Google (GOOG)
After Monday’s close of trading, Melius Research analyst Ben Reitz warned about the company’s direction in AI and reiterated his “hold” rating on the stock. Google stock plummeted.
The stock fell 4.5% by the end of the day, erasing more than a week of gains. After that, when the market opens, it is likely to see a slight rebound.
The technology company on Wednesday announced new tiers of its AI-enabled enterprise productivity suite Gemini for Workspace. The move marks another attack on rival Microsoft (MSFT) as the two companies continue to compete for customers in the age of generative AI.
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Google’s new product, known as Gemini Business, is an add-on to the Workspace suite of products, which includes Gmail, Docs, Meet, Sheets, and Slides. At $20 per user per month, Gemini for Business is $10 cheaper than Google’s existing Gemini Enterprise and Microsoft’s Copilot for Microsoft 365.
Coinbase (COIN)
Cryptocurrency exchange Coinbase’s stock price rose 16.9% yesterday and was up about 5% on Tuesday’s pre-market, driven by gains in Bitcoin (BTC-USD), the world’s largest cryptocurrency by market capitalization.
Miners Marathon (MARA) and crypto software company MicroStrategy (MSTR) also rose.
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Inflows into Spot Bitcoin ETFs have boosted sentiment, pushing trading volumes to new highs. Volume was $2.4bn (£1.89bn), Bloomberg ETF analysts said on Monday.
Aberdeen shares briefly surged in London on Tuesday despite warnings that margins would come under pressure as customers shifted away from actively managed funds.
The stock price rose as much as 6% after the report beat analysts’ expectations. The increase also follows a plan set out in January to cut 500 roles.
The company’s chief executive, Stephen Bird, is trying to stem customers’ cash outflows, which amounted to £13.9bn in 2023, compared with £10.3bn in the same period last year. The firm will also consider reducing the scope of its funds and expanding its investments in the mass market.
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Bird also dismissed speculation that the company could be dissolved amid the population exodus.
Abdon reported adjusted operating profit of 249 million pounds ($316 million), down 5% from 263 million pounds a year earlier and beating analyst expectations.
Weekdays (WDAY)
Workday, a human resource management software company, was trading 6.7% lower on the market Tuesday after reporting fourth-quarter results.
The company kept its outlook for 2025 unchanged, citing macro concerns, despite higher-than-expected profits for the three months to December.
Workday’s fourth-quarter sales were $1.9 billion, in line with market expectations.
The company said it expects subscription revenue to rise 17% to 18% to $7.7 billion to $7.8 billion next fiscal year.
The company also agreed to acquire HiredScore, an AI-powered human resources software company, for an undisclosed amount.
“We explore what is possible with responsible AI in the workforce and how organizations can more efficiently and effectively leverage AI to achieve their HR transformation goals related to recruiting and employee experience. We’re just beginning to see how it can be done,” said Athena Karp. She is the founder and CEO of HiredScore.
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