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Market Movers: Walmart, Cisco, Microsoft, and more

Walmart's stock climbed by 2.66% as the company announced new subscription model called Walmart+. Panic buying due to COVID-19 pandemic also increased...

Written by Hivelr News · 1 min read >
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Top Dow 30 Gainers:

Walmart – (NYSE: WMT) – The retail company’s stock climbed by 2.66% as the company announced a new subscription model called Walmart+. The service will allow the subscriber to benefit from Walmart’s Delivery Unlimited for $98 per year. Walmart+ membership includes a discount at Walmart gas stations, same-day delivery for groceries and merchandise, and access to early discounts. Panic buying due to the COVID-19 pandemic also increased Walmart’s earnings early this year.

Cisco – (NASDAQ: CSCO) The shares jumped by 1.93% today as the demand for the remote network for work and education increased due to the COVID-19 pandemic. Cisco provides enterprise networking hardware to allow virtual workspace, online lectures, and video conference calls using their WebEx platform. Harvard announced that all undergraduate and graduate classes would be taught online for the 2020-2021 academic year. The university will only allow 40% capacity only for freshman year students.

Microsoft – (NASDAQ: MSFT) The enterprise software company’s stock rose 0.7% today as the increased remote working has prompted growth in Office 365 and Microsoft Teams subscriptions. Microsoft Azure, a cloud platform, also showed a significant increase in new users and data propelled them as the 2nd largest cloud infrastructure behind Amazon Web Services.

Top Dow 30 Losers:

Walgreens – (NASDAQ: WBA)The drug store chain’s stock dropped by 7.76% today after the company missed earnings in the third quarter. Even though the total revenue of $36.4 Billion was up, the non-cash impairment of $2 Billion for the UK Business has put their net earning in the red zone, the net loss of $1.7 Billion. Walgreens will shut down the majority of its UK stores and lay off about 4000 workers. However, the company increases the dividend by 2.2% to calm the investor from panic selling.

Raytheon – (NYSE: RTX) The shares dropped by 4.7 % as the defense contractor increased its commercial aerospace exposure after the acquisition of United Technologies. The demand for air travel has diminished due to the COVID-19 pandemic, which put pressure on airlines to cut costs and cancel flights. United Technologies manufactures aircraft engine parts and interior. Raytheon is still maintaining a 3% yield dividend due to strong cash flow in the defense arm.

Chevron – (NYSE: CVX) The oil and gas company’s stock dropped by 4.18% as oil demand continues to drop due to the COVID-19 pandemic. The disruption of electric mobility also contributes to the weaker demand for fossil fuel demand in the future. Chevron’s profitability is a high reliance on oil prices. Chevron has also canceled Kitimat LNG projects and optimizes its portfolio to improve the returns and profitability.

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