🍨 Daily Scoop: Digital Wallet War | Trade Stocks

Digital Wallet War

By Mon, Nov 23, 2020

Hey Scoopers,

Market indices finished the week in the red due to the rise in the COVID-19 cases, globally. — More on that in the “Overall Market” section.

Beyond the overall market, a Chinese stock is slowly recovering from its recent dip. At the same time, a work-from-home stock is falling because selling software amidst the pandemic is getting harder. — More on that in the “What’s Up?” and “What’s Down?” sections.

Oh, by the way, the digital wallet war is heating up. — 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: All three indices wrapped last week in the red. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: It seems there is no stopping the Bitcoin’s price rally. By Sunday evening, the cryptocurrency surpassed $18,000 per coin.

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COVID-19 Cases

Friday turned to be a red day for all three indices. The rapid rise in the global COVID-19 cases was enough to turn the market sour, although the vaccine developments are getting closer to the finish line. The red arrows were also associated with the Treasury’s request to the Fed to wind down its COVID-19 program by the end of the year.


Slow and Small Recovery

So what happened?

Shares of Alibaba Group Holding Ltd (Ticker: BABA) were up by more than 4% on Friday. After the dip caused by the Ant Group’s IPO’s abrupt hold, the stock has gradually recovered. However, analysts are warning that there might be more bad news related to the U.S. and China trade war in the final days of President Trump’s term, and that’s perhaps why the recovery from the dip is slow and small.


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Selling New Software Is Getting Harder

So what happened?

Shares of Workday Inc (Ticker: WDAY) were down by more than 9% on Friday. The company announced its latest quarter earnings report. Despite the modernization of HR and human resource management systems due to the widespread transition to working from home, the company shares some cautions about the next quarter. That was enough for stockholders to sell their shares to lock some gains. Perhaps, selling new systems amidst the pandemic isn’t easy, and all those who were already convinced that they have to make a move have done so by now.


Digital Wallet War

So what happened?

The fight to digitize your wallets is heating up, as every few months, a new entrant joins the war. The latest addition to the war is Google, owned by Alphabet (Ticker: GOOG / GOOGL). The company has already launched its Google Pay offering that has more than 150 million users. It now added peer-to-peer payment options going head to head with the likes of Venmo by PayPal (Ticker: PYPL) and Cash App by Square (Ticker: SQ).

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