Block Surges on Promising Outlook Amid Quarterly Loss
(Square) Shares of Block Inc. rose more than 6% in premarket on Friday after the company said it expects its Cash App to sequentially grow gross profit throughout this year. …
Shopify Stock Nosedives After Q1 2022 Revenues Miss Estimates
(Shopify) Shares of Shopify traded 17% lower on Thursday after posting a revenue of $1.2 billion in the first quarter of the year, below estimates of $1.24 billion. The revenues…
More Americans Filed for Jobless Claims Last Week as Levels Hit 200,000
(Department of Labor) A total of 200,000 Americans filed for jobless claims in the week ending April 30, an increase of 19,000 from the prior week. On a four-week average,…
Etsy Stock Falls 16% As Merchandise Volumes, Net Income Declines in Q1 2022
(Etsy) Etsy stock fell 16% on Thursday after the marketplace's gross merchandise sales volume decreased by 2.0% from the prior year to $2.8 billion in the first quarter of 2022.…
Intercept Pharma Soars 33% On Advanz Pharma Deal for Non-US Expansion
(Intercept Pharma) Shares of Intercept Pharmaceuticals rose 33% on Thursday after inking a deal with Advanz Pharma to commercialize its drug Ocaliva® for PBC outside of the US. Under the…
Bank of England Hikes Rates by a Further 0.25% as Inflationary Pressures Heighten
(BoE) The Bank of England has increased the interest rate by 0.25 percentage points to 1% as policy tightening continues in the wake of high inflation rates. The central bank…
Shell Jumps 3% as Profit Almost Triples in Q1 2022
(Shell) Shares of Shell rose more than 3% on Thursday after reporting adjusted earnings of $9.1 billion in the first quarter of 2022, compared to $3.2 billion in the prior…
China’s Service Activity Weakens at the Fastest Rate in 2 Years in April
(IHS Markit) The headline Business Activity Index in China was posted at 36.2 in April, compared to March’s 42.0. The decline was the second-sharpest on record, only behind February 2020.…
What You Need to Know About Fed’s Biggest Rate Hike in Over Two Decades
(Fed) Fed increased the benchmark interest rate by half a percentage point, the largest increase since 2000, the same as the market expected. Following Wednesday's decision, the federal-funds rate of…
Gucci Is Reportedly Accepting Crypto Payments in Some US Stores
(Vogue Business) Gucci has reportedly rolled out crypto payments at select stores in the US as it embarks on more expansion of the service in the future. Some of the…
Ford’s Sales Drop 10.5% In April Amid EV and SUV Strengths
(Ford) The total US sales of Ford vehicles stood at 176,965 in April, representing a decline of 10.5% from the prior year. The total sales in April comprised of 79,768…
Polkadot Introduces a Cross-Chain Messaging System for the First Time
(The Block) Polkadot users will be able to natively move tokens across parachains, thanks to a newly unveiled cross-chain messaging system dubbed XCM. The new messaging system is expected to…
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