Stock market news: Opening bell, July 27, 2018

Facebook’s
founder and CEO Mark Zuckerberg reacts as he speaks at the Viva
Tech start-up and technology summit in Paris,
France.
Reuters/Charles
Platiau

Here is what you need to know. 

Facebook sees the biggest wipeout in stock-market
history. Shares plunged 19% on Thursday
following the social-media giant’s disappointing quarterly
results, wiping out $120 billion in market value. 

Amazon reports a record profit. The e-commerce giant
posted a record profit of $2.5 billion in the second
quarter  — which was nearly 13 times bigger than a year ago.

Slack gobbles up one of its biggest
rivals. Slack — the $5 billion messaging
service — has agreed to buy the IP to Stride and HipChat
from Atlassian. Terms of the deal were not disclosed. 

Starbucks sees a slowdown in China. The coffee
giant reported record revenue in its fiscal third quarter, but
said same-store sales in China fell 2% amid strong competition
and hiccups in its delivery program, Reuters reports. 

Cybersecurity company Tenable spikes in its trading
debut. Shares surged 31.5% in their trading
debut on Thursday, giving the company a market cap of about $2.7
billion.  

AMD says its crypto boom is over. “For Q2, we
were approximately 6% of revenue for blockchain,” Lisa Su, AMD’s
chief executive, told analysts. “For Q3, we’re planning very
little blockchain.”

The SEC rejects the Winklevoss twins’ bitcoin fund for a second
time. The US Securities and Exchange Commission
first rejected a plan by Tyler and Cameron Winklevoss, the
founders of crypto exchange Gemini, to list a bitcoin ETF in
March 2017.

Stock markets
around the world trade mixed. China’s Shanghai
Composite (-0.3%) trailed in Asia and Britain’s FTSE (+0.5%) is
out front in Europe. The S&P 500 is set to open up 0.23% near
2,844.

Earnings
reports keep coming. Chevron, Merck, and
Twitter are among the names reporting ahead of the opening bell.

US economic flows. GDP will be released at 8:30
a.m. ET and University of Michigan consumer confidence will cross
the wires at 10 a.m. ET. The US 10-year yield is down 1 basis
point at 2.97%.