🍨 Daily Scoop: Facebook Hasn't Given Up | Trade Stocks

Facebook Hasn’t Given Up

By Wed, Dec 2, 2020

Hey Scoopers,

The market started December on high notes, thanks to another stimulus package chatter. — More on that in the “Overall Market” section.

Beyond the overall market, one tech stock resurrected from the land of the dead, and one tech winner got penalized for making a bold acquisition after rumors were confirmed. — More on that in the “What’s Up?” and “What’s Down?” sections.

Oh, by the way, Facebook hasn’t given up its digital currency dream. — 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 started the month of December in style. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: Bitcoin’s price is back to under the $19,000 per coin, for now.

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Starting December in Style

All three indices ended the day in the green, with the Nasdaq and S&P 500 indices going neck and neck all day long. The market started December in style thanks to a $900 billion stimulus package put forward by lawmakers. Although the Senate Majority Leader declined the new package, the excitement was enough to lift the market’s sentiment during the day.

Resurrecting From the Land of the Dead

So what happened?

Shares of BlackBerry (Ticker: BB) were up by more than 20% on Tuesday. The company announced a multi-year partnership with Amazon (Ticker: AMZN) to create a data management platform for future vehicles. Increasingly cars are becoming sophisticated computers with a massive flow of data and information. Now, BlackBerry and Amazon are banking on such opportunities. It seems BlackBerry is resurrecting from the land of the dead.

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Rumors Were Right

So what happened?

Shares of Salesforce.com (Ticker: CRM) were down by more than 6% on Tuesday. Last week, there were rumors that the company is in talks to acquire Slack (Ticker: WORK). And, today, it announced the rumors were correct, and the company is indeed paying $27.7 billion in cash and stocks to acquire Slack. Investors didn’t like to hear a $27.7 billion shopping spree and sold their shares hastily. Moreover, the company’s quarterly earnings report wasn’t to the liking of investors.

Facebook Is Not Giving Up

So what happened?

Facebook (Ticker: FB) is not giving up on its cryptocurrency dream. Last year, the company put together a coalition of several global brands to create a FB-sponsored digital currency. It was called Libra, but before it could take off, the idea faced harsh regulatory barriers, and one by one, some of its largest supporters got off the bandwagon.

Amidst the new surge in Bitcoin price, Facebook is rebranding its digital currency as Diem and is trying for the second time to get a foothold in the digital currency space. You’ve got to tilt your hats off for Facebook’s persistence. It doesn’t give up!

If you have any questions, or suggestions let us know by emailing us at [email protected]. We look forward to hearing from you.

About the Author

Brought to you by Hoda Mehr, Editor at Trade Stocks, CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 8,000 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. Subscribe for free here: Stockcard.io