Detroit Wants Glory
Despite lower than one million jobless claims in the U.S., the market barely budged by the time Thursday’s trading day came to close. — More on that in the “Overall Market” section.
Beyond the overall market, investors were back at cheering Zoom, and an old market leader lost its momentum to Zoom. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, Detroit is seeking its old glory back. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: By the end of the day on Thursday, the three indices barely moved compared to where they started it. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price continued to hover under the $12,000 mark while the Federal Reserve announced its experimentation with the distributed ledger technology that powers digital currencies.
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The Market Barely Budged
The stock market indices started Thursday on high notes but gave up almost all of their gains by the end of the day. On the one hand, the U.S. weekly jobless claims came under the one million mark for the first time since the start of the pandemic. On the other hand, investors continued to sell their speculative winners and buy the last few months’ unloved stocks. The two opposing forces ended the market barely nudging by the time Thursday wrapped.
Back At Cheering Zoom
So, what happened?
Shares of Zoom (Ticker: ZM) were up more than 4% on Thursday. After an unprecedented rally and a few days of decline, the stock price is back at its upward momentum. The price fall earlier in the week was mostly due to Salesforce (Ticker: CRM) selling its stake in Zoom. Investors were asking whether they should follow Salesforce’s lead and sell their stake in the company too. Some did, and now it seems investors are back at cheering for Zoom.
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The Old Leader Is Falling Behind
So, what happened?
Shares of Cisco (Ticker: CSCO) were down by more than 11% on Thursday. The company announced its latest quarterly earnings report. Contrary to several technology companies that have reported stellar performance in 2020, Cisco took the other direction and reported a 9% revenue decline. The majority of the decline was due to the Service Provider Video Software Solutions (SPVSS) business divestiture. However, analysts are more worried about the company’s guidance for the next quarter, which is supposed to drop in revenue by 10%. When people work from home, they don’t need office phones and networks, Cisco’s bread and butter. It seems the old market leader is falling behind its smaller and niftier competitors in office communications such as Zoom (Ticker: ZM).
Detroit Is Seeking Its Old Glory Back
So what happened?
The state of Michigan announced a 40-mile long highway lane exclusive for self-driving cars. The exclusive lane is located near Detroit, as if the old car-making hub is seeking its previous glory back. And it might just happen.
The highway lane is courtesy of a collaboration between car-makers and technology companies pressing toward a world with self-driving cars. These companies need roads to test and run their software and hardware, and Detroit is doing everything it can to give them what they need. Smart move, Detroit!
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