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US markets mixed; Zoom tanked 14.7% on Q3 results; Dell rallied on four-fold profit growth for Q3.

  • The Nasdaq fell 0.5% to close Tuesday’s session at 15,775 points.
  • Zoom tanked 14.7% after releasing Q3 results & analysts slashing price targets.
  • Dell shares surged after hours on Q3 results including profit up four-fold.

The US markets closed mixed on Tuesday as tech stocks were pulled lower by continued economic recovery attracting investors away from growth stocks, and expectations that the Fed may soon decide on when to raise interest rates.

The Dow Jones rose 0.55% to finish the trading day up 195 points to close at 35,814 points.

The tech heavy NASDAQ fell 0.5% to finish the trading day down 80 points to close at 15,775 points

One bitcoin is worth US$57,590 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 72.25 US cents.

Shares in pandemic-winning platform Zoom tanked 14.71% on Tuesday after releasing third-quarter earnings results and analysts slashing price targets for the stock. For the period, Zoom reported revenue growth of 35% to US$1.051bn and an EPS of US$1.11/share, up 12% YoY, exceeding analysts estimates on both metrics. Analysts focused on Zoom’s billings increasing 20% YoY to US$1.07bn and as a result lowered price targets from US$460 to US$400/share.

Dell Technologies rallied after hours on Tuesday following the release of third-quarter results after the closing bell as demand for PCs continues to surge. For the period, Dell reported profit growth more than four-fold from US$1.08/share a year ago to US$4.87/share or US$3.89bn for Q3, revenue rose 21% to US$28.39bn and Client Solution Group revenues grew 35% to a record US$16.5bn.

And fully autonomous boats called ‘Roboats’ are being tested in Amsterdam to transport people, gather waste and link together to form a bridge or other infrastructure.

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