Greece and China added quite a bit of uncertainty to the U.S. stock market. By around 10:30 a.m. E.T. on the first trading day of August, the Dow slipped more than half a percent, NASDAQ lost 0.2%, and the S&P 500 dropped 0.3%.
In Greece, the stock market plunged 23% on its first trading day after a five-week shutdown. Banking shares are hit the hardest, with the country’s largest bank, the National Bank of Greece, tanking the 30% daily limit.
Meanwhile, China’s stock market continued its tumble. The Shanghai Composite Index lost 1.1%, while the Shenzhen Composite Index dropped 1.7%. Around 500 stocks tanked the 10% daily limit allowed by regulators.
Earnings season continues on with many companies due to a report on Monday. Among those reported, Frontier Communications Corporation (NASDAQ/FTR) and BroadSoft, Inc. (NASDAQ/BSFT) saw substantial moves in their stock prices. Crude oil continues to fall, dropping to as low as $45.86 on Monday morning.
Top Technology Stories
Audi, BMW, and Daimler Agree to Buy Nokia’s Maps Business
Audi, BMW, and Daimler agreed to buy Nokia’s maps business, called Here, for approximately $3.0 billion. The three automakers would have equal stakes in the unit.
The automakers are likely to use Nokia’s mapping technology in the development of driverless cars. The deal is pending regulatory approval and is expected to close in the first quarter of 2016.
Uber Invests $1.0 Billion in India
Uber announced that over the next nine months, the company would invest $1.0 billion in India. Currently the company has approximately 50,000 drivers in India, while its goal is to reach 200,000 drivers in the country.
The investment would help Uber expand its operations to new cities in India, as well as develop new products. The company just raised $2.8 billion in its latest round of funding, giving it a $40.0 billion valuation.
Nvidia Recalls Shield Tablet Because it’s a Fire Hazard
Nvidia announced a voluntary recall of its Shield tablets because the battery in these devices can overheat and is a potential fire hazard. Tablets with model numbers P1761, P1761W, and P1761WX are included in the recall.
The Shield is an eight-inch HD tablet aimed primarily at gamers. It starts at $299.00 and can connect to gaming controllers.
Top Stocks to Watch
Electronic Arts Inc. (NASDAQ/EA)
Electronic Arts Inc.’s (NASDAQ/EA) sales and earnings beat forecasts, but its stock was still down one percent on Friday. Analysts seem to have concerns over the company’s declining operating cash flow, and a lower revenue year-over-year.
However, the company is going to release a major game—Star Wars: Battlefront on November 17th, aiming to capture the holiday shopping season. It would be a month before the release of the new Star Wars movie.
Frontier Communications Corporation (NASDAQ/FTR)
Frontier Communications Corporation’s (NASDAQ/FTR) stock price surged 5.1% on Monday morning. The company just released its earnings with revenue up 19% in the quarter. It also managed to raise $2.75 billion to fund acquisition of some of Verizon’s assets.
BroadSoft, Inc. (NASDAQ/BSFT)
The bottom line does not look good for BroadSoft, Inc. (NASDAQ/BSFT). In the most recent quarter, the company had a loss of $8.1 million, while it had positive earnings in the year-ago period. BroadSoft’s stock price is down 8.7% to $31.88 on Monday morning.