Tech Stocks Continue to Plummet, Stoking Fears of Recession
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Tech Stocks Continue to Plummet, Stoking Fears of Recession
Tech Stocks , Continue to Plummet, , Stoking Fears of Recession.
'Time' reports that the tech sector has suffered
deep losses as much of the population returns
to work after two years of the pandemic.
On May 9, the tech-heavy Nasdaq dipped over 4% after
a disappointing April that had the worst monthly
performance since the 2008 financial crisis.
.
On May 9, the tech-heavy Nasdaq dipped over 4% after
a disappointing April that had the worst monthly
performance since the 2008 financial crisis.
.
According to 'Time,' the slump has erased trillions of dollars in market value as investors dump shares across the spectrum of the tech industry.
.
On May 11, shares of Amazon
were trading 40% below the company's
52-week high of $3,773.08.
On May 11, shares of Amazon
were trading 40% below the company's
52-week high of $3,773.08.
Shares of Apple also have dropped 15% since January
2022, while Facebook's parent company, Meta, has
seen its stock price drop 47% since September.
Shares of Apple also have dropped 15% since January
2022, while Facebook's parent company, Meta, has
seen its stock price drop 47% since September.
U.S. Treasury Secretary Janet Yellen
warned that market turbulence
is likely to extend through the summer.
There is the potential for continued
volatility and unevenness of global growth
as countries continue to grapple with
the pandemic.
Russia’s unprovoked
invasion of Ukraine has further
increased economic uncertainty, Janet Yellen, U.S. Treasury Secretary, via 'Time'.
There is the potential for continued
volatility and unevenness of global growth
as countries continue to grapple with
the pandemic.
Russia’s unprovoked
invasion of Ukraine has further
increased economic uncertainty, Janet Yellen, U.S. Treasury Secretary, via 'Time'.
According to 'Time,' there are three primary factors driving the downward trajectory of tech stocks.
.
The plunge is the result of falling earnings,
rising interest rates and concerns regarding
the future outlook of the economy.
The plunge is the result of falling earnings,
rising interest rates and concerns regarding
the future outlook of the economy.
The entire U.S. economy is about
to shut down again, but this time
it won’t be a dress rehearsal
like with [COVID-19], Peter Schiff, CEO and chief global strategist
at Euro Pacific Capital, via 'Time'
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Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trump’s Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
Truth Social Soars Nearly 50% , in First Day on Nasdaq.
The former president's social media company began trading on the Nasdaq on March 26, AP reports. .
Digital World Acquisition Corp. acquired Trump Media & Technology Group Corp., which runs Truth Social, on March 25.
Trump Media has taken the place
of Digital World on the Nasdaq. .
On March 25, Trump said, "Truth Social is doing
very well. It's hot as a pistol and doing great.".
Trump Media's market value was roughly
$6.8 billion prior to trading, AP reports. .
Shares were up 47% at $73.50
just before 10 a.m. ET.
Truth Social's ticker symbol is "DJT.".
Trump launched Truth Social in 2022 after being banned from Twitter and Facebook. .
The social media platform had approximately 5 million users in February, according to research firm Similarweb.
Investors could be in for
a bumpy ride, AP reports.
In a regulatory filing, Trump Media said that it “is highly dependent on the popularity and presence of President Trump.”.
If Trump were to distance himself from the
company, perhaps for reasons such as campaigning
for presidency, Trump Media “would be
significantly disadvantaged,” the filing states. .
Similarly “an adverse outcome in
one or more” of the cases in which the
former president is embroiled could harm
the success of Trump Media and Truth Social.
Credit: Wibbitz Top Stories Duration: 01:31Published
Fabric and Craft Retailer Joann , Files for Bankruptcy.
The 81-year-old company made the announcement on March 18, CNN reports. .
The retailer has also secured $132 million
in new funding to cut its debt in half.
Joann's 850 stores and website
will remain operational. .
This agreement is a significant
step forward in addressing
Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement .
