Intel (NASDAQ: INTC) shares moved as much as 7% higher in extended trading after the chipmaker announced lower-than-expected earnings guidance for the full fiscal year but said it will deliver cost reductions and efficiency improvements. Intel plans up to $10 billion in cost reductions and efficiency improvements in the next three years. The chipmaker said that it would make chips for MediaTek.
Tesla Inc TSLA +1.52% misled consumers and investors about the performance of its advanced driver-assistance system, the Wall Street Journal reported. The Justice Department scrutinized Tesla's statements about the safety and functionality of the system known as Autopilot. The SEC conducted a similar civil investigation.
Tesla's Autopilot system helps drivers with tasks such as steering and maintaining a safe distance from other vehicles on the highway, but it does not make cars autonomous. The U.S. auto-safety regulator and the California Department of Motor Vehicles also scrutinized Autopilot. Tesla told drivers to pay attention to the road and keep their hands on the wheel, but it's public messaging has often appeared inconsistent with that guidance.
Amazon.com, Inc. (NASDAQ:AMZN) -6.8% is the world's largest and most dominant e-commerce company. The company benefited from a lockdown of brick and mortar retail during the pandemic and the subsequent surge in demand. Amazon is the world's largest ecommerce company and dominates the industry.
The company missed revenue estimates for the third quarter but beat on earnings despite major declines.
Amazon is facing a series of macroeconomic headwinds driven by high inflation, rising interest rates, and unfavorable FX exchange rates.
Meta Platforms (NASDAQ: META) sunk -22.05% this week after the company delivered third-quarter financial results. The social media giant beat the Street's revenue estimates but missed on earnings. The company said it would spend up to $33 billion in capital expenditures next year, which seems to have tipped over the negative market reaction, especially after earnings per share fell 49% year over year in the quarter.
WHAT ELSE HAPPENED?
The world's richest man, Elon Musk, has completed his $44bn takeover of Twitter, according to a filing with the US government. Mr Musk tweeted "the bird is freed" and later said "let the good times roll". A number of top executives, including the boss, Parag Agrawal, have reportedly been fired. Mr Agrawal and two other executives were escorted out of Twitter's San Francisco headquarters. The completion of the deal brings to an end months of legal wrangling but it has prompted questions over the platform's future direction. A filing was made with the US Securities and Exchange Commission, confirming the takeover. The New York Stock Exchange said on Friday that trading in Twitter's shares had been suspended, giving the reason as "merger effective". There has been no comment yet from Twitter about its new management team. But whoever becomes its next chief executive, it is clear that Mr Musk will ultimately be in charge of the company - a role he will have to balance with his management positions at both Tesla and SpaceX.
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