In an unprecedented move, the stock price of world's most diversified business conglomerate fell 21 percent on the Wall Street. The shares of General Electric (GE) suffered biggest loss ever since the Black Monday in 1987 eroding the company's value by a whopping $53 billion.
Tags: Wall Street
Pandora's stock tumble wipes out $1.4-bn market cap
The internet radio services provider Pandora's stock plummeted owing to increased competition in the global market. Pandora shares dropped 35 percent on Wall Street in just one session eroding $1.4billion market capitalization of the company. The emerging competition in internet radio services from global majors such as Apple is impacting the Pandora's performance. Adding to this YouTube has also introduced a subscription plan for music and video.
Opinion among Federal Reserve Policymakers on U.S. rate hike isn't as divided as it seems
There are mixed opinions coming from the US Central Bank in the past few weeks, but the Federal Reserve policymakers aren't really as divided as they seem as they work under the same framework in determining when to increase interest rates.
Wal-Mart shares tumble as profit forecast to drop
Wal-Mart's stock tumbled on the Wall Street following the forecast of earnings drop in the range of 6-12 percent hammered down the market sentiment. Wal-Mart shares fell 10.04 percent or $6.70 to $60.03 indicating biggest fall in a day during the past three decades. The stock was already trading 22 percent lower before the latest drop. Gearing up to compete with Amazon, Wal-Mart Stores Inc hiked investment in internet technology and raised wages. The earnings are expected to be flat for the current fiscal year and one or two percent lower than the previous forecast. The third quarter results from Wal-Mart are scheduled on 17 November.
Wall Street gains propel Asian indices up; China markets reopen on positive note
Taking cues from the overnight gains on Wall Street, Asian markets moved upwards marginally on Thursday. The reopening of trading in Chinese markets after a long-week holiday streak also infused fresh interest into the market.
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Apple may have exceeded internal targets for third quarter of fiscal year 2015, but Wall Street is not impressed. In its earnings report, the company announced that sales of iPhone, which represents more than half of Apple's business, had increased.Apple sold 47.5 million iPhone units.
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
Wall Street was set to open lower as optimism regarding a resolution of the Greek debt crisis faded with the International Monetary Fund pulling out of bailout talks.
Wall Street opened lower on Tuesday after the dollar jumped to a one-month high on data showing that U.S. business investment spending plans increased solidly for a second straight month in April.
The S&P 500 closed at a record high on Thursday after disappointing economic data bolstered expectations that an interest rate hike is likely to come only later in the year.
Wall Street was set to open little changed on Wednesday with investors cautious ahead of the release of minutes from last month's Federal Reserve meeting, which is expected to shed light on when interest rates will be hiked.
Wall Street was set to open higher on Thursday as weekly jobless claims fell, suggesting that the labor market was on solid footing even as the economy struggles to regain momentum.
The Federal Reserve on Wednesday awarded $92.13 billion of overnight fixed-rate reverse repurchase agreements to 37 bidders at an interest rate of 0.05 percent, the New York Fed said on its website.
Wall Street closed lower on Monday as investors fretted about Greece's precarious financial condition and slowing growth in China, while energy stocks fell on weaker oil prices.