... and it will provide us with the
financial resources and flexibility
necessary to continue to deliver
best-in-class product assortments... , Scott Sekella, Joann's chief financial officer, via statement .
... and enhance the customer
experience wherever they
are shopping with us, Scott Sekella, Joann's chief financial officer, via statement .
The Nasdaq has delisted Joann's stock. .
The company will become privately owned after the bankruptcy process.
The bankruptcy of Joann has been
looming for a long time and was always
a matter of when, rather than if, Neil Saunders, managing director and
retail analyst for GlobalData, via note.
The bankruptcy process will now
allow the arts and crafts chain
to receive an infusion of cash at
the same time as streamlining its
operations and reducing debt levels, Neil Saunders, managing director and
retail analyst for GlobalData, via note
Credit: Wibbitz Top Stories Duration: 01:30Published
Travis Kelce just landed his first TV job. The Kansas City Chiefs tight end is set to host a spin-off of the Fox game show 'Are You Smarter Than a 5th Grader?' for Amazon's Prime Video. The new show hosted by Kelce is titled 'Are You Smarter Than a Celebrity?' It will see adult contestants answer elementary curriculum questions with the help of a classroom full of famous faces.
Credit: The Hollywood Reporter Duration: 01:24Published
It looks like there's a new 'Legally Blonde' TV show in the works…what like it's hard? Reese Witherspoon and her Hello Sunshine banner is teaming up with Amazon to develop a 'Legally Blonde' TV series. 'Gossip Girl' and 'The O.C.' grads Josh Schwartz and Stephanie Savage are attached to write the TV offshoot.
Credit: The Hollywood Reporter Duration: 01:07Published
Amazon Is Getting Rid of , Just Walk Out Technology , at Its Fresh Grocery Stores.
The company's Just Walk Out
technology allows customers to
avoid standing in checkout lines.
It works by sending receipts to customers after they've left the store with their items.
While customers have said they enjoy the process, .
they wish they could view their receipts and savings while they are shopping, according
to Amazon spokesperson Carly Golden.
As a result, Amazon is revamping its
grocery chain to better serve customers.
The Just Walk Out technology will
be replaced by smart carts that provide spending data in real time, NPR reports. .
Most Fresh grocery stores are located in
Washington State, California, Illinois and Virginia. .
The retailer also operates Amazon Go
stores in addition to owning Whole Foods.
The retailer also operates Amazon Go
stores in addition to owning Whole Foods.
Amazon Go stores and smaller Fresh
stores in the U.K. will continue to use
Just Walk Out technology, NPR reports.
Last year, Amazon CEO Andy Jassy said that the company is still trying to figure out how to have
a greater impact on physical grocery stores.
This revamp, and "selectively" launching new Fresh locations, is part of that process, Golden said
Credit: Wibbitz Top Stories Duration: 01:31Published
Jon Stewart is saying that Apple asked him not to talk to the Federal Trade Commission Chair Lina Khan on his former Apple show 'The Problem with Jon Stewart.' Khan, who became chair of the FTC in 2021, has made a name for herself for being an outspoken critic of the business practices of Big Tech companies like Amazon and Meta and has been praised by both Democrats and Republicans for her antitrust efforts. Khan was a guest on Monday's episode of Comedy Central's 'The Daily Show,' where Stewart made the revelation.
Credit: The Hollywood Reporter Duration: 01:47Published
These US Cities, Have the Highest Populations of, Millionaires.
According to a report by Henley & Partners,
the United States remains the top country in the
world for private wealth creation and accumulation.
Quartz reports that the U.S. accounts
for about 32% of global liquid investable
wealth, valued at approximately $67 trillion.
Here are some of the cities
with the largest populations of
millionaires, according to the report.
Austin, This Texas city had the biggest explosion
in millionaire growth in the U.S. over the past
ten years, reaching 32,700 by the end of 2023. .
Miami, This Florida city is home to
35,300 millionaires and 15 billionaires,
including Amazon CEO Jeff Bezos.
