HomeNewsThursday’s market recap: Samsung spending $17 billion on new chip factory, Gap, HP, Guess and Deere announce their quarterly earnings.

Thursday’s market recap: Samsung spending $17 billion on new chip factory, Gap, HP, Guess and Deere announce their quarterly earnings.

  • Booking Holdings set to acquire Etraveli Group for $1.83 billion
  • Gap Inc down 20% after announcing third-quarter financials 
  • Guess doubles its quarterly cash dividend 

Booking Holdings and Samsung spend big to further their business operations, while Gap Inc takes a 20% dip after announcing its third-quarter financials. 

Samsung to spend $17 billion on new semiconductor plant

Samsung (KRX:005930) will spend about $17 billion on its new semiconductor plant in Texas. The South Korean tech juggernaut wants to build this new facility to address the global semiconductor shortage and enhance its manufacturing capabilities. The company expects the new plant to be operational by 2024. 

Guess Inc doubles its quarterly cash dividend.

Guess Inc (NYSE: GES) was up 15% pre-market on Wednesday after reporting strong third-quarter financial results and announced a huge increase in quarterly cash dividends. The company’s board of directors declared a 22.5 cents per share dividend, representing an increase of 100% from the previous year. The American apparel company said it made a profit of $29.9 million in the third quarter. The apparel retailer based in California generated a revenue of $643.1 million. 

HP Inc shares were up 8%

HP Inc (NYSE: HPQ) share prices went up 8% in after-hours trading as its personal computer sales helped drive the increase in its quarterly revenue. The American-based multinational corporation said that the future looked bright but warned of continuing supply chain constraints in the first half of 2022. 

Gap Inc down 20% after announcing Q3 financials

Gap Inc (NYSE: GPS), one of America’s biggest specialty clothing companies, went down 20% after it announced its Q3 financial results. The U.S-based apparel company recorded a diluted loss per share of $0.4 in the third quarter of 2021. Gap excluded fees associated with the restructuring of its long-term debt and net charges. 

Booking Holdings set to spend $1.83 billion on new acquisition

Booking Holdings Inc (NASDAQ: BKNG) share price plummets after it announced that it would pay $1.83 billion to acquire Etraveli Group to broaden its horizon in the flights industry. This announcement came a few days after the company said that it was planning to spend $1.2 billion to buy Getaroom. 

Deere spikes on solid Q4 results

Shares of Deere & Co (NYSE:DE) spiked 5% after the company announced its 4th Quarter results. The company posted GAAP Earnings of $4.12 per share, beating analysts expectation of $3.89. Revenue came at $10.28 billion beating estimates by $190 million.

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