Business News

5 things you need to know today

  • Snapchat shares have plummeted after social media mogul Kylie Jenner tweeted that she doesn't open the app anymore. The company's shares sank as much as 7.2% wiping out $US1.3 billion in market value. Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a "significant jump" in negative reviews of the app's redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
  • Bitcoin has fallen below $10,000 again, hitting the lowest in a week. It was the second-straight day of declines despite picking up from falling below $6000 earlier this month. The price of bitcoin has roughly halved since its climb to almost $20,000 in December. The cryptocurrency is down nearly 29% in 2018, but remains more than 740% higher over the last 12 months.
  • Qantas Airways is expected to begin paying corporate tax again from next year after reporting a record first half result despite soaring fuel costs. Chief executive Alan Joyce said the latest strong result is a further indication that the airline's earnings were becoming less volatile.
  • Donald Trump sas that gun free schools are a magnet for bad people as he calls for 'gun adept' teachers. Trump said giving concealed guns to teachers would mean "far more assets at much less cost than guards". Trump says he is pushing for a gun reform - including raising the age limit to purchase firearms to 21.
  • Australian shares are expected to start the day on strong footing, with Wall Street on track to finish mostly higher.The Dow Jones finished 0.6% at 24,947, the S&P 500 also finished 0.1% at 2,704 and the Nasdaq dropped 0.2% at 7,207. Over to Europe, the FTSE fell 0.4% at 7,252, the German DAX also fell 0.1% at 12,462, and the Euro Stoxx 50 finished 0.1% higher at 3,432.

Published on: Friday, February 23, 2018

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