Wall Street is in rally mode. All three major averages (^DJI, ^GSPC, ^IXIC) are solidly higher in early trading with financial shares leading the advance, as investors bet that Britain will "remain" in the European Union in the closely monitored UK referendum on Thursday.
Twilio makes its debut
Twilio is getting set to make its Wall Street debut. The San Francisco-based company, which builds software that lets people interact with each other will begin trading on the NYSE under the ticker TWLO. The stock priced above its expected range at $15 a share raising $150 million dollars in its IPO. It has been a dismal year for the IPO market, and Twilio will be closely watched to see what kind of appetite investors will have for private tech companies.
Bed Bath & Beyond (BBBY) shares were lower in early trading after the home goods retailer reported a miss on both its top and bottom lines for the first quarter, as sales came in flat and profit and margins fell.
BlackBerry (BBRY) shares were sharply higher Thursday morning. The Canadian smartphone maker posted revenue that came in way below expectations. However, adjusted earnings came in about flat. The Street was expecting a loss of $0.08 a share. The company continues to struggle in the smartphone market, but it’s growing its enterprise software business. That segment, which is about 40% of the company's overall revenue, reported record sales.
Bank of America (BAC) shares are on investors' radars. The bank could pay up to $450 million to settle allegations from the SEC that it violated rules designed to safeguard client accounts. That's according to The Wall Street Journal.
Alibaba founder Jack Ma wants to make something very clear. Counterfeit goods are not tolerated on Alibaba’s (BABA) platforms. In an op-ed for the Wall Street Journal, Ma writes the company has zero tolerance for knock-offs, and that honest brands must be protected. Why is Ma writing this op-ed now?
Major money issues for Medicare, Social Security
Matters are only getting worse for Medicare and Social Security. A government review shows that Medicare funds will run dry by the year 2028. That’s two years earlier than previously estimated. Meanwhile, Social Security only has enough money to run till 2034. Treasury Secretary Jack Lew says there’s time to figure out how to fix the issues.