Apple & Coronavirus Hits Record Highs, While Twitter “Gryphon’s” Higher – Daily Financial News Summary for Wednesday, July 8, 2020
Today saw the Dow Jones rise 0.7%, the S&P 500 went up 0.8%, and the NASDAQ saw gains of 1.2% and put it on the books for a record high day at 10,492.50.
Speaking of records, Apple also saw 2.3% gains to close the day at a record high of $381.37 after Deutsche Bank analysts gave them a positive price target increase. Amazon also saw 2.7% gains, while Netflix and Microsoft also closed over 2% higher.
Social media platform Twitter also saw an unusual uptick in share price, closing over 7% higher on the day as a result of a job posting for a code-named project “Gryphon.” The job posting made mention of a subscription platform and feature, which excited the markets and had the share price up over 12% at a point in the day.
Bed Bath & Beyond (NASDAQ: BBBY) announced after the closing bell that their sales fell nearly 50% to $1.31 billion from $2.57 billion a year ago. In an effort to try to get back to profitability, the company also announced they will be closing close to 200 stores over the next two years. The news resulted in a 7% drop in after-hours trading.
Microsoft Eyes Warner Bros To Expand Gaming Division
Microsoft Corporation (NASDAQ: MSFT) has joined the fray in the acquisition of Warner Bros Interactive Entertainment. The acquisition would allow the tech giant to strengthen its gaming division, having already acquired several game-development studios in the recent past.
AT&T Inc. (NYSE:T) is looking for potential buyers of the Interactive Entertainment division as it seems to generate additional capital to shrug off the effects of the COVID-19 pandemic. The company is also looking to pay down part of its debt that has ballooned to highs of $154 billion.
The wireless carrier acquired Time Warner for $109 billion in 2018, conversely gaining access to Warner Bros Interactive Entertainment. The acquisition is believed to be the primary catalyst behind the massive debt holding.
https://callputstrike.com/2020/07/08/microsoft-eyes-warner-bros-to-expand-gaming-division/