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US markets fell; Baidu plunged 8% on possible delisting; Walgreens lost 5.7% on forecast

  • The Nasdaq fell 1.54% on Thursday to close the session at 14,221 points.
  • Baidu fell 8% on SEC adding it to the list of companies facing possible NYSE delisting.
  • Walgreens fell 5.7% on maintaining its forecast amid slowing COVID testing.

The US markets extended losses into the last trading day of the month and quarter, as investors continue to fear the global and long-term repercussions of Russia’s war with Ukraine, rather than remaining optimistic about inflation as the price of oil continued to decline on Thursday.

The Dow Jones fell 1.56% to finish the trading day down 550 points to close at 34,678 points.

The tech heavy NASDAQ fell 1.54% to finish the trading day down 222 points to close at 14,221 points

One bitcoin is worth US$45,699 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 74.9 US cents.

Chinese multinational tech company Baidu fell 8% on Thursday after the SEC added the company to its list of firms facing possible delisting from the NYSE. US regulators are concerned that specific foreign companies, in particular Chinese companies, are not being transparent in financial reports which could possibly mislead investors. Baidu has said it is actively exploring possible solutions to comply with applicable laws in China and the US and strives to maintain listing on the Nasdaq and Hong Kong stock exchange.

Shares in US-based drugstore chain Walgreens fell 5.7% on Thursday after the company reported second quarter results. Despite reporting operating income of US$1.2bn, continuing operations EPS of US$1.59/share, up 25.9%, and sales from continuing operations increased to US$33.8bn, investors sold out of Walgreens shares after the company didn’t raise its forecast for the year, blaming slowing demand for COVID testing for the decision to maintain the forecast.

And Uber’s annual event on May 16th ‘Go/Get 2022’ will focus on transport and sustainability with the company holding ambitious plans to electrify its fleet in the US by 2030.

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