while appeasing China's government, people familiar with the matter told Reuters.

The Beijing-based company had been in talks to divest TikTok's U.S. business to either Oracle or a consortium led by Microsoft Corp after U.S. President Donald Trump ordered the sale last month an...


AP News | Equities.com |

Wall Street closed out its worst week since June with another day of churning trading Friday, as big technology stocks resumed their suddenly weakened ways.

The S&P 500 rose 1.78, or 0.1%, to 3,340.97, but only after a roller-coaster day where a gain of 0.9% gave way to a loss of 0.9%. It kept swinging up and down after that, the latest examples of the lightning-quick shifts in momentum that have rocked Wall Street recently. Through the tumultuous week, the S&P 500 lost 2.5% to clinch its its first back-to-back weekly loss in four months.

The Nasdaq composite, which includes many of the superstar tech stocks that have been the focus of the market’s recent selling, lost 66.05, or 0.6%, to 10,853.55 after also flip-flopping between gains and losses. Its 4.1% drop for the week was its worst since market panic was peaking about the coronavirus and stocks hit a bottom in late March.


Reuters | Equities.com |

IBM Corp said on Friday the U.S. Commerce Department should adopt new controls to limit the export of facial recognition systems to repressive regimes that can be used to commit human rights violations.

The company said in a statement the United States should institute new export limits on “the type of facial recognition system most likely to be used in mass surveillance systems, racial profiling or other human rights violations.”

In July, the Co...


AP News | Equities.com |

Technology and energy companies led a broad sell-off on Wall Street Thursday that wiped out nearly all of the market’s gains from a strong rally the day before.

The S&P 500 lost 1.8% after having been up briefly by 0.8% in the early going. The slide cut deeply into the benchmark index’s 2% gain on Wednesday. The latest gyrations follow a wild stretch where the S&P 500 careened from its worst three-day slump since June to its best day in nearly three months.

Tech stocks accounted for the biggest share of the broad sell-off. The sector has been at the center of the market’s swings, hurt by criticism that their recession-defying surge in recent months was overdone. The Nasdaq, which is full of tech stocks, slumped 10% from last Thursday through Tuesday and recovered for a 2.7% gain Wednesday. It lost most of that ground Thursday, falling 2% after shedding an early gain.


AP News | Equities.com |

Wall Street snapped back to life on Wednesday, recovering from its worst stretch of losses in months, as the bloodletting for big technology stocks came to at least a temporary halt.

Apple, Amazon and other tech companies that suddenly lost their momentum late last week on worries their stocks soared too high all regained some ground. They helped the S&P 500 rally 67.12, or 2%, to 3,398.96. It was the best day in three months for the index, which recovered a little more than a quarter of its losses from the prior three days.


Reuters | Equities.com |

Slack Technologies Inc posted slowing quarterly billings growth and added fewer paid customer to its workplace messaging platform, hurt by strong competition in the work-from-home market, sending its shares down 15% in after-hours trading.

As the market for remote work expands, many players like Zoom, Google and Microsoft Teams are looking to capture a larger share of the market.

This has further pressured Slack that has flagged slowing demand from worst-af...


AP News | Equities.com |

Big technology stocks tumbled again on Tuesday, continuing the Icarus-like flight path for companies that just a week ago were the high-flyers carrying Wall Street to record heights.

The S&P 500 fell 95.12, or 2.8%, to 3,331.84 and clinched its first three-day losing streak in nearly three months. Big names that were the main reasons for the market’s rocket ride back from its pandemic-caused losses were among the heaviest weights. Apple sank 6.7%, Microsoft pulled 5.4% lower and tech stocks across the index were down 4.6%.


Reuters | Equities.com |

German business software group will under new Chief Executive Christian Klein pursue growth but in so doing has no intention of sacrificing its goal of expanding margins in the medium term, a senior executive said on Tuesday.

Analysts have perceived a renewed focus on growth since Klein assumed sole leadership at SAP earlier this year, but Chief Financial Officer Luka Mucic restated the company’s mid-term margin goals.

“There should not be any doubt towards our commitment towards driving growth and increasing efficiency,” Mucic said in a fireside chat at an online tech conference organised by Citi. SAP would not sacrifice growth by being one-dimensionally focused on company-wide margins, he added.


AP News | Equities.com |

TikTok says it’s working to remove videos of a man apparently taking his own life and banning users who keep trying to spread the clips on the popular social media platform.

It’s the latest example of the ongoing struggle by big tech companies to police their platforms for harmful content amid increasing pressure from regulators.

The video was originally live-streamed on Facebook before being circulated on other platforms includ...


David Nelson, CFA CMT | Equities.com |

The recent run up to all-time highs has been on weak breadth and narrow participation. While most equity sectors were hit hard last week it was technology that took the brunt of the selling as investors headed for the exits dumping high beta secular growth stocks. It's hard to know just what the trigger was and maybe that isn't important.

Asset Class Returns from Peak

The growth to value trade continued as investors headed for the exits dumping the dance partners that drove th...