From an all-time high to a tumble.
Amazon announces 20-for-1 stock split and Buyback plan & CrowdStrike stock soars
The ever-surging oil price tumbled on Wednesday to $109 a barrel.
Why it matters: West Texas Intermediate crude declined 12% & brent dropped 13%. This sudden decline could be as a result of the U.S. encouraging oil production from other sources aside Russia. This decline also sent the Energy Select Sector SPDR (XLE) down by 3.1% after gaining more than 30% this year. (Barrons) (Barrons)
Amazon announces 20-for-1 stock split and Buyback plan
Amazon (AMZN) shares are moving sharply in trading after the cloud-computing and e-commerce giant declared a 20-for-1 stock split.
Why it matters: The cloud-computing and e-commerce giant also announced a $10 billion stock-repurchase program. The program doesn’t have an expiration date. While stock-splits don’t necessarily create value for holders, they often trigger short-term rallies and in fact, Amazon shares are up nearly 7% since the announcement. The Amazon split will take effect at the close of business on May 27. (Barrons)
CrowdStrike stock soars
Shares rallied 14% after the security software provider posted a revenue of $431million for its fourth quarter.
Why it matters: This revenue is up 63% from a year-ago quarter and well-ahead of the Wall Street expectations of $410.9 million. For its April quarter, CrowdStrike (CRWD) is projecting a revenue of $459.9 million to $465.4 million, which is ahead of Wall Street’s consensus. We wait to see its results in April. (Barrons)
That’s it from us today,
See you tomorrow.