After we learned that there is no Middle East war, at least for now, the stock market was back in the business of overpaying for technology stocks, and the Energy sector gave back what it had gained in the last few days — more on that in the “Overall Market” section.
Beyond the overall market, one company is going after the Goliath of the tech industry in the court of law, and someone may be gobbling up a food delivery company that is running out of options to compete in the delivery war era — more on that in the “What’s Up?” and “What’s Down” sections.
Oh, and by the way, everybody is trying to be a technology company at the Consumer Electronics Shows (CES) — more on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market:
- U.S. markets: Wednesday was a green day for all three indices, with the Nasdaq leading the other two indices in their collective upward movement. Scroll to the “Overall Market” section to read more
- Cryptocurrency: Bitcoin’s price is back under the $8,000 mark. It seems that investors wanted to take some of that gain off the table and the sell-off dragged the coin’s price slightly lower than its surprising peak on Tuesday.
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No Middle East war, no oil price hike.
After a nail-biting 24 hours of watching the Middle East news, and waiting for President Trump to make an official statement, the market took a huge sigh of relief. There is no war, at least for now, in the Middle East. Everybody is back to the business of paying way too much for unprofitable companies. The Technology sector was up more than 1%, and several other industries had a similarly good Wednesday. It was only the Energy sector that had a disappointing day. When there is no war in the Middle East, there is no reason to hike oil prices, we assume.
Gobble us up, please.
Shares of Grubhub (Ticker: GRUB) were up more than 6% on Wednesday. The company didn’t have a stellar 2019, and 2020 is not going to be easier either. The company has found itself in an intense war-like competition with several other food delivery companies such as UberEats, DoorDash, and Postmates, and reportedly, it is asking anyone with money to gobble up (ahem, pun intended) and acquire it.
David vs. Goliath
David vs. Goliath
So, what happened?
Shares of Sonos (Ticker: SONO) were down more 5% on Wednesday. The company is a leader in high-quality, wireless speakers market, and has filed a lawsuit against Google for patent infringement. A legal battle against Google is no small task and makes investors wonder whether it’s worth holding their shares.
In the day and age that voice is becoming the next frontline of growth for many technology companies, Sonos has found itself against the industry’s Goliath in the court of law. Every tech company out there has launched a home assistant device to find its way into customers’ living rooms and wallets. Sonos itself has a partnership with Ikea to put its speaker into all Ikea furniture. Those are all signs of a new war emerging; the living room war.
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Meanwhile in CES
So, what happened?
Meanwhile, in the Consumer Electronics Show (CES) scene, everyone is trying to prove that it’s a technology company.
Sony (Ticker: SNE) launched a concept electric car. Delta Airlines (Ticker: DAL) launched a bing-button to stream movies. It seems that CES is the place to claim your coolness by launching a technology product.