Global stocks extended their rally, underpinned by better-than-expected corporate earnings. The S&P 500 returned 0.5% and the technology focused Nasdaq gained 2.2%, climbing to its highest level in 3 months.
Shares in PayPal jumped more than 9% on Tuesday after it reported revenue grew 9% year-on-year to $6.8 billion. However, it was the news that activist investor Elliott Investment Management had built a $2 billion stake in the digital payments company that highlighted the earnings presentation.
PayPal shares have fallen by around 50% year-to-date with revenues pressured by supply-chain disruptions and once-in-a-generation levels of inflation but under pressure from Elliott, it has implemented cost-cutting measures that will generate $900 million of savings this year.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.