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US markets fell; Amazon rose 5.4% on 20-for-1 stock split; Asana plummeted 22% on Q1 forecast

  • The Nasdaq fell 0.95% to close Thursday’s session at 13,130 points.
  • Amazon rose 5.4% on board approving 20-for-1 stock split & US$10bn buyback.
  • Asana plummeted 22% on Q1 forecast of wider-losses to come.

The US markets fell again on Thursday after Ukrainian and Russian diplomats failed to agree to a cease fire. Investors continue to assess the ongoing situation in Europe with the Russian war with Ukraine, and rising inflation in the US with CPI data for February showing a 0.8% rise from January, and a 7.9% rise YoY to 284.18 points, its biggest annual rise since January 1982.

The Dow Jones fell 0.34% to finish the trading day down 112 points to close at 33,174 points.

The tech heavy NASDAQ fell 0.95% to finish the trading day down 126 points to close at 13,130 points.

One bitcoin is worth US$39,460 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 73.54 US cents.

Amazon shares rose 5.4% on Thursday after the e-commerce giants’ board of directors approved a 20-for-1 stock split and a US$10bn stock buyback. The stock split will see investors receive 20 shares for each share they currently own and is the company’s first stock split since 1999.

Shares in mobile and web work management platform Asana plummeted 22% on Thursday after the company reported fourth-quarter results. Despite topping analysts’ expectations reporting revenue of US$112m up 64% YoY and a narrower-loss than expected of US$0.25/share, investors sold out of Asana shares after the company issued a forecast of wider losses in Q1 of between US$0.36/share.

And Starbucks has joined the list of Western companies exiting Russia, announcing it will close all of its locations in Russia.

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