Cyberattack on Meat
Waiting for more economic data coming on Thursday, the markets closed with near-zero gains. — More on that in the “Overall Market” section.
Beyond the overall markets, a movie theater stock skyrocketed as so-called “meme stocks” had a comeback to the headlines. Meanwhile, a software company could not convince investors it would stay relevant as in-person activities return. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, are you aware of the latest ransomware attack? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the green zone on Wednesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price increased to $37K per coin.
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The stock market ended in the green zone on Wednesday.
Although returning gains as the session ended, all the three major indices closed near the flat line. Now, the markets turn attention to more economic data from the Department of Labor. As labor shortages contribute to rising prices, a decrease in weekly jobless could calm investors’ concerns about inflation.
Meme Stock Ressurged
So, what happened?
Shares of AMC (Ticker: AMC) were up by more than 111% on Wednesday. Although there was no exciting news relating to the company, the stock skyrocketed. Apparently, the Wall Street Bets forum is behind the short-squeeze. Along with AMC, many other so-called “meme stocks” had huge profits yesterday. Although Redditors had through the roof profits on Wednesday, analysts believe buying the stock at this point is risky.
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So what happened?
Shares of Zoom (Ticker: ZM) were down by almost 2% on Wednesday. Although the software company disclosed a better-than-expected earnings report, investors did not feel confident that Zoom’s growth would stay at high digits. Despite the company’s attempt to convince the markets, it could continue to grow after the pandemic, investors’ concerns about in-person activities slowing down Zoom’s growth prevailed.
So what happened?
The world’s largest meat producer and supplier had to stop all its operations on Tuesday. The attack affected servers supporting its system in North America. Although the company affirmed there is no evidence that any customer, supplier, or employee data has been compromised during the attack, it said the resolution would take time.
After the attack, the White House addressed the issue. For the government, the attack came from a criminal organization based in Russia. Moreover, Principal Deputy Press Secretary Karine Jean-Pierre stated President Biden directed his administration to mitigate the attack’s impact.
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