Jobless claims for the week ending Dec. 5 released Thursday revealed higher than expected filings of 853,000, a 137,000 increase from the prior week and worse than the 720,000 economists expected. This is a sign of weakness for the struggling job market as the economy tries to rebound.
The Dow Jones Industrial Average fell 69 points, or 0.2%, to finish at 29,999 points.
Airbnb market debut. Online home rental company Airbnb (ticker: ABNB) made its market debut on the Nasdaq Thursday. The initial public offering was priced at $68 with a valuation of $47 billion. ABNB stock surged 113% to close above $144 on Thursday, more than doubling its IPO price, giving it a market capitalization of $86.5 billion. Airbnb suffered an 80% drop in business in March as the pandemic shut the economy down. While some investors are concerned over this valuation, others are optimistic about the company’s potential growth prospects.
Walmart preps for COVID–19 vaccine. Walmart ( WMT), the world’s largest retailer, is gearing up to administer the COVID–19 vaccine. Dr. Tom Van Gilder, Walmart’s chief medical officer, says the retailer is preparing their 5,000+ stores and Sam’s Club pharmacies to secure the vaccine and to accommodate proper storage for it. “With 90% of the American population living within 10 miles of a Walmart, we will play an important part in making sure those who want a vaccine can get one when they are eligible,” Van Gilder says.
Adobe’s record earnings. Adobe ( ADBE) reported strong fourth quarter earnings ahead of the opening bell Thursday. The company recorded quarterly revenues of $3.42 billion, a 14% year-over-year increase. Adobe saw revenue increases in other business segments and provided 2021 first quarter financial targets. Adobe estimates total revenue for 2021 will be about $15 billion with an earnings per share around $8.57. ADBE stock is up 55% year-over-year with a current market capitalization around $228 billion.
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