Stock indexes were modestly lower Tuesday after a big Monday for technology shares. There was some bad news on the Covid-19 vaccine front and little progress toward a fiscal stimulus bill in Washington, but most of Tuesday’s action was on the individual stock level, as third-quarter earnings season kicks off.
On Tuesday morning, the
Dow Jones Industrial Average
fell 110 points, or 0.4%, the
also dipped 0.4%, and the
ticked down less than 0.1%.
It was a contrast to Monday, when stocks jumped on little news during a light Columbus Day holiday and the technology-heavy Nasdaq rallied 2.6% to its third-highest close in history.
Contributing to the lackluster trading on Tuesday was an announcement from
Johnson & Johnson
(ticker: JNJ) on Monday night that it paused its trial of a coronavirus vaccine after an unexplained illness in a trial participant.
Ethereum was more profitable to mine than Bitcoin in September 2020
Mining revenues soared because of the excitement over decentralized finance
As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0
During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).
According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.
In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.
The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).
Several DeFi protocols and tokens made headlines last
BENGALURU (Reuters) – Shares of Vedanta Ltd fell 10% on Monday as the miner’s attempt to buy back shares and delist itself failed, forcing it to return all the shares tendered as part of the process.
Over the weekend, the company said https://bit.ly/36SWyBq the delisting process failed as it did not get the required number of shares needed. For a successful delisting, 1.34 billion shares had to be tendered, while the company received just 1.25 billion shares.
Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed.
Vedanta shares fell to 109.70 rupees apiece on Monday. Since the delisting announcement was made in May, the shares have risen nearly 37% as of last close.
The company’s parent, Vedanta Resources Ltd , which owns 36.80% of the Indian unit, had then said it would delist and take the
It may be fashion week in Paris, with showgoers in face coverings parsing runway looks from the latest designer ready-to-wear collections, but several thousand miles away from the French capital, out of the dank, dark belly of an industrial hangar, a potentially more momentous industry trend is … growing.
Mushroom leather might not sound stylish. But Bolt Threads, a start-up that specializes in developing next-generation fibers inspired by nature, is one of a growing number of companies convinced that the material is a viable replacement — in both form and function — for animal-sourced and synthetic skins.
In 2018, Bolt Threads began producing limited-edition products made from Mylo, a material made from mycelium, the branching network of threadlike cells that underpins all fungi. Now they are preparing to bring that technology to the world, thanks to an unconventional consortium of backers (and rivals) from across the fashion spectrum.
Micron Technology(NASDAQ: MU) shares were taking a hit late Tuesday afternoon, following the company’s release of its fourth quarter of fiscal 2020 results after market hours.
For the quarter, the computer and mobile device memory maker actually posted encouraging fundamentals. Revenue for the period came in at $6.06 billion, a sturdy 24% higher than the same period in 2019. Non-GAAP (adjusted) net profit nearly doubled, to just under $1.23 billion ($1.08) from the year-ago result of $637 million.
Both results comfortably topped analyst estimates. Collectively, prognosticators tracking the stock were modeling $5.89 billion on the top line, and an adjusted per-share net profit of $0.98.
Image source: Getty Images.
However, Micron’s guidance fell short of expectations. The company is estimating that for first quarter 2021, it will book revenue of $5.0 billion to $5.4 billion, and adjusted net earnings of $0.40 to $0.54 per share. While the former range
The market fell sharply on Wednesday, adding to its sell-off so far in September as tech stocks again came under pressure and investors remained wary about a resurgence in coronavirus cases.
The Dow Jones Industrial Average was down 1.9%, nearly 550 points, on Wednesday, while the S&P 500 fell 2.4% and the tech-heavy Nasdaq Composite dropped 3.1%.
Shares of Big Tech stocks, which have been the source of the sell-off in recent weeks, again dragged the market lower: Apple, Amazon, Microsoft, Netflix and Google-parent Alphabet all fell by around 3% or more.
Tesla’s stock plunged over 9%, meanwhile, after the company’s highly anticipated ‘Battery Day’ in which CEO Elon Musk detailed a new battery design that he says will make Tesla’s cars cheaper to produce.
The market plunged on Monday, extending its three-week losing streak as stocks took a hit from an uptick in new coronavirus cases, declining tech shares and deadlocked stimulus talks in Congress.
The Dow Jones Industrial Average was down 3.2%, around 900 points, on Monday, while the S&P 500 fell 2.5% and the tech-heavy Nasdaq Composite dropped 1.9%.
Market sentiment took a hit after both the U.S. and Europe saw a resurgence in coronavirus cases over the weekend: The U.K. is reportedly considering another lockdown, while countries like France and Spain have seen an alarming rise in new infections.
Fears that a second wave of coronavirus could lead to further government restrictions and lockdowns caused shares of companies that would benefit from a reopening of the economy—including airlines, cruise operators and retailers—to
The major U.S. indexes lost ground on Friday as the struggles for the tech sector continued. The Dow lost 245 points, making it roughly flat for the week. The S&P 500 and Nasdaq Composite clinched weekly losses with Friday declines of 1.1% each. — Jesse Pound
Quadruple witching expirations could be exaggerating some tech stock moves
The decline in some technology stocks Friday could have been accelerated by the expiration of options on individual stocks and ETFs, which takes place at the market close.
The Nasdaq was down 1.5%, as tech names, like Apple, Amazon and Microsoft sold off. Those are among the names where investors had been aggressively buying call options. Options in Tesla are also actively traded, but that stock was higher.
“These moves in general are exacerbated on expiration. That’s certainly true,” said Chris Murphy, co-head derivative strategy at Susquehanna Financial.