The United States markets closed on the negative on Thursday’s session as even investors remained cautious after President Trump signed an executive order banning Americans from investing in Chinese firms that the administration says are owned or controlled by the Chinese military.
The Dow Jones Industrial Average fell by over 310 points, the Nasdaq 100 fell 0.55% with Fox Corporation shares falling by as much as 6.63%. On the other hand, the S&P was down 1%.
On the data front, the number of initial jobless claims for the week ending November 7 fell by 48,000 compared to the previous week’s revised figure to land at 709,000, the Labor Department reported on Thursday.
US Election officials say ‘No evidence’ of voter fraud
Cybersecurity and Infrastructure Security Agency (CISA), which is part of the US Department of Homeland Security (DHS) together with state officials said there has been no data pointing to deleted, lost, changed or “in any way compromised” votes.
“The November 3rd election was the most secure in American history. Right now, across the country, election officials are reviewing and double-checking the entire election process prior to finalizing the result.” The CISA said in a statement on its website.
Earnings Report
Cisco Q1 2021 Earnings Down 9%
Cisco Systems Inc., an American multinational technology conglomerate on Thursday released its financials for the first quarter of 2021 with revenue falling by 9% to $11.9 billion.
Net income fell by 26% to $2.2 billion in the three months ending with October 24, 2020 while operating income dropped 28% to $2.6 billion.
Walt Disney Company Earnings
The Walt Disney Company, a diversified multinational mass media and entertainment conglomerate on Thursday released its financials for the fourth quarter with its revenue dropping by 23% to $14.7 billion.
It’s streaming service Disney+ reported 73.7 million paid subscribers as of October 3, while Hulu subscriptions rose 28% to 32.5 million. For full fiscal 2020, Disney’s revenue fell 6% to $65.4 billion with a loss per share of $1.57.
Man Utd Earnings
Professional football club Manchester United on Thursday released its financials for the first quarter of fiscal 2021 with revenue dropping by 19.5% to £109 million. Total broadcasting income rose 44.7% to £47.6 million while its commercial revenue went down by 25.7% to £59.7 million due to loss of matchday tickets advance cash receipts, due to the COVID-19 restrictions, the club said in a statement.
The total operating loss was £27.1 million from a profit of £11 million in the same period in 2019.
It said net debt was up by 15% to £441 million with a quarterly loss of £30.3 million.
Nissan Q2 Earnings
Nissan Motor Co. Ltd. revenue for the second fiscal quarter of 2020 fell 27% to $18.22 billion while operating profit declined to $45.6 million. The company said net loss during the period came in at $421.3 million while global sales were down 19%.
Chinese President personally blocked Ant Group IPO
Chinese President Xi Jinping personally blocked the initial public offering of Ant Group, which would have been the world’s biggest, after controlling shareholder Jack Ma infuriated government leaders, according to Chinese officials with knowledge of the matter, the Wall Street Journal reported on Thursday, citing anonymous Chinese officials familiar with the matter.
Ma reportedly enraged government officials by criticizing the authorities for hindering the technological advancement in the country through stricter financial regulation, causing Xi to order an investigation into the Ant Group IPO, which led to its suspension.
