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CE 100 Loses 2.5% as Western Union Leads Payment Names Lower

Oct 30, 2023 - pymnts.com
The CE 100 Index fell by 2.5%, with the Pay and be Paid sector being the worst performer, dropping by 4.9%. Western Union, a company within this sector, saw a 14.1% decrease despite reporting a 3% growth in its branded digital revenue. Block, formerly known as Square, also saw a 9.1% decrease following the launch of new AI features. On the other hand, the Live Pillar was the only sector to see gains, with Stride Inc.'s shares increasing by 22%.

The Be Well sector dropped by 3.9%, largely due to a 15.6% decline in Teladoc Health's shares. Despite this, the company reported an 8% increase in revenue for Q3 2023. WeWork shares also saw a significant increase of 19.5% amidst talks of restructuring and potential bankruptcy. The company is reportedly in discussions with major investors such as SoftBank and King Street Capital Management.

Key takeaways:

  • The CE 100 Index lost 2.5%, with the Pay and be Paid segment performing the worst, sliding 4.9% through the week.
  • Western Union posted earnings showing a growth of 3% in its branded digital revenue year over year for the quarter ending Sept. 30, but its shares fell 14.1%.
  • Block (Square) lost 9.1% despite the launch of 10 new generative AI features aimed at assisting businesses.
  • The Live Pillar was the only one to gain overall in the week, with shares of Stride Inc. surging 22% and WeWork shares gaining 19.5%.
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