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Sprint and T-Mobile agreed to terms for a $26 billion merger on Sunday. The merger will result in Sprint joining T-Mobile and its CEO John Legere under the T-Mobile brand. Hopefully, it will give the two telecom companies enough leverage to compete with giants AT&T and Verizon for the new 5G network and the ever-growing number of new users on the market.
Apple published a positive earnings call that sent the stock up 5% in after-hours. The company managed to outperform predictions on revenue and EPS, even though Apple sold fewer iPhones than predicted. According to most analysts, Apple has the potential to continue performing well for the rest of the year and some banks are encouraging customers to invest.
Late last week Amazon also published their quarterly report with results that were so impressive the company stock soared by 7%. At the same time as the report was published, Amazon announced that for the first time since 2014 they were going to raise the member fee for Prime customers. News about the fee was not met with enthusiasm, although the positive report outweighed the increased fee and the stock remained stable even after the surge.
Tesla also published their earnings call this week, and their report wasn’t as impressive which made the stock fall by over 5%. For the past few months, Tesla has struggled to get the production of the Model 3 to where it needs to be, and it is hurting the company which is burning through their cash flow. Even if the situation is less than optimal, Elon Musk seems to be remaining positive for the rest of the year, and he’s claiming that they will make up for lost time and revenue during the second half of 2018.
Four major car companies have joined forces in a new task group aimed at developing blockchain solutions for the car industry. Ford, BMW, General Motors, and Renault have started the Mobility Open Blockchain Initiative, and the goal is to work on more efficient solutions for payments, ridesharing, and much more.
Similar to Tesla, Snap Inc. published a disastrous report that initiated a stock nosedive. Snap Inc.’s stock dropped by 20% in after-hours on Wednesday and the future is not looking bright. The company had missed their own goals and everyone’s predictions, and if the business model isn’t drastically changed, the company could suffer further consequences.
Cambridge Analytica, the company behind the Facebook data breach, has filed for bankruptcy. According to a company statement, Cambridge Analytica has run out of money and is being forced to shut down. Although, not everyone is convinced. Cambridge Analytica has struggled since the scandal and has lost all credibility in the field meaning they can’t keep or find new clients. According to some, the bankruptcy is also a way for Cambridge Analytica to try and cover up other sketchy parts of the business and situations they’ve been in.
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