More Time
Hey Scoopers,
The market ended Wednesday in the green, although there was a significant drop midday, most likely due to many funds trying to lock their gains on the last day of the quarter. āĀ More on that in the “Overall Market” section.
Beyond the overall market, one data infrastructure company got a deal from Microsoft Azure, and one recent IPO allowed employees to sell their shares from day one. āĀ More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, it seems GM wants more time before closing its investment in Nikola. It makes us wonder what was GM thinking when it announced that deal? āĀ 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 finished the day in the green, although much lower than where they were midday on Wednesday.Ā Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Not much is happening in the Bitcoin market these days, as theĀ priceĀ continues to hover in the same range.
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End of The Quarter
Until 2:00 PM, the stock market was getting ready to celebrate a victory, and then the market reversed course and ended the day much lower than it was midday. We guess that many funds started selling their holdings to close the quarter with a bang since their performance has to be measured and reported by quarter. Overall, the drop was enough to help turn September into the fist red month since March.
A Good Deal
So, what happened?
Shares of Datadog (Ticker:Ā DDOG) were up by more than 12% on Wednesday. The company that enables IT organizations to monitor their performanceĀ made a deal with MicrosoftĀ (Ticker:Ā MSFT). Datadog is now an offering available to Microsoft’s Azure platform customers. Investors take that as a sign of approval for Datadog’s superior product and a new stream of revenue that comes through the partnership with Azure.
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Employees Can Sell From Day One
So, what happened?
Shares of Unity Software (Ticker:Ā U) were down by more than 8% on Wednesday. Unity went public just a few days ago, and it has managed to excite investors about its future potential. The company’s engine powers more than 50% of the world’s mobile, PC, and console games, and it has a strong and competitive position in the market. The price drop doesn’t seem to be operationally-driven. It is perhaps investors or insiders selling their shares since the company allowed its employees to do so since day one of the IPO.
What Was GM Thinking?
So what happened?
General Motors (Ticker:Ā GM) was expecting to close a massive investment deal in the early-stage startup Nikola (Ticker:Ā NKLA) this week, andĀ it seems the deadline is now pushed back to another date in the future. Since the deal’s announcement, the founder and the executive chairman of the company Trevor Milton has resigned. As we write this Water Cooler piece, there are fraud allegations that the company doesn’t have any product, and its demos were all fabricated to create buzz. While we don’t know what the actual story is, it seems GM now needs more time to evaluate the deal. It could be that GM wants a more significant stake in Nikola now that the company’s valuation has dropped since the fraud allegations. Overall, making a deal at such a high valuation makes you wonder what was GM thinking when evaluating this deal? Did GM fall for the market’s buzz?
Let us know if you have any feedback, question, or suggestions by emailing us atĀ members@tradestocks.com.