Business News

Alphabet took the spotlight of yesterday's Big Tech earnings show, rallying as much as 8% AH as ad sales bounced back sharply from a pandemic slump (YouTube pulled in more than $5B alone). While other peers did quite well, the quarterly reports led traders to pull out of the sector. Facebook slipped nearly 3% amid a user decline and "a significant amount of COVID-related uncertainty," though revenues were up more than 20% despite ad boycotts. Amazon also fell 1.5% after predicting $4B in pandemic costs next quarter, while Apple declined 4% as iPhone sales missed estimates due to customers holding off on purchases before the release of the iPhone 12. 

Once one of the most highly valued startups, Juul has been stricken over the past two years by regulatory crackdowns, lawsuits and probes into whether it marketed vaping products to teens. Latest? The e-cigarette maker has lowered its valuation to about $10B, after being valued at around $38B just two years ago when Altria took a 35% stake. Last month, Juul cut more than half its workforce and said it was exploring pulling out of most overseas markets.

Chevron on Friday reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year, hammered by Covid-19.  Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures.  The oil giant lost $207 million during the quarter on revenue of nearly $25bn.

The s&p500 is down 26, and the Nasdaq is fown 112. The MSCI international index is down 1/2%.

Oil is down $.11 to $36.06 a barrel, and gold is up $11 at $1879 an ounce.  

With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.

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