BuzzFeed Going Public

By Felipe Nebesnyj Mon, Jun 28, 2021

Hey Scoopers,

After a volatile week, the markets ended mostly positive thanks to President Biden’s bipartisan infrastructure plan. — More on that in the “Overall Market” section.

Beyond the overall market, a space travel pioneer received FAA approval for its commercial flight. Meanwhile, an entertainment company failed to keep the hype up. — More on that in the “What’s Up?” and “What’s Down?” sections.

By the way, does a SPAC IPO fit BuzzFeed’s personality?— More on that in the “Water Cooler” section.

But, first, here is a recap of what happened in the market yesterday:

Market Recap

• U.S. markets: The stock market ended the week mixed. Scroll down to the “Overall Market” section to read more.
• Cryptocurrency: Bitcoin’s price tumbled to less than $32K per coin.

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Volatility and Record Highs

The stock market ended mostly in the green zone on Friday.

In the last trading session of the week, President Biden’s announcement of a bipartisan infrastructure deal kept pushing most of the major indices higher. Although the Nasdaq index had a volatile day as investors turned back to cyclical stocks, the S&P 500 index reached a new record high. It was the index’s best weekly gain since February.

Back to the Skies

So, what happened?

Shares of Virgin Galactic (Ticker: SPCE) were up by more than 38% on Friday. Yes, it is the same Virgin Galactic that postponed multiple flight tests earlier this year. However, the company found its way back up. The FAA approved the space tourism pioneer for passenger space flights, granting a full commercial license. The approval follows Virgin’s recent successful test flight in May.

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Not the Expected

So what happened?

Shares of AMC (Ticker: AMC) were down by more than 4% on Friday. Although the entertainment company has tried to engage with retail investors and take advantage of its increasing popularity, it has not been enough to justify the stock price. Earlier this month, AMC’s CEO Adan Aron announced a plan to approve more than 25 million shares for the stock market. However, the new proposal apparently delivered contrary results.

Buzzfeed Going Public

So what happened?

BuzzFeed announced plans to go public via a SPAC. Along with the announcement, the media company indicated plans to buy digital publisher Complex for more than $300 million. If both projects become true, it would increase BuzzFeed’s valuation to $1.5 billion. Although digital media companies have struggled to compete with companies like Facebook (Ticker: FB), BuzzFeed is confident about its plans to become a digital media giant. Although only three companies count for more than 90% of the digital ad market, BuzzFeed thinks the SPAC IPO’s incoming fresh capital could make more acquisitions possible and increase its market share.

If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.

About the Author

Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.