Wall Street indices slide after several key earnings reports highlight risks from supply congestion and difficulty finding labor. Here’s what we see when trading on Friday:
- Amazon and Apple reported quarterly results that showed how supply chain problems and tight labor markets stumble upon even some of the biggest business winners of the pandemic era.
- Lucid Group is expanding its profits after closing Thursday’s regular session up 31%. The electric vehicle maker announced earlier this week that shipments of its first “Dream Edition” Lucid Air luxury electric sedans will begin on Saturday.
- MicroVision shares plunged after the developer of laser beam scanning technology reported a quarterly loss after trading closed on Thursday.
- Chevron exceeded its earnings and sales forecasts for the last quarter.
- Colgate-Palmolive beat estimates for the last quarter, but said a “tough cost environment” is likely to persist for a while.
- Exxon Mobil said it expects to do share buybacks again next year after the program was suspended in 2016 to focus on deleveraging and paying the dividend.
- AbbVie raised its dividend and raised its outlook.
- Starbucks said its US sales were strong in the most recent quarter, despite the pandemic resurgence in China slowing its revenues.
- Zendesk is acquiring the parent company of SurveyMonkey, an online questionnaire platform, in a $ 4.13 billion stock deal.
- Facebook is getting a makeover – at least according to its name. The social media giant changed its name to Meta to reflect its endeavors in the online digital space known as Metaverse. Its ticker becomes MVRS.
- Atlassian’s US-traded shares rose after the Australian software maker reported quarterly sales of $ 614 million from $ 459.5 million in the year-ago quarter.
Chart of the day
- Investors are betting that the worst is over for Chinese e-commerce giant Alibaba after a punitive sell-off halved its market value, but they may have to wait a while for the former market darling to regain its glory.
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