HomeNewsWeekly market recap: UK CMA wants Facebook to sell Giphy, Exxon commits to zero-carbon future, Apollo Global acquiring Griffin Capital and various stocks respond to earnings.

Weekly market recap: UK CMA wants Facebook to sell Giphy, Exxon commits to zero-carbon future, Apollo Global acquiring Griffin Capital and various stocks respond to earnings.

Ruchi Gupta
  • CMA informs Facebook that it should sell Giphy.
  • Exxon Mobil has committed to a zero-carbon future with a $25 billion annual investment.
  • Apollo Global is acquiring a wealth distribution and asset management firm

CMA wants Meta to sell Giphy 

Despite Facebook Inc. (NASDAQ:FB) changing its name to Meta, its challenges with regulators continue to persist. The UK competition watchdog Competition and Market Authority has informed the social media giant that it should sell GIF-sharing platform, Giphy. The regulator said that the deal would harm UK social media users and advertisers. CMA claims the acquisition of Giphy will reduce competition between platforms and social media apps.

Salesforce beats Q3 2021 earnings

Salesforce.com Inc. (NYSE:CRM) beat Q3 earnings estimate but dropped 7% after hours after issuing weak guidance. The company has a profit of $468 million on annual sales growth of almost 27% to around $6.86 billion. Earnings were $1.27 per share on an adjusted basis. For the fourth quarter, the company predicts EPS of $0.72 to $0.73 per share on sales of $7.23 billion.

Exxon commits to a zero-carbon future

On Wednesday, Exxon Mobil Corp. (NYSE:XOM) shares were up 2% after the company stated it would double its 2019 earnings and cash flow by 2027. The surge was triggered by Exxon’s reiteration of its focus on a low carbon future. The oil giant indicated that it plans to invest $15 billion through 2027 to cut carbon emissions. In addition, the Texas-based firm said that it is pegging annual capital expenditure at $25 billion during that time, down from 430 billion the company had indicated it would spend before the pandemic.

Apollo Global to acquire wealth distribution and assets management firm

Apollo Global Management (NYSE:APO) has announced plans to buy asset management and wealth distribution firm Griffin Capital Co. as it expands its services for high net individuals. The company will acquire Griffin using stocks but didn’t disclose how much it will spend to acquire it.

Dollar General reports revenue of $8.5 billion in Q3

Dollar General Corp. (NYSE:DG) shares dropped 3% on Thursday following the announcement of its quarterly results. The company topped earnings expectations, but revenue was in line with Wall Street projections. Q3 GAAP EPS was $2.08, beating estimates of $2.03, while revenue was up 3.7% YoY to $8.05 billion. The company also declared a $.042 per share quarterly dividend, which reflects a 0.78% forward annual yield.