An Epic Battle
Hey Scoopers,
The Nasdaq index regains its reign among the market indices. āĀ More on that in the “Overall Market” section.
Beyond the overall market, one electric vehicle maker soared, while another one lost momentum. āĀ More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, a battle of epic proportions is going on. 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: Stock market indices started the week in disagreement.Ā Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Finally,Ā Bitcoin’s priceĀ surpassed the $12,000 mark and then continued its upward move. It seems the momentum is back to the cryptocurrency market.
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Welcome Back, Nasdaq!
The Nasdaq index is back on top of the chart. The Financial Services sector lost more than 1%, while the Consumer Cyclical and Technology sectors were among the winners.
The Party Goes On
So, what happened?
Shares of Tesla (Ticker:Ā TSLA) were up more than 11% on Monday. The stock split excitement hasn’t died down, whileĀ a new price target upgrade by Wedbush Securities analyst Daniel IvesĀ fueled the party even higher, and the company’s stock reached a new all-time high.
There is no doubt Tesla is on to make a dent in the universe, but the stock price rallies as if no price is too high for the company. Sometimes with momentum, the logic goes out of the window, and the market can keep up the moment for longer than we all care to accept.
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Changed to Not As Exciting As Tesla
So, what happened?
Shares of Nikola Motors (Ticker:Ā NKLA) were down by more than 5% on Monday. The stock is hovering at almost half of it’s $80+ all-time high price. The price fall is partially attributed toĀ BlueCross Capital’s reduction in its stake in the company. The drop in the stock price hurts more for the company investors because rival Tesla is on “fire.” Until Nikola starts selling its product and shows a track record of shipping trucks, the stock price volatility is most likely here to stay.
Oh Not Pepperoni Pizza
So what happened?
The creator of Fortnite, one for world’s most epic games, fittingly named Epic Games, is inĀ an epic battle with the world’s largest publicly-traded company, Apple (Ticker:Ā AAPL). Was that enough number of “epic” in one sentence?!
Fortnite needs Apple’s App Store to sell its game, and Apple has traditionally charged 30% on every transaction that goes through the apps downloaded via its App Store. Fortnite doesn’t believe it’s fair and has sued Apple for controlling the market unfairly. Since then, Apple took Fortnite off of its App Store, and the battle has ranged.
This is a critical movement in both Apple and Fortnite’s history. Apple is already under pressure from the U.S. government to justify its high-cost control over application’s distribution. Losing the grip over the market and reducing the fees may threaten the company’s focus on the services revenue. Fortnite needs a global reach to keep generating cash and fund its aspirations.
It’s a battle of epic proportions worth watching!
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Disclosure: Authors of this Scoop own shares of Apple (Ticker:Ā AAPL).