This week has brought a tough start for Tesco, which has issued its third profit warning in weeks and is saying that profits have been overstated by around £250 million. Shares in the UK’s largest supermarket chain are currently down by a staggering 8%. There’s little for the UK’s rival supermarket firms to celebrate, however, as a ‘plague on both your houses’ attitude by the markets means that shares in both Morrisons and Sainsburys are also down, the former by 2% and the latter by around 2.87%. The FTSE as a whole is feeling the effects; the index is currently down by around 0.7%
After weeks of waiting, Alibaba finally exploded onto the US Stock Market on Friday, with the opening price of $92.70 far exceeding their $68 pricing on Thursday. The company was originally valued at $170 billion, but Friday’s close saw the company valued at $231 billion, more than US competitors Amazon and eBay combined. In tech. Stock news, Oracle shares closed down by 4.21% on Friday as markets reacted to Larry Ellison’s resignation as CEO of the US firm. Ellison will still play a role in the company which he founded, but has appointed two successors to share the role of CEO, Mark Hurd and Safra Catz.
Asian Markets saw a slump in Monday’s session, with the Shanghai Composite and Hang Seng falling by 1.7% and 1.44% respectively after Chinese Finance Minister Lou Jiwei appeared to emphasise determination not to show knee-jerk reactions to disappointing economic data; tomorrow will bring HSBC’s China Manufacturing PMI data release. The Nikkei was down by 0.71% as Softbank shares saw a sharp drop in the wake of the Alibaba’s successful IPO, despite the Japanese bank’s significant stake in the e-commerce company. Softbank shares rose by around 30% in the weeks leading up to the IPO.
This week has brought a tough start for Tesco, which has issued its third profit warning in weeks and is saying that profits have been overstated by around £250 million. Shares in the UK’s largest supermarket chain are currently down by a staggering 8%. There’s little for the UK’s rival supermarket firms to celebrate, however, as a ‘plague on both your houses’ attitude by the markets means that shares in both Morrisons and Sainsburys are also down, the former by 2% and the latter by around 2.87%. The FTSE as a whole is feeling the effects; the index is currently down by around 0.7%
After weeks of waiting, Alibaba finally exploded onto the US Stock Market on Friday, with the opening price of $92.70 far exceeding their $68 pricing on Thursday. The company was originally valued at $170 billion, but Friday’s close saw the company valued at $231 billion, more than US competitors Amazon and eBay combined.
In tech. Stock news, Oracle shares closed down by 4.21% on Friday as markets reacted to Larry Ellison’s resignation as CEO of the US firm. Ellison will still play a role in the company which he founded, but has appointed two successors to share the role of CEO, Mark Hurd and Safra Catz.
Asian Markets saw a slump in Monday’s session, with the Shanghai Composite and Hang Seng falling by 1.7% and 1.44% respectively after Chinese Finance Minister Lou Jiwei appeared to emphasise determination not to show knee-jerk reactions to disappointing economic data; tomorrow will bring HSBC’s China Manufacturing PMI data release. The Nikkei was down by 0.71% as Softbank shares saw a sharp drop in the wake of the Alibaba’s successful IPO, despite the Japanese bank’s significant stake in the e-commerce company. Softbank shares rose by around 30% in the weeks leading up to the IPO.
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