US markets rallied; AT&T fell on WarnerMedia spin off; UPS jumped 14% on Q4 results
- The Nasdaq rose 0.8% to close Tuesday’s session at 14,346 points.
- AT&T fell 4% after announcing it will spin off its WarnerMedia division.
- UPS jumped 14% on record Q4 results and upbeat 2022 forecast.
The US markets traded flat for most of Tuesday’s session for an afternoon rally boosted the key indices into positive territory as investors weighed strong corporate quarterly earnings results against continuing uncertainty over the impact of higher interest rates this year.
The Dow Jones rose 0.8% to finish the trading day up 273 points to close at 35,405 points.
The tech heavy NASDAQ rose 0.8% to finish the trading day up 106 points to close at 14,346 points with Netflix and Google gaining 7.02% and 1.61% respectively.
One bitcoin is worth US$38,844 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 71.32 US cents.
AT&T fell more than 4% on Tuesday after the telecommunications company said it will spin off its WarnerMedia division in a US$43bn transaction to merge its media properties with Discovery, as well as cutting its dividend by nearly half. AT&T shareholders will own 71% of the new Warner Bros. Discovery company and will receive 0.24 shares of the new company for each AT&T share they own.
Shares in United Parcel Service (UPS) jumped 14% to a record high share price on Tuesday after the shipping and logistics giant released record quarterly earnings results and forecast for 2022 above expectations. For the quarter, UPS reported adjusted net income of a record US$3.15bn, EPS of US$3.59/share and hiked its quarterly dividend by 49% to US$1.52/share. Results were boosted by increased demand for express shipping during the pandemic.
And Tesla is recalling nearly 54,000 cars and SUVs due to the ‘Full Self-Driving’ feature software allowing the cars to roll through stop signs without coming to a complete stop.
Read the full story
in the Grafa app
To read the full article and more in the Grafa app, available on all app stores.
Track the trends
Get the hot tips first
Stay close to your investments
Learn to trade like a pro
Let your money entertain you
See more stories like this
48% of businesses say they will not raise prices, primarily due to the desire to...read more