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US tech stock dominates as Twitter soars in overnight trading



Despite an unexpected increase in jobless claims that rekindled some concerns about the economy and brought bond yields lower, technology companies led the way higher in U.S. markets on Thursday. Twitter earnings outperformed views, with revenue increasing by 74%, the highest increase in seven years.

Investors re-entered their favourite tech stocks as optimism about the sector grows ahead of huge earnings releases for some of the sector’s biggest brands next week. Salesforce increased by 2.5%, while Amazon and Facebook increased by 1.4%.

Despite soaring sales growth, Snap and Twitter’s results shattered expectations. In overnight trading, the stocks of Snap and TWTR soared, indicating prospective breakouts. This boosted the stock prices of Facebook (FB), Pinterest (PINS), and Google (GOOG) in the futures market.

Twitter launched its first subscription service in the third quarter, which allows users access to an Undo Tweet button and other features. For users with at least 600 followers, the business also made its Spaces audio chat tool available on mobile devices. It also announced the addition of a Tip Jar function, which will allow users to contribute money to other users on the site.

Twitter outperformed predictions in a variety of categories, including; Earnings: 20 cents per share, adjusted, compared to 7 cents predicted by Refinitiv’s poll of analysts. Also, revenue was $1.19 billion, compared to $1.07 billion as projected by Refinitiv’s polled analysts. Moreover, monetizable daily active users (mDAUs): 206 million vs. 206.2 million as projected by Street Account’s poll of analysts. This caused major movement in the price of Twitter shares as it trended bullish.

Quick Market analysis 

Apple (AAPL) and Microsoft (MSFT) were among the top movers, but Virgin Galactic (SPCE) and AMC Entertainment (AMC) plummeted once more.

The Nasdaq performed the best of the major indexes. It finished with a 0.36% gain. Immunoprecise Antibodies increased by +136.49%, while Sentage Holdings fell by -62.38%. 

The S&P 500 was also up, rising 0.2%. FirstEnergry and Rail stock CSX (CSX) performed most, gaining +4.29% and 3.4% respectively. 

Domino’s Pizza (DPZ) was one of the major winners, finishing up 14.6% on its most recent earnings release.

The Dow Jones Industrial Average gained the least of the main indices. It increased by about 0.07%. One of the top components was Apple stock. With a gain of roughly 1%, it moved away from a buying zone.

In overnight trading, Twitter stock rose nearly 6% to 73.50. Because of the good results from Snap and Twitter, PINS shares jumped 4.5% in extended trading, while Facebook rose by 1.13%. 

SPCE has been battling to get out of a downward spiral since its stock price fell by about 39% last week. Virgin Galactic’s stock dropped after the company announced plans to sell up to $500 million in equity in a regulatory filing.

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Cardano partners with Fortune 250 company, Dish Network



Cardano has announced that it is partnering with a Fortune 250 company, Dish Network, a TV and wireless service provider. The announcement was made by Chris Ergen, the head of Innovation at Dish. 

Chris Ergen made this announcement at the 2021 Cardano Summit with Charles Hoskinson, the CEO of Input-Output present. Chris stated, “I am excited to announce that Dish and input-output are entering into a strategic collaboration to build blockchain services and to make blockchain a core part of our network and consumer strategy.” 

Hoskinson stated that the partnership will help integrate Dish’s telecom business into the Cardano blockchain so as to help provide digital identity services to Dish customers. He further stated, “Ultimately, the collaboration is going to be both innovative, safe and suitable for the customers and regulators of this industry.” 

The partnership aims at bringing the telecoms industry to the blockchain space. It’s the first collaboration of its kind, unlocking significant value for Dish’s customers while growing adoption for Cardano. 

Recall that Cardano just recently launched an Alonzo hard fork mainnet upgrade. The upgrade brought to the Cardano network the capability to launch smart contracts, ushering in a new era for the blockchain which puts it in direct competition with the likes of Ethereum and Solana. 

Since the launch of Smart Contracts, over 200 smart contracts have been listed on the Cardano blockchain explorer.  

Charles concluded the announcement stating, “this is the kind of deal I can imagine in a decade horizon, will involve hundreds of millions of people if not billions of people. I am deeply passionate about it because to do the things we like to do as a company, which is to bank the unbanked and connect the unconnected, makes this is a tremendous challenge.” 

Cardano’s native token is down 6.22% for the day as it currently trades $2.20 as of the time of this writing. 

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World’s biggest independent oil trader says prices will rise above $80 due to gas crisis



The world’s largest independent oil trader, Vitol Group, has said that it expects crude oil price to climb above $80 per barrel in the next couple of weeks.

This follows the expectation that the global crude oil demand will rise by an extra half a million barrels per day by winter due to global gas crisis which has led to rise in gas prices and driving a rush for other alternative sources of fuel.

This was made known by the Chief Executive Officer of Vitol, Russel Hardy, during an interview in London on Thursday, where he said that oil is most likely headed above $80 a barrel, partly as higher gas prices boost demand.

What the Vitol Chief Executive Officer is saying

Hardy said that this could force OPEC+ producers to add more supply into the market.

He said, “Can demand surprise us to the upside because of power switching? Yes,” Hardy said. “Is it likely that there’s half a million barrels a day of extra demand that comes through because of gas pricing? Probably our view is, that is likely across winter.

“All people are worried about is that we’re missing pieces of stock which we normally have,” he said. “During the winter, demand for gas is massively higher than demand for gas during the summer. You have to store, there’s no two ways around it.”

Hardy’s bullish sentiments echoes that of the Group Managing Director of NNPC, Mele Kyari, who predicted higher oil prices in the next 3 months and Goldman Sachs Group Inc., which is predicting higher crude oil prices, especially if the winter months are colder than normal.

In case you missed it

Recall that yesterday, the NNPC said that the supply crisis which has negatively affected the global natural gas market and has led to rising prices, could push up oil prices by as much as $10 a barrel, which is about $86 per barrel over the next 3 to 6 months.

The NNPC boss pointed out that the global gas crisis which has led to an increase in gas prices will make energy consumers seek fuel alternatives to natural gas in the nearest future which might see demand for oil rising by as much as 1 million barrels per day with attendant effect on crude oil prices

Traders have been assessing the likely impact of a tightening natural gas market on the broader energy complex over the coming winter.

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UBA publishes names, BVN and account numbers of forex defaulters



The United Bank of Africa has published the names, Bank Verification Numbers (BVN) and account numbers of some customers alleged to have violated the forex policy of the Central Bank of Nigeria.

This development is coming after the CBN directed banks to expose customers who engage in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.

The UBA disclosed this in a publication on its website titled, ‘CBN FX defaulters’ on Friday.

What UBA said in its statement

The bank stated, “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation.

“Based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow up phone calls.”

The bank also included the name of a customer who it said, “presented fake visa to apply for PTA.”


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