Canceled Until Further Notice
By Mon, Apr 26, 2021
Hey Scoopers,
After dipping sharply on Thursday, the stock market rallied with better-than-expected economic data. — More on that in the “Overall Market” section.
Beyond the overall market, two companies witnessed a jump in value. An airline started an ambitious plan to adapt its business model to reduce losses. And, a social media app saw its revenue grew faster than ever. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, what happened to Ant Group’s IPO? — 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 in the green zone on Friday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price stayed at $50K per coin.
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Shook Off Concerns
The stock market ended in the green zone on Friday.
After dipping sharply in the previous session, the stock market ignored the capital gains tax increase proposal by President Biden. Following the markets’ close on Thursday, the Department of Labor released its weekly jobless claims report. The report pointed to 547,000 initial jobless claims, a better than expected result as the market expected 610,000 claims. The excitement pushed S&P 500 to set a fresh record high.
Ambitious Plans
So, what happened?
Shares of American Airlines (Ticker: AAL) were up by more than 5% on Friday. Although American Airlines has struggled to fly amid the pandemic, the company revealed it was implementing an ambitious recovery plan to adjust its business model to the reduced demand. Furthermore, the company stated it would use future cash flow to reduce its debt. It seems that AA’s announcement gave the market confidence that the airline doesn’t want to close in the red again.
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Stellar Growth
So what happened?
Shares of Snap (Ticker: SNAP) were up by more than 7% on Friday. The surge came after the company released its earnings report. The company disclosed a 66% revenue increase compared to 2019. This growth is Snap’s fastest revenue growth since 2017 fourth quarter. Moreover, Snap reached more than 15 million daily users, a 22% increase compared to the 2020 first quarter. It seems that betting on advertising inside Snap’s app has been essential for the company.
Canceled Until Further Notice
So what happened?
Ant Group’s IPO will not happen anytime soon.
After being considered the largest IPO ever, the Chinese government suspended the fintech giant’s IPO due to regulatory issues. Co-founded by Alibaba’s (Ticker: BABA) Founder Jack Ma, Ant’s Alipay app allows its users to take advantage of almost every financial service. Payments, loans, insurance, investing, and more. These services combined lead the app to a $300 billion valuation, with more than $17 trillion in digital payment transactions per year. However, after the billionaire criticized Chinese regulators for dragging the financial industry’s innovation, the Chinese government halted Ant Group’s IPO.
Moreover, the Chinese government forced the company to become a financial holding company supervised by China’s central bank, which means more regulations for the corporation. Per analysts, the Chinese government wanted to use Ant Group as an example that the government’s power is above any company. Although it may not be the end for Ant Group’s IPO, it seems that it would take more than expected for investors to start investing in the company.
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
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
