Facebook’s shares fell the most in four years on Monday, wiping $36.7bn off the market value of the world’s largest social network as a backlash intensified over claims it had been used to harvest the data of millions of US voters.
SandRidge Energy said on Monday that it will reject an unsolicited merger proposal from Midstates Petroleum and said it was embarking on a review of its strategic options including possible divestments, joint ventures and other combinations.
Sales from its growing cloud business continued to power Oracle’s latest quarterly revenue jump. However shares fell in after market trading after its net earnings were wiped out by a massive charge related to US tax reform.
Claims Facebook misused user data has the social media network on track for its biggest one-day market capitalisation loss on record and is leading a $100bn-plus wipeout today among so-called FAAMNG stocks.
French tyre maker Michelin has agreed to buy British engineering company Fenner in a deal worth £1.3bn in order to “bring a comprehensive offering to mining clients” and to “expand Michelin’s engineered material division.”
The United States tightened the screws on Venezuela on Monday by prohibiting all US trade in the Petro, a digital currency launched by Venezuela’s leftwing government this year in a bid to circumvent earlier US sanctions.
US securities regulators have announced the biggest-ever payouts to individuals whose tips led to successful enforcement actions, under a whistleblower bounty programme set up by the post-crisis Dodd-Frank law.
The sell-off in technology stocks is getting ugly, quickly.
The Nasdaq Composite is now down 2.3 per cent at 7,308.46 - a step up from the 1 per cent decline the tech-heavy index opened at on Monday - as midday rolls around. The fall marks the index’s biggest one day drop in over a month on an intraday basis.
The Financial Conduct Authority has called for the creation of a global alliance of regulators that would encourage growth in fintech by allowing companies to test new products without going through a full approval process.
Facebook shares dropped more than 5 per cent at the opening bell on Monday after it was claimed data firm Cambridge Analytica misused information from the social media company to help Donald Trump win the US presidential election.