US Markets Performance
The United States stock market ended mixed on Tuesday’s session as the 2020 presidential election campaigning intensified.
The Dow Jones Industrial Average closed 0.80% lower, the Nasdaq 100 up slightly by 0.82% while the S&P 500 fell 0.30%.
Major news
Microsoft Q1 2021
Tech giant Microsoft Corporation on Tuesday announced its financial results for the first quarter of fiscal 2021 with revenue jumping by 12% to $37.2 billion. Net income was up 30% to $13.9 billion while revenue from server products and cloud services rose 22% mainly driven by a 48% surge in Azure revenue.
“The next decade of economic performance for every business will be defined by the speed of their digital transformation,” said Satya Nadella, chief executive officer of Microsoft in a statement.
Visa Acquires Fintech Company YellowPepper
Visa Inc. has announced it has finalized the acquisition of YellowPepper, a fintech company that operates in Latin America and the Caribbean.
Visa invested in YellowPepper in 2018 when the two firms signed an agreement on a strategic partnership.
“YellowPepper’s technology, which acts like a ‘universal adapter’, will be key to build on our ’network of networks’ strategy to become a single point of access for initiating any transaction type and enabling the secure movement of money.” Regional President for Visa Latin America Eduardo Coello said.
Airbnb to list on Nasdaq
Airbnb Inc. said on Tuesday it intends to list its common shares on the Nasdaq Stock Market. According to media reports, AirBnb is valued at $3.1 Billion.
The company in August filed paperwork for an Initial Public Offering with the U.S Securities and Exchange Commission (SEC). An initial public offering for the company will follow after the SEC completes the review process, and depending on market conditions.
Amazon’s Bezos wants to buy CNN
Amazon founder and CEO Jeff Bezos is reportedly contemplating a purchase of CNN, Fox Business reported on Tuesday.
CNN is currently owned by WarnerMedia, previously known as Time Warner. The company was purchased by AT&T in 2019.
According to US media, WarnerMedia is looking to reduce its workforce significantly in an attempt to cut costs amid the coronavirus pandemic.
In 2013, the boss of Amazon agreed to purchase the Washington Post newspaper for $250m (£163m).
