Has Oracle Lost It?
The stock market indices lost one month’s worth of stocks last week. — More on that in the “Overall Market” section.
Beyond the overall market, a new customer deal excited a COVID-19 testing kit stock’s investors, while a specialty retailer’s CEO spooked investors. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, has Oracle lost it? — 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 indices didn’t agree on the direction and finished Friday in different directions. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Like the overall market, Bitcoin ended the week in the red, with its price hovering slightly above the $10,000 mark.
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One Month Worth Of Gain Was Lost
The Nasdaq index finished Friday in the red, while the other two indices remained almost flat. The 5-day return of the market was negative, losing their gains in the last month or so.
A New Customer
So, what happened?
Shares of Co-Diagnostics Inc (Ticker: CODX) were up more than 17% on Friday. The company is among the frontrunners of the development of a testing kit. The 17% jump may seem significant. However, the company’s stock price has fallen by more than 55%. The stock price jump came after the news that the company has signed an agreement with Arches Research, Inc, a subsidiary of Polarity TE (Ticker: PTE) to use CODX’s testing kit. A new customer is good news, and investors celebrated the news sending the stock up. It’s also possible that the short-squeeze kicked in, and a small initial price jump forced the short-seller to buy the stock to cover their short orders.
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CEO Spooked Investors
So, what happened?
Shares of Chewys (Ticker: CHWY) were down more than 9% on Friday. Investors were spooked by the CEO of the company selling a large volume of stocks. He sold a large number of Chewy’s shares in four separate transactions. Although he and his spouse still own more than 2 million restricted and common shares. Nevertheless, investors were spooked even though its latest quarterly earnings report was stellar and strong.
Has Oracle Lost it?
So what happened?
The bidding war over Chinese social media, TikTok, had a happy ending for Oracle (Ticker: ORCL). Although, we are not too sure about that. It may not be a happy ending when a software giant buys a social media company.
Some say it gives Oracle brand recognition and advertising revenue. Others pinpoint that it’s not a full acquisition—it’s a minority stake that is justified under the wrap of a technology partnership. Maybe, Oracle has lost it? It’s not a full Or, perhaps we are just clueless about their master plan and have to wait and see the genius strategy behind the decision to acquire TikTok’s U.S. division. Time will tell.
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