NEW YORK—Stocks that traded heavily or had substantial price changes Wednesday: Netflix Inc., down $122.42 to $226.19. The streaming video giant lost subscribers for the first time in more than a decade and it expects those losses to accelerate this quarter. International Business Machines Corp., up $9.17 to $138.32. The technology and consulting company’s latest…
IBM, Stride Rise; Netflix, Baker Hughes Fall
April 21, 2022
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New Zealand Inflation Hits 6.9 Percent, Highest in Over 30 Years
New Zealand’s (NZ) annual inflation rate has reached its highest level in over 30 years at 6.9 percent, Stats NZ has revealed. “The 6.9 percent increase follows an annual increase of 5.9 percent in the December 2021 quarter, the previous largest annual movement since the 7.6 percent increase in the June 1990 quarter,” Stats NZ said….
Fed’s Daly Sees US Inflation at 2 Percent Goal in 5 Years
San Francisco Federal Reserve President Mary Daly on Wednesday said it’s unlikely inflation will fall to 2 percent this year, but she does expect it to start dropping and to be at the Fed’s 2 percent goal in five years. “There’s just too many supply chain bottlenecks, we’re already through the first quarter, China’s got…
Taiwanese Assembler Is Prioritizing Apple Over Tesla Amid COVID-19 Lockdown in Shanghai, Says Analyst
The COVID-19 situation in China and its implications for production in some of the hardest-hit regions of the country is front and center of all discussions. Most tech giants depend on companies operating factories in the country—either for the supply of components or for assembling of products. What Happened Taiwan-based Quanta Computer, which assembles MacBooks for…
BZ Chart of the Day: Netflix Stock Breaks Long-Term Support
Sometimes, markets have memories. Unfortunately for shareholders of Netflix, Inc., that isn’t the case today. A market memory refers to a long-term support or resistance level. These levels can stay intact and remain important for months or even years. But it didn’t happen with the steaming giant following the release of its latest earnings report….
How Long Will It Take For Netflix To Set Its House In Order?
Netflix, Inc. shocked Wall Street by reporting below-consensus first-quarter revenues and a loss of net paid subscribers. The Netflix Analyst KeyBanc Capital Markets analyst Justin Patterson maintained a Sector Weight rating on Netflix shares. The Netflix Thesis Netflix’s first-quarter results reinforce KeyBanc’s view that gross adds is an industry-wide challenge, given market penetration rates and increasing…
China’s March Alumina Exports to Russia Soar as Sanctions Over Ukraine Bite
April 21, 2022
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BEIJING—China’s alumina exports to Russia surged over 90 times in March from the same period a year earlier, customs data showed on Wednesday, as sanctions against Russia for its invasion of Ukraine cut off some of its traditional supplies. In March, China shipped 9,949 tonnes of alumina to Russia, up from 104.5 tonnes the same…
Taiwan’s TSMC Raises $3.5 Billion in Bonds for New US Plant
April 21, 2022
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TAIPEI—Taiwanese chip firm TSMC has raised $3.5 billon in bonds for its new plant in the U.S. state of Arizona, according to a term sheet. Taiwan Semiconductor Manufacturing Co. Ltd., a major Apple Inc supplier and the world’s largest contract chip-maker, started construction last year at the Arizona site where it plans to spend $12…
China’s Lockdowns Could Drive More US Policy Action, Says Fed’s Kashkari
April 21, 2022
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If lockdowns in China aimed at containing COVID-19 cause further disruptions to global supply chains, the Federal Reserve will need to take even more aggressive action to bring down “much too high” inflation, Minneapolis Fed President Neel Kashkari said on Tuesday. Speaking at an event at Luther College in Decorah, Iowa, Kashkari said in the…
Elon Musk’s Starlink Gets Praise From Ukraine’s Vice Premier for Quick Internet Restoration in 5 Villages
Tesla Inc. CEO Elon Musk’s SpaceX won praise from Ukraine’s Vice Prime Minister Mykhailo Fedorov for quickly restoring internet connectivity in five villages after “serious battles” using the Starlink terminals. What Happened Mykhailo pointed out the importance of Starlink in a Twitter post and shared two examples of how internet connectivity was restored quickly in…
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