Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/9/2014 (2 years ago)

Catholic Online (www.catholic.org)

Sudden surge points to world's growing dependence on technology

It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. Apple had a market value of $463.5 billion and software company Microsoft Corp. is No. 4 with $303.5 billion.

The one day-surge demonstrated the growing role of technology in the economy.

The one day-surge demonstrated the growing role of technology in the economy.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/9/2014 (2 years ago)

Published in Business & Economics

Keywords: Google, Exxon, capitalization, technology


LOS ANGELES, CA (Catholic Online) - The one day-surge demonstrated the growing role of technology in the economy.

Technology companies have begun to disrupt industries from retail to finance for market domination. Google, which went public in 2004, 84 years after Exxon has definitely benefited from consumers moving to online services and content. The growing popularity of Smartphone's and tablets is being cited as the chief reason behind this trend.

Share your belief where it counts --

"It's the sign of the times," Fadel Gheit, an analyst at Oppenheimer & Co. in New York says. "Out with the old and in with the new."

The world's largest oil producer by market value, Exxon has been under pressure since it reported fourth-quarter output declined last month. Net income fell 16 percent to $8.35 billion, or $1.91 a share. Sales dropped 3.3 percent to $110.86 billion. Global output for the Irving, Texas-based company dropped for the ninth time in 10 quarters.

Oil companies BP Plc and Royal Dutch Shell Plc also reported lower quarterly earnings compared with 2012 as the world's biggest oil companies face rising drilling costs, slumping refining profits and stagnate fuel prices.

Story: Get Ready for a Wild Week on Wall Street

Google reported last month that revenue, excluding sales passed on to partners, rose 11 percent to $13.6 billion, topping projections of $13.4 billion, amid a busy holiday shopping season. Google showed remarkable growth in its fourth quarter.

Shares of Exxon rose less than one percent to $90.58 at the close in New York and have fallen 10 percent this year. Google shares climbed 1.5 percent today to $1,177.44 and are up 5.1 percent this year.

"Google's market cap reflects investor recognition of the growing strength of its digital platform, which is growing leaps and bounds," Frank Gillett, an analyst with Forrester Research Inc., said in an e-mail.

Pope Francis calls for your 'prayer and action'...

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for DECEMBER 2016
Universal:
End to Child-Soldiers: That the scandal of child-soldiers may be eliminated the world over.
Evangelization: Europe: That the peoples of Europe may rediscover the beauty, goodness, and truth of the Gospel which gives joy and hope to life.



Comments


More Business & Economics

GOODBYE CASH! Some banks to go cashless Watch

Image of Citibank has said some branches may become cashless.

By Marshall Connolly (CALIFORNIA NETWORK)

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically ... continue reading


Here's how Trump is already making America great again, just by getting elected Watch

Image of He hasn't even taken office and the country has reversed course.

By David Drudge (CALIFORNIA NETWORK)

He's only a president-elect, but Donald Trump is already making America great again. In the week since his election, several positive events have transpired including the dollar reaching a 14-year high. The contrasts with the media coverage which is all spin, intended ... continue reading


China remains a fast-growing trade monster Watch

Image of Chinese exports continue to dominate the world market.

By Marshall Connolly (CALIFORNIA NETWORK)

Chinese exports remain dominant in the world, bringing about $2.3 trillion into the country annually. LOS ANGELES, CA (California Network) - China remains a fast-growing trade monster, now raking in $2.3 trillion per year, up from $1.9 trillion four years earlier. The ... continue reading


Wages, jobs rise in October as recovery finally reaches the middle class Watch

Image of Wages are on the rise, but so too will be interest rates.

By Marshall Connolly (CALIFORNIA NETWORK)

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates. LOS ANGELES, CA (California Network) - ... continue reading


Another warning. The world is about to run low on JOBS as automation takes over Watch

Image of What will we do in a world without work?

By Marshall Connolly (CALIFORNIA NETWORK)

More data and more warnings. The fourth industrial revolution has started. It will be jobless and many people will lose their employment, or be forced to compete for their jobs. The result is, you will probably be unemployed, or accept low wages to survive. LOS ... continue reading


Don't like my writing? Then meet my replacement! - A.I. to replace journalists starting NOW Watch

Image of Many jobs are surprisingly vulnerable to automation.

By Marshall Connolly (CALIFORNIA NETWORK)

Don't like my writing? Then meet my replacement! Robot journalists are rolling out in England and Ireland and they are the first of a new wave of AI that can take over jobs requiring critical thinking skills. LOS ANGELES, CA (California Network) -  The first robo ... continue reading


The world is $152 TRILLION in DEBT - Global economic collapse looms as governments struggle Watch

Image of The world is drowning in debt and it's not likely to be paid off anytime soon. The implications of this are disastrous.

By Marshall Connolly (CALIFORNIA NETWORK)

The world is on track to enter a deep, global recession unless it begins paying down its debts. This is the risk the world faces as the International Monetary Fund reports the world is $152 trillion in debt. LOS ANGELES, CA (California Network) - The world is deep in ... continue reading


Robots take over pizza joint! Fast food jobs due to be phased out Watch

Image of Zume pizza is making pizza with robots. In the next few years, the fast food industry is expected to automate significantly.

By Marshall Connolly (CALIFORNIA NETWORK)

A pizza startup in Silicon Valley is about to change the way you get your pizza, and possibly many of your other meals as well. Zume pizza is using robots to make your pizza and has plans to fully automate the process. Robots are on their way into restaurants across ... continue reading


Are Americans WRONG about work? How a Catholic approach to work actually increases profits Watch

Image of Ironworkers building the Rockefeller Center take lunch in this iconic photo from New York. (1932)

By Marshall Connolly (CALIFORNIA NETWORK)

Are Americans wrong about work? New research and practical experience suggests we Americans are wrong about work, and that if we want to be more productive, we may have to work less. LOS ANGELES, CA (California Network) - The news from Sweden is promising. Some workers ... continue reading


The economic problem that could destroy America TODAY Watch

Image of Stagnant wages are a threat to our already weak economy. Fortunately, there's a positive trend as some employers begin hiking wages.

By Marshall Connolly (CALIFORNIA NETWORK)

The economy is growing slowly, and the bad news comes at a time when the Federal Reserve is contemplating an interest rate hike. The combination of a sluggish economy and rising interest rates could lead to a recession. LOS ANGELES, CA (California Network) - The U.S. ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Isaiah 11:1-10
1 A shoot will spring from the stock of Jesse, a new shoot will grow from ... Read More

Psalm, Psalms 72:1-2, 7-8, 12-13, 17
1 [Of Solomon] God, endow the king with your own fair judgement, the son ... Read More

Gospel, Matthew 3:1-12
1 In due course John the Baptist appeared; he proclaimed this message in ... Read More

Reading 2, Romans 15:4-9
4 And all these things which were written so long ago were written so ... Read More

Saint of the Day

Saint of the Day for December 4th, 2016 Image

St. John of Damascus
December 4: Saint John Damascene has the double honor of ... Read More