Department of Justice’s Antitrust Lawsuit Against Google
The Department of Justice filed an antitrust lawsuit against Google on October 20. The DOJ is suing Google due to its business practices, arguing that Google acts as a monopoly.
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Finance
Solid Week in the Markets
The S&P 500, Dow Jones Industrial Average, and Nasdaq all had a week to remember with their largest gain in the last three months. Powering the weekly surge were new talks about a stimulus deal, analysts’ growing optimism about EPS, and the Vice President Biden’s increasing lead in the polls.
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The Rise of ESG Investing; Blackrock Capitalizes
Blackrock, the world’s largest asset manager, has launched an Environmental, Social, and Governance fund. ESG criteria have become popular among socially conscious investors looking to back companies that share their values, whether its sustainability, reinvesting back into local communities, or leadership that practices good faith. Younger investors, in particular, have made this screening method popular.
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Chains vs. Local Restaurants
McDonald’s, Chipotle, and Dominos have done great during the pandemic while local restaurants have been struggling. Well capitalized food chains like Chipotle and Dominos have gained customers and added stores, while many local restaurants have had to shut their doors.
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IP-O-verload
Initial Public Offerings (IPOs) have been sizzling as of late. This strong demand for new stocks is illuminated with the debut of cloud companies such as Snowflake and JFrog. Experts say the Federal Reserve’s decision to hold interest rates at zero for the foreseeable future has ignited the demand for IPOs while accelerating the overall stock market and, in particular, high growth techs. Troy Hooper, head of IPO content at Mergermarket, stated, “IPOs are doing well and I guess that’s what happens when you have the Fed pumping money into the financial system. The money has to go somewhere.”
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Why the Stock Market is Sliding
It is fitting that in a year as uncharacteristic as 2020, the stock market has experienced unprecedented volatility. When Wall Street opened its doors on January 2nd, no broker could have predicted that the Dow Jones would plummet 10,000 points over the course of three months, a historic meltdown that culminated in a 37% drop from the all-time high of 29,569.58 achieved in February. Such a nosedive was largely because of the Dow’s performance on March 12th, a day that investors refer to as “Black Thursday” due to the market falling 2,300 points.
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Bernie Madoff: The Genius Concealer’s Investors Must Return Profits
On Thursday, September 24th, 2020, the U.S. Appeals Court of the Second Circuit ruled that investors who profited from Bernie Madoff’s massive Ponzi scheme that collapsed in December 2008 must now return their profits.
Read MoreBill Ackman Plays Welfare Problem Solver
Whenever Bill Ackman speaks publicly, you’re bound to hear about it, and it’s not just because he’s one of the most prolific hedge fund managers out there.
Read MoreIPOs are Great Again
The good old days have rarely come back to feel so good. IPOs are hot in 2020, already eclipsing all YTD totals for the last 20 years. The only year that comes even close? 2000.
Read MoreThe Sound of Shattering Glass: Jane Fraser Named CEO of Citigroup
“A successful woman is one who can build a firm foundation with the brick that others have thrown at her.” – Anonymous
According to Fortune, the number of women running Fortune 500 companies represents a mere 7.4% of the top spots in 2020. However, Jane Fraser shattered the glass ceiling and has helped to pave a way for women on Wall Street. Citigroup, the third-largest bank in the United States, named Ms. Fraser to take the reins as chief executive in February. She is the first woman to lead a major Wall Street bank and will succeed Michael Corbat who has been CEO for eight years.
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