Stocks were rising in intraday trading amid a mixed earnings picture Thursday, a day after the S&P 500 closed only modestly higher but extended its winning streak to three trading sessions.
The sentiment was boosted by a drop in weekly jobless claims to below 800,000 for the first time since November in a sign the labor market could be recovering slowly from the grip of the pandemic.
And Clover was under pressure after Hindenburg Research accused one of the company’s key backers, Chamath Palihapitiya, of misleading investors as it prepared to go public last month.
Hindenburg, which insisted it had no position in Clover Health, said the group is under ‘active investigation’ by the U.S. Department of Justice linked to “at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals” based on a civil investigative demand it claims to have seen.
Then there are earnings from PayPal.
PayPal registered profit of $1.57 billion, or $1.32 per share, in the fourth quarter, up from $507 million, or 43 cents per share, a year earlier. The FactSet analyst consensus called for EPS of 62 cents per share in the latest quarter.
“PayPal delivered record performance in 2020, as businesses of all sizes have digitized in the wake of the pandemic,” PayPal Chief Executive Dan Schulman said in a statement. “In this historic year, we released more products than ever before and have dramatically scaled our acceptance worldwide, giving our 377 million consumer and merchant accounts even more reasons to use our platform.”
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