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Gold prices struggle for direction on Wednesday, after back-to-back session gains, as investors continue to weigh remarks a day earlier from Federal Chairman Jerome Powell and the reaction in the U.S. dollar and Treasury yields.
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U.S. stocks fall Wednesday, as investors waited for Disney earnings after the close and listened to several Fed speakers throughout the trading day.
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Zoom and eBay are the latest tech companies in the layoffs spotlight. Here's a list of other companies making job cuts.
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These are some of the stocks posting the largest moves before the stock market's opening bell.
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An earlier version of this report misstated Uber's adjusted Ebitda guidance. It has been corrected.Shares of Uber Technologies Inc. UBER were heading 7% higher in premarket trading Wednesday after the ride-hailing company delivered an upbeat outlook for the current quarter. The company generated fourth-quarter net income of $595 million, or 29 cents a share, whereas it posted net income of $892 million, or 44 cents a share, in the year-earlier quarter. The FactSet consensus was for a 15-cent loss per share on a GAAP basis. Uber's net income figure included a $756 million net pre-tax benefit largely due to unrealized gains from the revaluation of equity investments. Uber also reported adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $665 million, whereas analysts were expecting $624 million. Revenue increased to $8.6 billion from $5.8 billion, while analysts had been modeling $8.5 billion. Gross bookings rose $19% to $30.7 billion, matching the FactSet consensus. "We ended 2022 with our strongest quarter ever, with robust demand and record margins," Chief Executive Dara Khosrowshahi said in a release. For the first quarter, Uber executives anticipate gross bookings of $31.0 billion to $32.0 billion, along with $660 million to $700 million in adjusted Ebitda. Analysts were looking for $31.3 billion in gross bookings and $612 million of adjusted Ebitda.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of U.K. soccer club Manchester United surged in premarket trade after a report of an imminent Qatari bid for the high-profile team.
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Business consultant Terry Rice outlines the Objective First Framework.
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Economists say the January jobs report do not point to a new acceleration in the jobs market.
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The labor market's surprising strength underscores why bringing inflation down will require higher interest rates than many investors have been anticipating, Fed Chair Jerome Powell said.
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