Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the...Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
No timetable has been set on returning the money to outside investors in Tepper's Appaloosa Management, source says.Hedge Fundsread more
Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked "nationalist sentiment," according to South China Morning Post.Marketsread more
Celebrity chef Mario Batali is being charged with indecent assault and battery, more than a year after admitting to sexual misconduct.Restaurantsread more
Shares of Snap fell as much as 4.9% on Thursday after an analyst at Wedbush Securities downgraded the social media company amid valuation concerns.
Analyst Michael Pachter cut his Snap rating to neutral from outperform.
"With shares currently trading around 8x the consensus 2020 revenue estimate, current valuation appears to leave little room for multiple expansion, as greater investor confidence in current management and the potential for earlier-than-expected profitability appear to be largely priced in," he said.
Snap shares have been on fire this year, more than doubling in value and outperforming shares of its biggest competitor, Facebook. Facebook shares are up 36% in 2019. Snap closed down 0.7% on Thursday.
One key boost for the company has been improvements to its Android app, which had been criticized by users for crashing and low-quality resolution in photos, Pachter said.
"While minimal changes appear to have been made to the app's UI or navigation, media reports and our own channel checks suggest significantly increased app stability and camera resolution, establishing a stronger base for more comprehensive future updates and enhancing the app's appeal to non-U.S. users," he wrote in a note to clients.
Pachter downgraded Snap ahead of its quarterly results release, which is scheduled for next week. Analysts polled by Refinitiv expect Snap to report a loss of 12 cents per share and revenue of $306.5 million.