11 February 2023
3850
2 min.
18
US stock market
US stock indices fell for the third consecutive week in early trading on Friday. Since the start of the week, the Dow Jones has lost 1.1%, the S&P 500 2% and the Nasdaq Composite 2.7%.
However, at the end of trading, the Dow Jones added 0.50%, the S&P 500 0.22% and the Nasdaq Composite fell 0.61%.
Lyft (NASDAQ: LYFT) posted record revenue for the second consecutive quarter in October and December, but the company's guidance fell short of expectations. The share price was at $10.27 after the close, losing 0.39%.
Expedia Group was priced at $107.79. The online travel holding cut its net profit by 2.3 times in the fourth quarter, while the adjusted figure as well as revenue fell short of analysts' expectations.
Apple (NASDAQ: AAPL) share price added 0.18%, Microsoft (NASDAQ: MSFT) added 1.01% after the close, Tesla (NASDAQ: TSLA) lost 1.17% and Boeing Co. (NYSE: BA) added 0.03%.
Also, PayPal Holdings (NASDAQ: PYPL) gained 0.09%. The payment processor increased its fourth-quarter net income by 15% and revenue by 7%. Moreover, PayPal has announced that its CEO Dan Schulman intends to step down on December 31, 2023. He will remain on PayPal's board of directors, however.
Yelp (NYSE: YELP) cut net profit by 13% last quarter, while revenue rose by a similar amount and beat forecasts. The company's share price jumped 7.4 percent.
On the retail side, Adidas faces a billion-dollar challenge. The port-wear giant warned of a $1.3 billion revenue loss this year after Adidas failed to sell Yeezy apparel and shoes.
Shares of Coinbase (Nasdaq: COIN) fell on Friday after rival Kraken faced regulatory fines of $30 million in a settlement with the Securities and Exchange Commission. The fines prompted Coinbase CEO Brian Armstrong to tweet about "rumours" that the SEC "would like to get rid of crypto betting in the US".
Bitcoin is worth around $21,724 on Friday afternoon, leading to speculation that the digital asset "appears to have entered a correction phase", said Craig Erlam, senior market analyst at Oanda.
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