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By Staff Reporters
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- Markets: The NASDAQ stumbled for the second straight day as rising bond yields banged up the tech sector, which is ultrasensitive to higher interest rates.
- Alibaba: Shares in the Chinese e-commerce giant popped after it announced the most extreme restructuring in its history: It’s going to split up into six business units (“mini Alibabas”) that could each go IPO separately.
Et Cetera and More
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- AMC stock popped 13% after a report from The Intersect claimed Amazon was considering buying the theater chain.
- Lucid, the EV startup, is laying off ~18% of its workforce, or around 1,300 employees.
- Disney has cut its metaverse division as part of 7,000 layoffs, according to the WSJ.
- McKinsey, the consulting firm that usually recommends layoffs at other companies, is cutting about 1,400 roles from its own roster.
- Substack is allowing writers on its platform to buy shares in the company for as little as $100. Substack has already raised $82 million in venture capital.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Investing | Tagged: Alibaba, AMC, Disney, Lucid, markets, McKinsey, NASDAQ, S&P 500, Substack | Leave a comment »
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