Shares of Amazon (NASDAQ: AMZN) surged 12% on Thursday, following an encouraging inflation report and news of more cost cuts designed to bolster the online retail giant's profitability. The Consumer Price Index -- a closely watched measure of inflation -- rose 0.4% in October and 7.7% year over year. The news gave hope to investors that the Federal Reserve would soon be able to dial back its interest rate increases, potentially staving off a recession. Read More...
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Why Magnite Stock Skyrocketed Today
Shares of Magnite (NASDAQ: MGNI), the supply side ad-tech company, were soaring today after it beat estimates in its third-quarter earnings report and also benefited from the lower-than-expected inflation reading this morning. Magnite, which helps publishers optimize their digital ad inventory, said revenue, excluding traffic-acquisition costs (ex-TAC) in the quarter, increased 12% to $127.7 million, which was better than analyst estimates at $124.2 million.
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