Starbucks is worth almost a tenth more on Friday at the opening of the stock exchanges in New York. Investors reacted enthusiastically to the quarterly figures in which the coffee chain reported record turnover. However, higher prices have not deterred Starbucks coffee and pastry fans.
Wall Street recovered after releasing the US government’s monthly jobs report. It showed that more new jobs were created in the United States in October than expected. Unemployment, on the other hand, rose slightly faster than expected.
Shortly after the start of trading, the Dow Jones index was 1.2 percent higher at 32,380 points. The broad S&P 500 rose 1.2 percent to 3765 points, and tech gauge Nasdaq gained 1.1 percent at 10,459 points
DoorDash made a price jump of about 11 percent. The meal delivery company took in a record number of orders last quarter and achieved more turnover than expected.
PayPal fell nearly 6 percent. The online payment service performed better than analysts and investors had expected last quarter. However, the revenue forecast for the current quarter was disappointing. On the other hand, the results of the mobile payment platform Block (plus 10 percent) were well received. Block is the former Square, which was co-founded by Jack Dorsey, the co-founder and former CEO of Twitter.
Crypto exchange Coinbase, which also came up with figures, climbed 12.5 percent. Media Group Warner Bros. Discovery sank deeper into the red last quarter, losing nearly 3 percent. On the other hand, the quarterly figures of cinema chain Cinemark were rewarded with a price gain of more than 7 percent.
Chinese tech companies with listings in the US have moved significantly higher after the earlier rally on the Hong Kong stock exchange. Companies like Alibaba, JD.com, Baidu and NetEase rose to more than 8 percent on ongoing rumours that China will abandon its strict zero-Covid policy.
DraftKings lost more than 18 percent. The sports betting company suffered less loss than feared last quarter. The company also raised its revenue forecast for this year. However, the company warned that a long economic downturn would negatively impact its users’ spending.
