AOF Interim Wall Street Analysis – US Stock Markets Are Back in the Green – 11/22/2022 at 6:20 PM.

Australia lowers growth forecast due to COVID-19

(AOF) – U.S. stock markets edged higher early Tuesday, continuing into the middle session. Investors heard the latest findings from the OECD, which predicts a slowdown in the global economy next year before a rebound in 2024. At 5:30 p.m., the Dow Jones industrial average was up 0.83% at 33,979 points, while the Nasdaq composite was up 0.41% at 11,069 points.

US consumer electronics company Best Buy rose 9.69% to $77 on the New York Stock Exchange. The company reported third-quarter net profit of $277 million, or $1.22 per share, compared with $499 million, or $2 per share, a year ago. For the quarter, the group reported adjusted EPS down a third to $1.38, operating margin down 1.9 points to 3.9% on revenue of $10.6 billion, down 10.4%.

Today’s economic statistics

No significant release is expected today.

Values ​​to follow today

Bye

Wall Street-listed Chinese internet giant Baidu posted a 2% third-quarter turnover increase to 4.43 billion euros. Its operating profit was $747 million. Baidu Core’s revenue rose 2% year-over-year to $3.55 billion thanks to Additionally, its online marketing revenue was $2.63 billion, down 4% year-over-year but up 10% from the second quarter.

Best buy

US consumer electronics giant Best Buy reported net profit of $277 million, or $1.22 a share, up from $499 million, or $2 a share, a year earlier. For the quarter, the group reported adjusted EPS down a third to $1.38, operating margin down 1.9 points to 3.9% on revenue of $10.6 billion, down 10.4%. Following better-than-expected results in its third quarter, the group is raising its annual targets.

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Tel

Dell Technologies has released its third quarter financial results. Revenue was $24.7 billion, down 6%. Operating income was up 68% to $1.8 billion, representing 7.1% of revenue, and non-GAAP operating income was $2.4 billion, up 22%, representing 9.6% of revenue. Net income from continuing operations was $241 million.

JD.com

Chinese e-commerce giant JD.com has announced it will cut the salaries of more than 2,000 senior executives by 10% to 20% next year as part of the government’s “public prosperity” campaign. The e-commerce giant made the announcement in an internal letter, which was circulated online and reported by local media.

Zoom in on video contacts

Zoom Video Communications revenue rose 5% to $1.1 billion in the third quarter. The San Jose-based Californian company posted a net profit of more than $48 million. The group now expects revenue of up to $4.38 billion, up from $4.4 billion previously. For the quarter, adjusted EPS was $1.07. Its net cash from operating activities was $295.3 million versus $394 million a year ago.

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