Visa 4Q profits plunge as pandemic slows payments worldwide
Financial stocks have lagged the broader equity market since the start of the year and since the late March crisis-low. But not all stocks are created equal in the S&P index that tracks the industry, which is down 23per cent year-to-date.
Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year profit instead of a loss.
Wall Street's "fear gauge" is on track for its biggest weekly jump since March as investors worried about rising U.S. and European coronavirus cases, the lack of fiscal stimulus and uncertainty about the U.S. presidential election outcome.
Visa Inc reported a 23per cent drop in quarterly profit on Wednesday, as spending volumes at the payment processor sank due to the COVID-19 pandemic.
E-commerce firm eBay Inc's quarterly revenue topped Wall Street expectations on Wednesday, as people staying at home due to the COVID-19 pandemic flocked to bigger rivals for online shopping.
SoftBank Group CEO Masayoshi Son told the executive he tasked to turn around WeWork after its botched initial public offering to "use whatever excuse" to delay a US$3 billion payout to the office-sharing startup's shareholders, a court transcript released on Wednesday showed.
Alphabet Inc unit Google has launched a 60-day strategy to counter the European Union's push for tough new tech rules by getting U.S. allies to push back against the EU's digital chief and spelling out the costs of new regulations, according to a Google internal document.
The European Union's plan to rein in U.S. tech giants with new rules could cost the 27-country bloc as much as 85 billion euros (US$100.5 billion) in economic growth, Brussels-based think tank ECIPE warned.
Oil prices fell more than 5 per cent, sending Brent to a four-month low on Wednesday as surging coronavirus infections in the United States and Europe lead to renewed lockdowns and expectations that unsteady economic demand will worsen.