Boston, While having just eight billionaires,
the fewest of any other city on the list,
this New England city is home to , 42,900 millionaires.
Seattle, This Washington State city is the home of
some of the largest corporations in the U.S.,
including Amazon and Microsoft. It's also
home to 54,200 millionaires and 11 billionaires. .
Chicago, Approximately 120,500 millionaires
live in this Midwestern metropolis. .
Los Angeles, The second-most populous city in the U.S. has about, 212,100 millionaires and 43 billionaires.
San Francisco, The tech hub of the U.S. boasts the most
billionaires with a whopping 68, as well as
the second-most millionaires with 305,700. .
New York, The city with the most high
net worth individuals has about , 349,500 millionaires
and 60 billionaires
Credit: Wibbitz Top Stories Duration: 01:31Published
Police have taken down a gang accused of using a technology service that helped criminals use fraudulent text messages to steal from victims.
They have arrested 37 people worldwide and are contacting victims.
The technology allowed scammers without technical skills to bombard victims with messages designed to trick them into making payments online. Report by Gluszczykm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The defence secretary pledged support for Israel as long as it 'behaves responsibly' ' and 'within international law'. Grant Shapps blamed Iran for all the problems in the region and reiterated Israel's right to defend itself. Report by Gluszczykm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Grant Shapps comments on Tory MP Mark Menzies losing his whip over allegations he misused campaign funds. The defence secretary defends the Conservatives arguing it is not a ''party issue''. Mark Menzies is the eighth Conservative MP who has lost his whip over the course of the current Parliament.
Defence Secretary comments on Mark Menzies losing his whip over allegations he misused campaign funds. Grant Shapps defended the Conservatives arguing it is not a ''party issue''. Mark Menzies is the eight Conservative MP who lost his whip over the course of the current Parliament.
Report by Gluszczykm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Former Israeli air defence commander Brigadier General Zvika Haimovich tells Channel 4 News that a war between Israel and Iran has begun with the country facing a “very complicated” strategic situation. Report by Gluszczykm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Jeremy Hunt says he would like to bring down taxes - but only if it were fiscally responsible.
He adds he would also like to put more money into public services through growing the economy rather than more funding. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
'80s hitmaker Kenny Loggins is peeling back another layer on the legendary recording of "We Are the World" -- revealing how he scored his pal Huey Lewis a solo.. TMZ.com
Samsung Knocks Apple , From Top Phonemaker Spot.
Samsung Knocks Apple , From Top Phonemaker Spot.
Fox News reports that Apple's phone shipments have dropped by about 10%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
Xiaomi came in third with 14.1%.
Samsung shipped over
60 million phones during Q1 2024.
Samsung shipped over
60 million phones during Q1 2024.
Apple only shipped 50.1 million. .
Last year during the same time period,
Apple shipped 55.4 million. .
Overall, smartphone shipments rose 7.8% worldwide to 289.4 million units during Q1 2024.
The increase in Samsung shipments
could be attributed to the company's
release of Galaxy S24 series phones.
During a launch event at the beginning
of the year, Galaxy AI, which is incorporated
into the company's new smartphones,
was touted as "a new era of mobile AI.".
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts. .
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts.
Credit: Wibbitz Top Stories Duration: 01:31Published
Apple Will Soon Allow iPhones , to Be Repaired With Used Parts.
On April 11, Apple announced that "select"
iPhone models will be eligible for repair with used, genuine parts beginning this fall, The Verge reports. .
Currently, repairing an iPhone with a used or aftermarket piece results in notifications that Apple isn't able to verify the component.
When attempting to repair Face ID and
Touch ID sensors with used or aftermarket parts,
it "might not work at all," The Verge reports. .
But with the changes coming this fall, Apple said, "calibration for genuine Apple parts, new or used, will happen on device after the part is installed.".
This should resolve some of
the aforementioned issues.
The change will also make it so that individuals
and repair shops will no longer need the device's serial number to order "most parts from the
Self Service Repair Store," The Verge reports. .
