After more Chinese crackdowns on private companies, U.S.-listed China-based companies are under pressure. — More on that in the “Overall Market” section.
Beyond the overall market, two companies had noteworthy drops. The first one was caught on the tech growth stocks selloff. The second one had its executive giving unpleasant declarations about a hostile work environment lawsuit. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, this is the last week we write the Daily Scoop. We have a departing gift to celebrate you, our fellow Scoopers. — 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 stock market ended in the red zone on Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price increased to $35K per coin.
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Chinese Stocks Under Pressure
The stock market indices ended in the red zone on Tuesday.
After closing near-to-zero gains on Monday, the stock market pulled back from all-time highs. Chinese stocks listed in the U.S. sank further amid speculation around broad-based regulatory crackdown in China. According to analysts, the crackdown could lead to U.S. restrictions against investments in Chinese companies.
Caught on the Sell-Off
So, what happened?
Shares of Appian (Ticker: APPN) were down by more than 8% on Tuesday. Although there was no major business-specific news that caused the dip, the software company’s stock was in the middle of a pullback for growth-oriented tech stocks. In addition, Appian’s stock performance has lagged since the company stopped posting better-than-expected gains in 2020. Analysts, however, believe the volatility doesn’t change the company’s prospects.
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So what happened?
Shares of Activision Blizzard (Ticker: ATVI) were down by more than 6% on Tuesday. After news that former employees are suing the company for a hostile work environment, an executive’s response caused more than 2,000 former and current employees to stand up against the company. According to the executive, the allegations are incorrect, old, and out of context. Although trying to calm current employees, the statement inflamed even more controversy.
We Are Saying Goodbye
So what happened?
Scoopers, this is Hoda and Felipe, Scoop’s editorial team for the last two years.
We have bittersweet news. This week is the last week we write the Daily Scoop. It is sad to let go of a daily conversation with you, our favorite readers. We have gone through so much together, a pandemic year of volatility being just one. We discovered new stocks, analyzed the oldies but goodies, and dogged some falling knives together. For that, we are so grateful to you, our fellow Scoopers.
While this is goodbye, it’s not the end. The team at Trade Stocks has several exciting newsletters and content ready.
We are also excited to invite you to continue staying in the broader family by joining the Stock Card community. As you know, I’m Stock Card’s CEO, and Felipe is on my team. Stock Card platform is a digital assistant for your stock market research.
To celebrate the end of the Scoop journey, we’d like to offer a $50 exclusive discount for those Scoopers who’d want to become a Stock Card VIP user and continue to research stocks, discover new investment ideas, and follow successful investors on the Stock Card platform.
If you have any questions, or suggestions let us know by emailing us at firstname.lastname@example.org. We look forward to hearing from you.