CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Ari Levy breaks down yesterday's blockbuster record-setting Snowflake IPO. Plus, CNBC's Kate Rooney explains why fintech firm Stripe is paying its employees $20,000 to leave San Francisco.
Shares of Snowflake closed down 10.39% Thursday, a day after the cloud company's blockbuster market debut.
It's a sharp drop from Wednesday's close, when shares were up more than 111%, giving Snowflake a $70.4 billion market capitalization. The company's market cap dropped to $63.1 billion at Thursday's market close.
The slide came amid a broader decline among tech stocks.
Sony on Wednesday announced that the PlayStation 5 will start at $399.99 and goes on sale Nov. 12 in the U.S. The Sony PS5 will compete directly with Microsoft's Xbox Series X and Series S game consoles.
The PS5 Digital Edition, which does not have a disc drive, will cost $399.99. The "regular" version of the console will cost $499.99.
Microsoft announced earlier this month that the Xbox Series X and Xbox Series S will go on sale Nov. 10 for $499 and $299, respectively. The Microsoft Series X is slightly more powerful than the Series S and includes a disc drive for installing games while the Xbox Series S is smaller and will need to download games from the internet. Microsoft's system comes with an eight-core AMD Zen 2 processor — like the PS5 — but will have a better graphics card than Sony's rival machine.
President Donald Trump is expect to decide on TikTok's fate in the U.S. in the next 24-36 hours, sources told CNBC's David Faber.
To address ownership concerns, ByteDance plans to do an initial public offering of global TikTok on a U.S. stock exchange, according to people familiar with the matter. Oracle will also own a minority stake that will be less than 20% of the new global TikTok, two of the people said. Walmart will also take a stake, though its size is still unknown, according to two of the people.
The Treasury Department sent major revisions about security issues on the TikTok/Oracle term sheet Wednesday night, sources told CNBC's Sara Eisen. ByteDance has fully agreed to those revisions, the sources said, although it's unclear what the changes entailed.