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US markets mixed; Amazon soared on Q4 results; Ford fell on Q4 results

  • The Nasdaq rose 1.6% to close Friday’s session at 14,098 points.
  • Amazon soared 13.5% on its profit almost doubling in the fourth quarter.
  • Ford fell 9.7% on fourth quarter results falling short of estimates.

The US markets ended a choppy week mixed across the three key indices as investors digested varying quarterly results from big tech companies.

The Dow Jones fell 0.06% to finish the trading day down 21 points to close at 35,090 points.

The tech heavy NASDAQ rose 1.6% to finish the trading day up 219 points to close at 14,098 points with Amazon and Tesla gaining 13.54% and 3.61% respectively.

One bitcoin is worth US$41,626 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 70.85 US cents.

Amazon shares jumped 13.54% on Friday, adding around US$191bn to the ecommerce company’s market capitalization which is the largest ever one-day gain in market value by any US company. Amazon’s shares rose a day after the company said its profit nearly doubled last quarter and on news that Amazon has approached Peloton about a potential takeover deal.

Snapchat shares also skyrocketed 46.7% on Friday after the social media company reported its first ever quarterly profit and issued an upbeat outlook saying it was making progress adjusting to Apple’s privacy policy changes which directly impact ad-tracking technology in the Snap system.

Shares in automaking giant Ford fell 9.7% on Friday after the company released fourth quarter earnings results that fell short of market expectations. For the period, Ford reported adjusted EPS of US$0.26/share, almost half that of market expectations, and automotive revenue came in at US$35.3bn compared to the US$35.5bn expected. The automaking giant did however issue a bullish estimate for FY22 with predictions of earnings between US$11.5bn and US$12.5bn in adjusted pretax profits.

And Michigan’s governor Gretchen Whitmer has announced that Michigan is planning to install America’s first in-road wireless charging system for electric vehicles by 2023.

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