If the US stock market is like a giant stone wall whose structural integrity depends entirely on the sturdiness of five tech megacaps, it didn’t act like it on Tuesday.
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It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.
Shares in software services company Adapt IT plunged 20% on Monday after it warned shareholders after markets closed on Friday that its interim earnings would take a beating.
Shares in technology distribution group Alviva Holdings tumbled more than 25% in intraday trading in Johannesburg on Friday after it shocked investors with a profit warning.
Jeff Bezos is on a shopping spree befitting the world’s richest man. The Amazon.com founder agreed to pay $165-million for a Beverly Hills mansion, according to a person with knowledge of the matter.
Jeff Bezos is on a selling spree. Stock disposals by Amazon.com’s founder and CEO over the past week have reached 1.7 million shares, or $3.45-billion.
South African shares may have become too cheap for investors to ignore and Old Mutual Investment Group is among money managers seeing an increasing number of attractively valued shares.
Alphabet reported quarterly revenue that missed analysts’ estimates on waning search advertising growth, while new sales numbers on YouTube also disappointed Wall Street.
Apple is still reaping huge profits from the iPhone while mining more moneymaking opportunities from the growing popularity of its smartwatch, digital services and wireless earbuds.
Companies in the Nasdaq 100 are headed into earnings season with momentum that approaches the unprecedented, their value up by more than $1-trillion since October.