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Markets in full swing | Calamatta Cuschieri

Rallying markets, Wall Street downgrades & Cyberattacks for Uber

calamatta_cuschieri
Calamatta Cuschieri
22 November 2017, 12:45pm
Uber finds itself in a difficult situation as news emerges that it paid hackers to delete stolen data from 57 million individuals as a result of a security breach back in 2016
Uber finds itself in a difficult situation as news emerges that it paid hackers to delete stolen data from 57 million individuals as a result of a security breach back in 2016
U.S. stock-markets ended at records and near session highs on Tuesday, finding support on another round of strong earnings, with technology shares leading the way. Investors focused on a number of corporate earnings and positive economic data however trading volumes were expected to thin out this week as preparations commence for the long weekend following Thanksgiving holiday. The S&P 500 index rose 16.89 points, or 0.7%, to close at a record 2,599.03.

UK stocks also ended higher, led by gains from EasyJet PLC, as investors assessed a round of corporate financial updates. The pound was little changed, surrendering an earlier gain that came amid hopes that a higher divorce payment from the U.K. will unclog the Brexit process. EasyJet shares bounced up 5.1% after the low-cost airline said passenger traffic rose 10% in fiscal 2017, and that forward bookings for the first quarter of 2018 are ahead of last year.

Goldman Sachs downgrades Wal-Mart

Goldman Sachs lowers its rating for Wal-Mart shares to neutral from buy, citing the stock's valuation. In a note to clients, analyst Matthew Fassler wrote that Goldman downgraded Wal-Mart because of the company's "progress in growing earnings while investing in its business has been recognized by the market, as the stock's multiple has surged."

Fassler noted the retailer's forward price-to-earnings multiple is 21 times, which is a 15 percent valuation premium to the S&P 500. The analyst raised his 12-month price target for the retailer to $100 from $91, representing 3 percent upside to Friday's close. Shares of Wal-Mart were down more than 1 percent in Monday's premarket. Through Friday, they were up 41 percent this year versus the S&P 500's 15 percent return.

Uber tried to hide cyberattack

Ride-sharing giant, Uber, finds itself in a difficult situation as news emerges that it paid hackers to delete stolen data from 57 million individuals as a result of a security breach back in 2016. This week, the ride-hailing firm ousted its chief security officer and one of his deputies for their roles in keeping the hack under wraps, which included a $100,000 payment to the attackers to keep the breach quiet.

Compromised data from the October 2016 attack included names, email addresses and phone numbers of 50 million Uber riders around the world, the company told Bloomberg on Tuesday. The personal information of about 7 million drivers was accessed as well, including some 600,000 U.S. driver’s license numbers. No Social Security numbers, credit card information, trip location details or other data were taken, Uber said.

 

 

Disclaimer

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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Calamatta Cuschieri is one of Malta’s largest financial services firms. The company offe...
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