Here are the most important news items investors need to start their trading day:
1. Leap to record
2. To the moon
Thursday brought another historic moment to the final frontier as a new space race begins. intuitive machine When the IM-1 mission landed on the celestial body, the company became the first company to land on the moon. The Odysseus cargo lander became the first American spacecraft to reach the moon’s surface since 1972. As befits its name from Greek mythology, the ship predictably faced several unexpected delays on its way home. “Welcome to the moon,” Intuitive Machines CEO Steve Altemus said after controllers established contact with the lander. The landing is key for NASA, a government agency that will rely even more on private companies to carry out its missions in the coming years. Intuitive Machines’ stock price soared as much as 50% in pre-market trading after the mission’s success.
3. Lady or not
Reddit’s IPO comes after a slow and slow process for social media platforms. He said it has been more than two years since Reddit filed its draft listing registration, and the company has filed its IPO prospectus with the Securities and Exchange Commission on Thursday. Reddit is scheduled to debut on the New York Stock Exchange in March and will trade under the ticker “RDDT.” The company is the first social media company to go public since 2019, and the listing comes amid tepid investor demand for an IPO. Reddit said it generated $804 million in revenue last year thanks to advertising, a 20% increase from 2022. Net loss for 2023 was $90.8 million, narrower than a loss of $158.6 million a year earlier.
4. Cell crisis
Thousands affected by massive outage AT&T Cell phone service was unavailable to users Thursday before being restored in the afternoon. The effects ranged from disrupting calls and text messages for consumers to disrupting the city’s emergency services.Several verizon and T-mobile Users have also reported problems, which the companies said likely stemmed from attempts to contact AT&T customers. AT&T said an initial investigation into the outage determined it was caused by “an incorrect application and execution of processes used to expand the network, rather than a cyberattack.”
5. Amazing profits
Two stocks jumped in premarket trading Friday morning after companies reported unexpected quarterly profits.shares of block It rose about 15% as its Square and Cash App businesses showed solid revenue growth. meanwhile, Carvana Shares rose more than 30% as the company announced its first-ever profit. The result is an earnings season that has far exceeded expectations. As of Thursday, 87% of S&P 500 companies had reported fourth-quarter results, with profits beating expectations by 6.9%, according to LSEG (formerly Refinitiv).
– CNBC’s Brian Evans, Michael Sheets, Jonathan Bunyan, Ryan Anastasio, Mackenzie Sigalos and Robert Hamm contributed to this report.
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