Fastly’s Service Unavailable
By Thu, Jun 10, 2021
Hey Scoopers,
After mixed job data from the Labor Department on Tuesday, the markets lost earlier enthusiasm and ended below the flat line. — More on that in the “Overall Market” section.
Beyond the overall market, a software company proved to investors that its plans to shift its business model are on the right track. Meanwhile, an analyst downgraded a communication company’s stock due to bearish sentiment. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, many different websites went dark earlier this week. One of our favorite stocks was the reason. — 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 red zone on Wednesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price increased to $36K per coin.
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Workforce Shortage
The stock market ended in the red zone on Wednesday.
Although trading higher on opening, all the three indices ended lower. On Tuesday, data from the Labor Department showed job openings reached a record. However, the voluntary quit rate also surged, leaving the markets with ambiguous results. Analysts believe the labor market is still struggling to gain momentum as some workers are still reluctant to go back to work.
Successful Choice
So, what happened?
Shares of American Software (Ticker: AMSWA) were up by more than 39% on Wednesday. Nope, it is not a meme stock. So, why is the stock up that much? After the software company reported its fiscal fourth-quarter earnings, investors were satisfied with a successful transition to a recurring-revenue model. American Software’s subscription fees soared by more than 28%. The growth helped boost American’s net earnings to a 185% increase. It seems the transition to a new model was a good decision.
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Downgrade
So what happened?
Shares of Dish Network (Ticker: DISH) were down by more than 7% on Wednesday. Although the company started as a satellite TV operator, Dish has shifted to a wireless carrier. Following the business model change, an analyst downgraded the stock. From the analyst’s point of view, building a wireless network business is hard and could cause coverage and quality problems for Dish in the future.
Fastly’s Service Unavailable
So what happened?
On Tuesday, an internal glitch at Fastly’s (Ticker: FSLY) cloud services caused multiple websites to go down and stay unavailable. The shutdown affected large websites like Amazon (Ticker: AMZN), Reddit, Twitch, etc. Although the company fixed the issue, it highlighted the high dependency companies have on Fastly’s networks. Later, the company stated the issue appeared during a software update. The connectivity issues were so large that 26 different countries reported problems accessing websites and cloud data, including the U.K. government. Despite the global internet outage, it seems that investors’ sentiment didn’t turn bearish toward the company as its stock continued to rise.
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.
