Morgan Stanley downgraded technology stocks to underweight from equal weight on Monday, citing expectations of a more defensive turn in the market. Cyclical sectors such as technology and consumer discretionary tend to perform better during periods of growth, when investors are more willing to take on risk. Now Morgan Stanley Chief U.S. Equity Strategist Michael […]
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The resignation of U.K. Foreign Secretary Boris Johnson on Monday afternoon has led to suggestions that the British government is on the brink of collapse. Johnson stepped down after Prime Minister Theresa May outlined her government’s desire for a softer version of Brexit. He is the second cabinet minister to resign within 24 hours after […]
Read moreTwitter is cleaning up its platform and taking down more fake accounts than ever, according to The Washington Post, but the stock is still tanking on what appears to be concern around user growth. Shares fell more than 8 percent Monday after the Friday evening report that Twitter is suspending more than 1 million accounts […]
Read moreCNBC’s Jim Cramer said Monday the recent rally in large cap tech stocks has been “breathtaking,” but added there appears to be “no particular reason” for the rise. “There’s nothing new in Facebook to justify one more romp,” Cramer said on “Squawk on the Street.” (Cramer’s chairtable trust owns shares of Amazon, Apple, Facebook and […]
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Mastercard is holding talks with banks in the U.K. about bringing biometric payment cards to market. The credit card firm has been testing cards with in-built fingerprint scanners, which are used to verify customers’ identities. This is intended to replace the use of passwords and speed-up the process of making payments online and contactless transactions […]
Read moreIn the Chinese city of Zhengzhou, a police officer wearing facial recognition glasses spotted a heroin smuggler at a train station. In Qingdao, a city famous for its German colonial heritage, cameras powered by artificial intelligence helped the police snatch two dozen criminal suspects in the midst of a big annual beer festival. In Wuhu, […]
Read moreGroupon gained as much as 13 percent Monday following a weekend report that the company is seeking a buyer. Shares opened at $4.81 after closing Friday at $4.36. The stock at its peak was on track for its best day since February 2017, but quickly pared gains. Shares fell below $4.70 within the first half […]
Read moreProcter & Gamble’s profitability will suffer because of rising commodity costs, according to Jefferies. The firm lowered its rating for Procter & Gamble shares to hold from buy, predicting the company will report earnings below expectations next fiscal year. Analyst Kevin Grundy cited a number of factors weighing on the consumer product giant, including slowing […]
Read moreChange is coming to HBO, now that it is part of the AT&T corporate family. That much was clear to the 150 employees who attended a recent town hall meeting at the network’s headquarters in Midtown Manhattan. The main speaker was John Stankey, a longtime AT&T executive who now oversees HBO in his new role […]
Read moreChinese internet search behemoth Baidu is poised for stronger revenue as advertising on its news feed improves, spelling further upside for investors, according to KeyBanc Capital Markets. The bank upgraded its rating on shares of the Beijing-based company to overweight from sector weight on Monday, predicting that between its rising ad sales and outlook in […]
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