U.S. markets suffered their worst day of trading Thursday, with the Nasdaq and S&P 500 ending their week-long winning streaks and the Dow Jones Industrial Average extending its losing streak to two.
The Dow closed the day down 0.34%, or 83 points to 24,665, while the Nasdaq declined 0.78%, or 57 points to 7,238, and the S&P fell 0.57%, or 15.5 points to 2,693.
Qualcomm Cuts Overhead by Laying Off 1,500 Workers
Qualcomm (QCOM) started making good on its pledge to cut $1 billion in overhead by laying off about 1,500 workers at its facility in California.
Qualcomm has been in the news a lot lately following the failed hostile acquisition of the company by Chinese rival Broadcom (AVGO) and the U.S. government's decision to ban business with Chinese cellphone handset maker ZTE.
Bloomberg reported that today's layoffs would account for the majority of job cuts the company plans to undertake as part of its plan to boost profits and cut overhead.
Facebook to Build Own Computer Chips, Bloomberg Reports
Facebook (FB) is "building a team to design its own semiconductors," multiple sources told Bloomberg Thursday.
Yann LeCun, a Facebook executive spearheading the company's AI and machine learning initiatives, took to Twitter recently to recruit people for the company's efforts
Interested in designing ASIC & FPGA for AI?
Design engineer positions are available at Facebook in Menlo Park.
I used to be a chip designer many moons ago: my engineering diploma was in Electrical... https://t.co/D4l9kLpIlV— Yann LeCun (@ylecun) April 18, 2018
Fearless Girl Statue Has a New Home Outside the NYSE
The year-long standoff between the Fearless Girl statue and the Charging Bull has reached its conclusion with State Street, the owners of the Fearless Girl statue, agreeing to move the art piece outside of the New York Stock Exchange on Wall Street.
The statue had previously been placed opposite the Charging Bull, angering the owners of that piece of corporate art for intruding on their work.
"Our goal is to promote the power of having women in leadership, and placing her right next to the New York Stock Exchange is really the perfect metaphor," Cyrus Taraporevala, president and CEO of State Street Global Advisors, told the New York Daily News.
Kinder Morgan Raises Dividend 60%
Houston-based energy infrastructure company Kinder Morgan (KMI) announced that its board approved a dividend boost of 60%. The company will pay out 20 cents per share in the first quarter and 80 cents per share on an annualized basis.
The first quarter dividend is payable on May 15 to shareholders of record as of April 30.
"The board delivered on our commitment made in mid-2017 with the $0.20 dividend we are declaring today," said Richard D. Kinder, Executive Chairman. "Even with the substantial dividend increase, we still expect to internally fund all of our growth capital with some excess remaining. In the first quarter, we used some of that excess to repurchase shares."
U.S. Airforce Awards Lockheed $928 Million Cruise Missile Contract
Lockheed Martin (LMT) won a Pentagon contract to build the U.S. Airforce its first hypersonic cruise missile. The contract is worth up to $928 million.
The contract suggests that the U.S. is shifting its hypersonic weapons program away from Boeing BA, which currently has several projects underway, including the X-51 scramjet and a waverider hypersonic demonstrator.
The hypersonic cruise missiles contracted by the USAF must be able to be carried on fighter and bomber aircraft, according to the service's solicitation notice.
The Dow had its worst session of the week Wednesday, and U.S. futures were following that performance up with a down session of their own.
Dow futures were down 0.04%, indicating an open 10 points lower, while S&P futures fell 0.09%, indicating an open 3 points lower and Nasdaq futures declined 0.11%, indicating an open 7 points lower.
World markets were mostly higher Thursday. In Asia, the Hang Seng led the way higher, rising 1.4%, while the Shanghai Composite climbed 0.84% and the Nikkei rose 0.15%.
European markets were mixed with the DAX in Germany falling slightly, the CAC 40 rising 0.21% and the FTSE 100 gaining 0.27%.