At launch, the new policy will support
displays, batteries and cameras.
"Future" iPhone releases will support biometric sensors, Apple said. .
With this latest expansion to our repair
program, we’re excited to be adding
even more choice and convenience for
our customers, while helping to extend
the life of our products and their parts. , John Ternus, Apple’s senior vice president
of hardware engineering, via statement.
Apple did not make it clear which iPhone models
will be supported under the new policy this fall
Credit: Wibbitz Top Stories Duration: 01:31Published
Former MP accuses YSRCP of phone tapping TDP's Lokesh via Pegasus. Apple warns Lokesh. Urges CEC for fair May 13 polls against state officials' unethical acts... IndiaTimes
Apple Sends iPhone Users in 92 Countries , a Spyware Attack Warning.
The message was sent on
April 10, Engadget reports. .
Apple detected that you are being targeted
by a mercenary spyware attack that is trying
to remotely compromise the iPhone
associated with your Apple ID -xxx-, Apple's warning, via Engadget.
This attack is likely targeting
you specifically because of
who you are or what you do. , Apple's warning, via Engadget.
Although it's never possible to achieve
absolute certainty when detecting such
attacks, Apple has high confidence in
this warning — please take it seriously, Apple's warning, via Engadget.
Internal information and investigations are used by the tech giant to pinpoint attacks. .
However, Apple couldn't provide any more information about the mercenary spyware attacks because it might "help attackers avoid future detection," Engadget reports. .
Apple has sent this type of message
to customers in the past.
Since 2021, people in over 150 countries
have gotten similar warnings.
Last October, journalists and politicians located in India were among those
who received such a message
Credit: Wibbitz Top Stories Duration: 01:30Published
On Thursday, rescuers tirelessly worked to clear mountains of rubble from the aftermath of a devastating Russian missile strike on Ukraine's cherished city of Chernihiv. The attack, which claimed the lives of at least 18 individuals, has reignited urgent appeals for international allies to reinforce Kyiv's already overstretched air defence capabilities. Three Russian missiles struck the northern Ukrainian city on Wednesday, leaving harrowing scenes of destruction and pools of blood in their wake. Amidst the chaos, rescue teams tirelessly searched for survivors and evacuated the injured on stretchers, underscoring the urgent need for support in the face of escalating violence. The official death count rose to 18 as of Thursday morning, with 77 people including four children injured, according to Ukraine's emergency services department.
#RussiaUkraineWar #ChernihivAttack #WarCrimes #VolodymyrZelenskyy #HistoricCityUnderAttack #PrayForChernihiv #StopWar #PeaceForUkraine #HumanitarianCrisis #EndViolence
~PR.152~ED.103~GR.125~HT.96~
An osprey who rose to fame as an online star during the first COVID lockdown has welcomed the earliest egg of the season in the Scottish Highlands. Sky News
In Sironcha, 100-year-old Kishtayya Madarboyna voted through a postal ballot after officials traveled 107km from Aheri. The EC's postal facility aided disabled.. IndiaTimes
Ex-MLA Bhagwan Sharma alias Guddu Pandit sentenced to 2 years 5 months in jail, Rs 25,500 fine for violating Covid guidelines. Shared police notice on Facebook,.. IndiaTimes
Chandrasekhar's 2021-22 taxable income fell to Rs 680 from Covid losses, sparking EC scrutiny. Congress alleges asset concealment by Chandrasekhar, a candidate.. IndiaTimes
Stocks Continue to Slip , on Wall Street, , Edging Closer to Bear Market.
On May 19, Wall Street saw stocks fall
in early morning trading, worsening
a slump experienced by major indexes.
On May 19,..
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Advance , After Flirting With , Bear-Market Territory.
Al Jazeera reports that stocks managed
to make a minor comeback following
a chaotic week in financial markets.
Al Jazeera..
Credit: Wibbitz Top Stories Duration: 01:31Published
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