Tag: Stock

Lumi Rental’s Shares Soar 30% on Riyadh Stock Exchange IPO Debut

Lumi IPO’s success is seen as a positive indicator for other Saudi companies contemplating going public. In a dazzling debut on the Riyadh stock exchange, Lumi Rental Co., the Saudi Arabian auto rental firm, witnessed its shares surge by an astonishing 30% on its first day of trading. The Initial Public Offering (IPO), valued at 1.09 billion Riyals ($290 million), not only exceeded expectations but also set the stage for a new era in the region’s automotive industry. Today, we listed on the Saudi Exchange (@Tadawul), a remarkable milestone in…

Bankrupt Core Scientific to Buy 27K Bitmain Servers for $77M in Cash and Stock

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Instacart Stock Jumps 40% on Nasdaq IPO Debut, Closes at 12% Up

Instacart had a successful IPO and closed the day 12% higher, reeling in $420 million in cash from the Nasdaq offering. American grocery delivery company Instacart (NASDAQ: CART) has finally concluded its initial public offering (IPO) on the Nasdaq, closing 12% higher on the day. The company’s stock, in after-hours trading, is exchanging hands at $32.95, 2.23% down from its $33.70 close. The Instacart IPO saw the company’s shares initially spiking 40% to open at $42 but eventually lost some of the gains. As of Monday, Instacart’s valuation was at $10…

Microsoft Is Gradually Closing In on Apple as It Eyes Position as World’s Largest Stock

Although hundreds of billions away, Microsoft’s valuation is gradually closing in on that of Apple, racing to become the world’s largest. Microsoft Corporation (NASDAQ: MSFT) is making progress with its valuation and seems ready to give Apple Inc (NASDAQ: AAPL) a run for its money. The company’s valuation is now moving closer to Apple’s as it races to overtake the iPhone maker as the world’s largest company by market cap. According to Marketwatch data as of writing time, Apple shares have climbed 0.42% this month, lower than Microsoft’s 2.05%. In addition, the year-to-date…

TSLA Stock Up 1.75%, Tesla to Disrupt Auto Design and Manufacturing Process with Gigacasting Breakthrough

Tesla is likely to decide on a breakthrough method of die casting multiple sections of its EVs to reduce cost and improve production. Tesla Inc (NASDAQ: TSLA) has reportedly figured out a technological breakthrough that will transform the process of making electric vehicles. Fine-tuning the process will help Tesla cut production costs considerably. Tesla stock closed 1.75% higher at $276.04 on the news. Five people familiar with the matter spoke with Reuters anonymously. According to these persons, Tesla is working on this innovation, a way to die cast almost all of the…

Oracle (ORCL) Stock Suffers Biggest Decline in 21 Years, Here’s What Happened

Tuesday’s stock drop has not affected the performance of Oracle shares in an overall sense. Software maker Oracle Corp (NYSE: ORCL) stock fell 12% on Tuesday, marking its biggest such dip since March 2002 when it recorded a percentage drop of 15%. The Tuesday drop, however, may be attributed to the company issuing relatively weak revenue guidance. According to LSEG, Oracle reported a fiscal first-quarter revenue of $12.45 billion, which is slightly in variance from the $12.47 billion average analyst estimate. Also, for the current quarter, Oracle is projecting that…

Stock Futures Reflect Mixed Sentiment after Positive Market Performance

As investors brace themselves for another week of market volatility and unsteady stock futures, all eyes are on the crucial economic data releases that could have a profound impact on the financial landscape. This morning marked a cautious start for investors as stock futures presented a mixed outlook following a positive day on Wall Street. Overview of the US Stock Futures Market As the US stock market opened, futures tied to the Dow Jones Industrial Average (INDEXDJX:.DJI) took a small hit, losing 12 points, which represented a nominal 0.03% drop.…

Alibaba Stock Suffers 3% Drop as Daniel Zhang Quits Cloud Business 

In an official statement on Sunday, Alibaba said that Zhang will be replaced by Eddie Wu. Alibaba Group Holding Ltd (HKG: 9988), one of the prominent players in the Chinese technology industry, faced a 3.5% decline in its stock value on Monday following a surprising turn of events on September 10. The company announced that its departing CEO, Daniel Zhang, would not only relinquish his role as chairman of the group as planned but also step down as CEO of Alibaba’s cloud business. Following the announcement, shares of the company…

London Stock Exchange Operator in Talks With Government To Launch New Blockchain-Powered Trading Venue: Report

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The London Stock Exchange Group (LSEG) is developing a new blockchain-powered trading venue, according to a new report. Murray Roos, a group head of capital markets at LSEG, tells the Financial Times that his company is “definitely not building anything around crypto assets.” Rather, Roos says they plan to use blockchain technology to make traditional asset trading more efficient. “The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent… and to have it regulated.” LSEG operates the London Stock Exchange, one…

London Stock Exchange will develop a blockchain-based project

According to an executive, the London Stock Exchange Group is moving forward with the development of a blockchain-powered trading venue. Murray Roos, head of capital markets at the LSE Group, explained to a Financial Times that Julia Hoggett, director of the London Stock Exchange, will lead the next blockchain project. Roos added that the institution has been researching the potential benefits of using blockchain for its new project, but it won’t be crypto-related. The executive stated that the idea would be to use blockchain technology to make the new project…