Moscow Times: Nasdaq to Delist Russia’s Yandex, Other Tech Firms. “Nasdaq has notified Russia’s tech giant Yandex and four other major internet companies that their stocks will be delisted this month unless they appeal the stock market’s decision.”
NPR: Google shares drop $100 billion after its new AI chatbot makes a mistake. “Google’s parent company, Alphabet, lost $100 billion in market value on Wednesday after its new artificial intelligence technology produced a factual error in an ad demo.”
Mashable: New Twitter feature lets you watch Tesla stock crater. “The company recently partnered with trading analysis platform TradingView to display price charts in search results for cryptocurrencies, stocks, and exchange-traded funds (ETFs). The feature works best if you use $cashtags, which are similar to hashtags, only instead of the ‘#’ symbol in front of a keyword, you use the ‘$’ symbol in front of a ticker.”
Investor’s Business Daily: Eli Lilly Dives After Fake Twitter Account Promises Free Insulin; Takes Novo Nordisk, Sanofi With It. “The tweet went live around 1:30 p.m. on Thursday from an account claiming to be Eli Lilly. It remained online for several hours, gaining steam from hundreds of retweets and thousands of likes. As of Friday morning, the fake account is no longer verified and its tweets are now private. But that didn’t stop LLY stock from falling 2.2% near 360.70 in morning trades on today’s stock market.” (Right now, as I index this article, Eli Lilly is trading down 5.38%.)
Al Jazeera: Social media ‘gurus’ prey on India’s small retail investors. “India’s mom-and-pop investors are facing testing times. During a pandemic-era surge in the stock market, millions poured their savings into equities, drawing on advice from unauthorized financial advisers and social media ‘gurus’ to help identify the next big ticket. But a recent slide in stock values has laid bare the dangers of India’s lax capital market regulations.”
The Verge: The Twitter board is reportedly not interested in Elon’s takeover offer. “Twitter’s board is also reportedly considering using a ‘poison pill’ strategy to make it more difficult for Elon to acquire a large stake in the company and avoid a hostile takeover. Poison pills can, as one example, flood the market with shares once an investor acquires stock above a certain limit, making them easier to acquire for others (and costly for a single investor to buy up) when someone attempts a takeover.”
New York Times: How Civil War History Explains Memestocks. “Over the past century and a half, finance in the United States has been characterized by an ebb and flow of who feels Wall Street is for them, who feels (or is) excluded. Understanding how we got where we are now is one way to demystify the Reddit-based investing revolution, which is powered by a conspiracy theory along with a deep resentment of the way real power and wealth seem so out of reach for most people these days.”
KnowTechie: Meta spirals from the top-10 list of most valuable companies. “Meta, previously Facebook, is no longer among the top ten most valuable global companies. That’s after a 45-percent tumble in stock price from its peak in September when Meta was a trillion-dollar company.”
Bloomberg: Meta’s Stock-Market Wipeout Is Unmatched in the Megacap Era. “The stock has seen a drumbeat of bad news, including Google’s announcement this week that it would bring a privacy initiative to Android phones. While the company said the move is ad-friendly, it’s reminiscent of Apple Inc.’s changed privacy policy, which dented digital advertising and was a factor behind Meta’s catastrophic earnings report this month. The results called its growth prospects into doubt and spurred the biggest selloff in Wall Street history in terms of value erased.”
Markets Insider: JPMorgan downgrades Facebook parent Meta for the first time ever and removes it from its top-ideas list after earnings disaster. “…most analysts reiterated their ‘Buy’ or ‘Overweight’ rating on Meta, except for JPMorgan analyst Doug Anmuth. He downgraded the company to ‘Neutral’ from ‘Overweight,’ and lowered its year-end 2022 price target to $284 from $385. Additionally, Meta was removed from JPMorgan’s Analyst Focus List, essentially its ‘top ideas.’”
CNN: Stocks surged in 2021, as Wall Street rolled its eyes at Covid. “The Dow fell about 65 points in late morning trading Friday, or 0.2%. It is up 19% this year. The Nasdaq was down 0.3% Friday and has gained 22% in 2021 while the S&P 500, which fell 0.2%, is up more than 27% this year. It’s the third straight year of gains for all three major indexes, which are each not far from record highs. In fact, the S&P 500 has closed at an all-time high 70 times this year.”
Bleeping Computer: Russian hackers made millions by stealing SEC earning reports. “A Russian national working for a cybersecurity company has been extradited to the U.S. where he is being charged for hacking into computer networks of two U.S.-based filing agents used by multiple companies to file quarterly and annual earnings through the Securities and Exchange Commissions (SEC) system.”
Business Insider: Search the assets, investments, outside employment, and debts of congressional lawmakers using Insider’s exclusive databases. “Insider has compiled and analyzed hundreds of US House and Senate financial disclosures to create a searchable, sortable, and near-complete accounting of members of Congress’ personal finances. The databases — one for the Senate and one for the House — include members of Congress’ individual assets, stock transactions, debts, and other outside income. They are the most complete and detailed public accounting of the individual finances of federal lawmakers.”
Business Insider: Members of Congress publicly blast Facebook but quietly invest their savings in the social-media giant. “House Speaker Nancy Pelosi called Facebook shameful and irresponsible. Sen. Ron Wyden of Oregon suggested prison time for the tech giant’s CEO, Mark Zuckerberg. Rep. Ro Khanna of California said Facebook should be broken up. But despite their tough talk toward the social-media behemoth, all three of those Democratic lawmakers or their spouses stood to gain financially from Facebook. They were among at least 32 lawmakers in the House and Senate — including both Democrats and Republicans — whose families held investments in the tech company during 2020, according to an Insider investigation of lawmakers’ most recent financial disclosures.”
Business Insider: As the pandemic raged, at least 75 lawmakers bought and sold stock in companies that make COVID-19 vaccines, treatments, and tests. “Dozens of Republican and Democratic lawmakers on Capitol Hill have invested in companies that have a direct stake in the nation’s response to the COVID-19 pandemic, according to an Insider analysis of federal financial records.”
The ResearchBuzz Firehose is regular RB content presented as individual posts.
For digest-type posts a couple of times a day, please visit ResearchBuzz.
Want to know how to best use the Firehose for content discovery?
Check out this handy article.