Nike, the iconic sneaker brand, experienced a significant slump of 6.2% in its stock after reporting a slowdown in growth in China during the fiscal third quarter of 2024. Despite posting better-than-expected earnings and revenue, with a boost from North American sales and price adjustments, the company faced challenges in the Chinese market. Athletic apparel
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Micron experienced a significant increase in their share price, jumping by 16.5% after surpassing analyst expectations for their fiscal second-quarter earnings and revenue. The company reported earnings of 42 cents per share on $5.82 billion of revenue, which was higher than the anticipated loss of 25 cents per share on $5.35 billion of revenue. In
The escalating trade tensions between Europe and China have been a cause for concern, with Jens Eskelund, the president of the European Union Chamber of Commerce in China, warning of a slow-motion train accident. Eskelund’s remarks indicate a growing unease over China’s ability to manufacture more cheaply in strategic industries, which could result in European
Ethiopia’s largest bank, the state-owned Commercial Bank of Ethiopia, found itself in a huge predicament after a glitch over the weekend allowed customers to withdraw unlimited funds. Reports from local media indicated that more than $40 million was withdrawn or transferred to other banks, as customers exploited the system flaw and withdrew more funds than
China’s economic data for the first two months of the year has exceeded analysts’ expectations in several key areas. Retail sales saw a robust increase of 5.5%, surpassing the 5.2% growth forecasted in a Reuters poll. Industrial production also showed strong growth, climbing by 7% compared to estimates of 5% growth. Additionally, fixed asset investment
The ongoing debate surrounding the operation of Chinese-owned TikTok in the U.S. has reignited concerns about the risk associated with Chinese stocks in the midst of a U.S. presidential election year. The introduction of bills aimed at restricting Chinese biotech companies and other policy proposals has prompted analysts at Goldman Sachs to reassess their model
Bitcoin, once known for its extreme price swings, is now seeing a decrease in volatility. Matt Hougan, chief investment officer at Bitwise Asset Management, has noted that the wild fluctuations in the cryptocurrency’s value have subsided over the past decade. This shift is attributed to a simple demand-supply imbalance in the market, driven by the
Bitcoin, the world’s largest cryptocurrency, experienced a significant drop in overnight trading, once again highlighting its persistent tendency for dramatic price swings. Data from Coin Metrics revealed that Bitcoin was trading above $72,000 late on Thursday, only to plummet to approximately $67,000 on Friday, marking a decline of about 7%. Although the price managed to
Geron Corporation saw a significant surge of 90% in its stock price after a positive vote from a U.S. Food and Drug Administration advisory panel regarding its blood disorder treatment, imetelstat. The anticipation of a regulatory decision in June further added to the excitement surrounding the company. Micron Technology experienced a 2.4% gain in its
Rivian Automotive, the EV stock, experienced a nearly 4% increase in premarket trading following an upgrade by Piper Sandler to overweight. This upgrade comes with a higher price target of $21, up from $15, indicating a potential 96% upside from the previous day’s close. Analyst Alexander Potter pointed to Rivian’s new product launch and postponement