Stock Movers: American Airlines, Proctor & Gamble, Newmont
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Bloomberg
an hour ago
- Bloomberg
Stock Movers: Figma, Carvana, Microsoft
On this edition of Stock Movers: - Carvana (CVNA) shares notched an all-time high this week — rising more than 10,000% from a low in late 2022 — and delivering a blow to investors betting against the online used-car dealer. The jump to record caps a roller-coaster ride for the stock that quickly became an investor darling after a public debut in 2017, but has also been plagued by criticisms ranging from claims that the company was overvalued and allegations of lax business practices. The latest gains came after the company's blockbuster second-quarter results on Wednesday fueled expectations that a turnaround is taking hold at the embattled company. - Microsoft (MSFT) has become the second company in the world to reach a $4 trillion market capitalization after reporting quarterly earnings that beat Wall Street's expectations, sending the stock soaring Thursday. Shares of the technology behemoth jumped, pushing its market value to $4.1 trillion. Nvidia Corp. became the first company to hit the milestone earlier this month. The company's latest results confirmed that it's a leader in the artificial intelligence boom that's lifted megacap tech stocks, and the broader market, for the last few years. Microsoft reported better-than-expected growth in its cloud business, and its closely-watched Azure cloud-computing unit posted a 39% rise in sales, handily beating the 34% analysts expected. - Figma (FIG) shares jumped 250% in their public debut after the design software maker and some of its shareholders raised $1.2 billion in an IPO, with the trading valuing the company far above the $20 billion mark it would have reached in a now-scrapped merger with Adobe. The company sold 12.47 million shares in the IPO, which priced Tuesday, while investors including Index Ventures, Greylock Partners and Kleiner Perkins sold 24.46 million shares. The trading gives Figma a market value of nearly $55 billion, based on the outstanding shares listed in its filings. Accounting for employee stock options and restricted stock units, and restricted stock units for Chief Executive Officer Dylan Field, which are subject to vesting conditions, the fully diluted value is well above $65 billion.
Skift
4 hours ago
- Skift
Delta Responds to AI-Pricing Backlash: No ‘Individualized Prices Based on Personal Data'
In a letter to three senators, Delta said some of the conversation on its use of AI 'has created confusion and misinformation.' Delta Air Lines said Friday in a letter to lawmakers that it would not use AI to set individualized airfares following weeks of criticism. 'There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized prices based on personal data,' Delta said in a letter addressed to Senators Ruben Gallego, Richard Blumenthal, and Mark Warner. The three senators had sent a letter to Delta CEO Ed Bastian last week asking for answers on how Delta collects customer data and how it uses that data to train an AI model. The concern is that Delta could leverage personal information — everything from browsing history and income to a personal crisis — to charge one
Bloomberg
4 hours ago
- Bloomberg
Delta Says It's Not Using AI to Gather Personal Data, Set Fares
Delta Air Lines Inc. said it's not using, and doesn't plan to use, artificial intelligence to offer customers fares based on individual personal data, addressing a public backlash led by several members of Congress. US Senators Ruben Gallego, Richard Blumenthal and Mark R. Warner raised concerns in a July 21 letter about what they said was Delta's use of AI to end fixed or static pricing 'in favor of prices that are tailored to an individual consumer's willingness to pay.'
