This time, the big tech came to the rescue of the market. — More on that in the “Overall Market” section.
Beyond the overall market, big techs crushed it, while a well-managed beauty brand didn’t find itself immune to the pandemic’s impact. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, Coca-Cola is getting alcoholic. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: Despite a slump in the early hours of the day, all three indices ended the day barely moving. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price stayed above the $11,000 mark.
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The Big Tech Helped The Market
The market started Thursday on a downward trend but recovered most of what it lost before the trading day ended. The successful earnings releases of the big tech helped the market recover. After all, the four big techs almost represent 20% of the S&P 500 index. Their good news moves the market.
Big Techs Crushed It
So, what happened?
Shares of Apple (Ticker: AAPL), Amazon (Ticker: AMZN), Alphabet (Ticker: GOOGL), and Facebook (Ticker: FB) were up between 1.67% to 6.97% on Thursday. Such results came after a day of awkward grilling on Capitol Hill. These companies are crushing it because most of their businesses are digital, and lives are more digital than ever.
The four companies’ combined profit was $29 billion even though we are going through a global pandemic. Whether the lawmakers like it or not, big techs are crushing it.
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Not Immune To the Pandemic
So, what happened?
Shares of Ulta Beauty (Ticker: ULTA) ended Thursday down by more than 2%. What was once a rapidly growing stock and the company is now under significant pressure from the decline in in-store traffic and the closure of beauty salons.
Since the start of the pandemic on March 23rd, the stock has recovered by 38%. However, the pandemic has hit the economic viability of several of the company’s stores and has forced it to shut at least nine stores permanently. Ulta Beauty is a well-managed company whose business model is hard to adjust to the new digital world order. No well-managed company can stay immune to the pandemic if it relays on physical locations to deliver its services.
Coke Adds Alcohol To The Menu
So what happened?
The alcoholic seltzer has taken the alcohol beverage market and industry by the storm. It’s almost a soft drink but has a tiny amount of alcohol in it, too, just for its fun.
We assume that’s why the granddaddy of soft drinks couldn’t resist but add alcohol to the menu. Coca-Cola (Ticker: KO) is entering the hard seltzer market via its Topo Chico brand which it acquired in 2017 for $220 million.
Does this mean, soon we will have a Hard seltzer Coke? Would you drink that? Let us know via email. Our email address is firstname.lastname@example.org.