5 things to know before the stock market opens Friday, January 20

Here are the most important news items that investors need to start their trading day:

1. January rally loses steam

2. Google joins the tech layoff spree

Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California.

Anna Moneymaker | Getty Images

Alphabet‘s Google said Friday morning that it would lay off 12,000 employees, making it the latest tech giant to unveil significant job cuts. CEO Sundar Pichai told employees in a memo that the decision was based on a “rigorous review” of the company’s business, and that the layoffs would affect various regions and product areas. “As an almost 25-year-old company, we’re bound to go through difficult economic cycles,” Pichai said. Google’s announcement comes two days after Amazon started laying off 18,000 people and Microsoft said it would slash 10,000 jobs.

3. Netflix’s wild ride

Netflix jumps on Q4 paid net additions, 7.66 million vs. 4.57 million expected

Netflix gave markets a lot to chew over when it reported quarterly earnings after the bell Wednesday. First up, the streaming giant said Reed Hastings, who helped establish the then-DVD-rental-by-mail company in 1997, would leave his co-CEO role and become executive chairman. Operating chief Greg Peters now joins Ted Sarandos as co-CEO. Netflix also reported about 7.7 million new subscribers in the most recent quarter, easily topping Wall Street’s expectations of about 4.6 million. Once upon a time, this might have been bad news for Netflix’s streaming rivals. But, as CNBC’s Alex Sherman points out, all streamers are effectively united against a common enemy: slowing growth. A good quarter for Netflix could bode well for the others.

4. Crypto contagion claims Genesis

Barry Silbert, Founder and CEO, Digital Currency Group 

Anjali Sundaram | CNBC

The crypto world is a land of confusion. Lender Genesis filed for Chapter 11 bankruptcy protection late Thursday. The filing follows months of speculation over whether Genesis would file for bankruptcy. The lender is a key part of Barry Silbert’s Digital Currency Group, which has fallen under increasing pressure since the collapse of Three Arrows Capital and Sam Bankman-Fried’s empire, including Alameda Research and FTX. Genesis listed over 100,000 creditors, with liabilities ranging from $1.2 billion to $11 billion, according to bankruptcy documents.

5. NATO considers tanks for Ukraine

Ukraine has repeatedly asked for battle tanks from its Western allies.

Sean Gallup / Staff / Getty Images

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