FB Is Preparing for the War
By Wed, Jun 30, 2021
Hey Scoopers,
Although opening high, the market faced some volatility before closing in the green. — More on that in the “Overall Market” section.
Beyond the overall market, shares of a biotech company went up after it announced its vaccine is effective against the new Delta variant. Meanwhile, a space tourism company is facing a correction in its stock price. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, Facebook won one battle but is preparing for the war. — 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 Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price increased to $36K per coin.
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Market Stability Regained
The stock market ended barely in the green zone on Tuesday.
Although the markets shyly closed above the flat line, the S&P 500 index and the Nasdaq index finished in record territory. Despite a volatile session, the market regained stability as the U.S. Conference Board announced its consumer confidence index leaped to 127.3 in June. The board believes a large number of job openings supported the index’s score increase.
Still Worthy
So, what happened?
Shares of Moderna (Ticker: MRNA) were up by more than 5% on Tuesday. After announcing its COVID-19 vaccine provides protection against the Delta variant, the biotech company’s stock hit an all-time high. The CEO Stephane Bancel said the findings highlight the importance of vaccinating populations with an effective primary series vaccine. Furthermore, the company announced India granted an Emergency Use Authorization for its COVID-19 vaccine.
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Correction Hitting
So what happened?
Shares of Virgin Galactic (Ticker: SPCE) were down by more than 14% on Tuesday. Although the stock’s price skyrocketed on Friday after good news, the prices suffered a heavy correction yesterday. After multiple setbacks of flight tests earlier this year, the FAA approval elevated expectations for the space tourism pioneer. However, it seems investors are ready to lock some gains before Virgin hits a new barrier.
Facebook’s War vs Government
So what happened?
On Tuesday, Judge Boasberg dismissed the FTC case against Facebook (Ticker: FB). In December, the Federal Trade Commission and 46 states sued the tech company for unfairly maintaining its monopoly status in social media by buying competitor platforms. Furthermore, the government hoped to unwind Instagram and WhatsApp into separate companies. However, FB’s lawyers filed a motion to dismiss the case to avoid judicial complications. The judge stated the government failed to identify violations of any antitrust laws, calling the evidence “legally insufficient.”
Although Facebook may be fine for now, it could still suffer actions from six bills the House Committee advanced to crackdown unfair play by tech giants. The battle is won, the war is still pending.
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.
