Wed, Oct 18, 2023 11:39 AM
Newgen Software shares jump 12% on robust Q2 earnings
A Flip by Shubhangi Gupta
Hedge funds are reversing their bearish stance on consumer stocks as the latest economic data and comments from the Federal Reserve revive bets on interest rate cuts. After four weeks of selling, hedge funds last week piled into consumer discretionary stocks, which saw the largest net buying during the week ended May 3, according to data compiled by Goldman Sachs Group Inc. s prime brokerage desk.
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Amazon (NASDAQ: AMZN) posted its first-quarter earnings on April 30. The e-commerce and cloud giant's revenue rose 13% year over year to $143.3 billion, beating analysts' estimates by $764 million, as its diluted earnings more than tripled to $0.98 per share and cleared the consensus forecast by $0.15.Amazon's stock rose slightly after that earnings beat, but does it still have room to run after.
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ICICI Bank on Monday announced that it has enabled instant payment facility UPI for its non-resident Indian (NRI) customers in India through their international mobile numbers. According to the bank, this will significantly enhance convenience of making everyday payments."With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce.
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