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Deere, Applied Materials Rise; Rackspace, Facebook Fall




NEW YORK: Stocks that traded heavily or made big moves Friday:

Rackspace Technology Inc., down $4.03 to $20.93.

The cloud technology company forecast full-year earnings that were lower than analysts’ forecasts.

Applied Materials Inc., up $6.03 to $119.46.

The maker of semiconductor manufacturing equipment reported much better results than analysts expected, and issued a strong forecast.

Uber Technologies Inc., down 61 cents to $58.39.

Britains top court ruled that drivers there should be classified as employees and not self-employed, ensuring theyll make minimum wage.

Roku Inc., up $14.32 to $467.31.

The video streaming platform reported earnings that easily beat analysts’ forecasts, and it predicted strong results.

Facebook Inc., down $7.83 to $261.56.

The social networking giant is facing pushback for its decision to block news on its platform in Australia in a dispute over payments.

ITT Inc., up $1.54 to $78.40.

The industrial engineering firm reported results that beat estimates.

International Business Machines Corp., down $1.74 to $118.99.

The Wall Street Journal reported that the company is considering selling its IBM Watson Health business.

Deere & Co., up $29.75 to $330.

The construction and farming equipment manufacturer reported blowout results and issued an upbeat outlook.

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Business News

Moody’s Projects 13.7% Growth in FY’22, Expects 7% Contraction This Fiscal



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Moody’s on Thursday upped India’s growth projection for the next financial year beginning April 1, to 13.7 per cent, from 10.8 per cent estimated earlier, on the back of normalisation of activity and growing confidence in the market with the rollout of COVID-19 vaccine. For current fiscal, the US-based rating agency expects the economy to contract 7 per cent, lower than its previous estimate of 10.6 per cent contraction.

Moody’s Investors Service Associate Managing Director (Sovereign Risk) Gene Fang said “our current expectation is that in the current fiscal ending March 2021, the economy would contract 7 per cent… We expect a rebound of 13.7 per cent growth in the next fiscal on normalisation of activity and base effects.”

The very large rebound incorporates the view that recovery in activity will continue, with the rollout of vaccines and growing confidence in the market that activities are coming back to normal, Fang said in an online conference on India Credit Outlook 2021 organised by Moody’s and its India affiliate ICRA. ICRA Principal Economist Aditi Nayar said it expects 0.3 per cent growth in the third quarter (October-December) of current fiscal.

ICRA expects Indian economy to contract 7 per cent in current fiscal and growth to rebound to 10.5 per cent in the next fiscal beginning April 1. “Recession in India has ended,” she said, adding there could be upside to growth in FY’22 if government’s capital expenditure increases, budget announcements are implemented and vaccination drives are carried out.

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