Morgans AM: Friday, 26 April 2024

Morgans Financial Limited

US equity markets retreated, paring earlier steeper losses as investors digested the latest economic growth data and another swathe of major corporate earnings releases - Dow fell -375-points or 0.98% (after slipping -43-points or 0.11% on Wednesday (24 April)). International Business Machines (IBM) Corp shed -8.25% after the hardware, software and consulting provider reported softer-than-expected first quarter revenue (up +1.5% year-on-year at US$14.46B versus consensus US$14.55B) after the close of the previous session and confirmed earlier media speculation in announcing that it was acquiring cloud software maker HashiCorp Inc (up +4.49% at US$32.82) in a deal with an enterprise value of US$6.4B (paying US$35 per share).