The Daily Times Newspaper

Parent Company Significantly Higher on Lower Wall Street


Booking Holdings rose almost 8 percent on the stock exchanges in New York on Thursday. Investors were delighted with the results of the parent company of the Dutch, which more than doubled its turnover last quarter.


CEO Glenn Fogel also expects even more people to travel in the coming months and book an overnight stay via Booking, despite uncertainty due to the war in Ukraine and rising inflation.

Markets also continued to mull over the Federal Reserve’s interest rate decision. The US central bank raised interest rates by half a percentage point on Wednesday to fight inflation. While higher interest rates are generally unfavourable for equity valuations, investors were particularly relieved that the central bank said it would not raise interest rates in any larger steps in the future.

Shortly after opening, the Dow-Jones index was 0.9 percent lower at 33,769.16 points. The broad S&P 500 lost 1.1 percent to 4252.82 points, and tech gauge Nasdaq fell 1.5 percent to 12,766.20 points. On Wednesday, the indicators recorded the largest daily gain since May 2020.

Web shopping platform eBay plunged more than 6 percent after a slowdown in online sales in the past quarter and a disappointing outlook for the current quarter. Etsy, an online marketplace for handmade and vintage products, also released disappointing expectations for the second quarter, losing 16 percent in the market cap.

Shopify plummeted 17.2 percent. The Canadian e-commerce company made less than expected profit last quarter and also issued a cautious outlook.

Twitter rose 3.4 percent. Tesla CEO Elon Musk has secured pledges worth more than $7 billion from investors for his takeover of the social media company. Oracle founder Larry Ellison, for example, is willing to put $1 billion into the acquisition. Crypto company Binance is also participating and is good for 500 million dollars. According to business news channel CNBC, Musk is also expected to take charge of Twitter temporarily.

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