Tale of the Tape
Good evening, y’all. You made it to the weekend. Cheers 🥂
The major indices all fell. The S&P 500 closed at its lowest price since August 5. Should we be worried?
Every sector was in the red. Real estate was the weakest. $XLRE dropped 1.98%.
Tesla, Peloton, and DraftKings each gained at least 4%.
Lululemon lost 2.77%. $LULU is down 26% from its September 2 close. 🐻
The Barstool Sportsbook app launched in Pennsylvania. $PENN lost 3.3%.
Here are the closing prints:
| S&P 500 | 3,319 | -1.12% |
| Nasdaq | 10,793 | -1.07% |
| Russell 2000 | 1,536 | -0.38% |
| Dow Jones | 27,657 | -0.88% |
The TikTok Saga
The US Commerce Department announced a ban on US downloads of TikTok and WeChat effective 11:59 PM Sunday.
US companies will still be able to use WeChat outside of US borders. Commerce will also allow US companies to host web services for TikTok until November 12.
Meanwhile, ByteDance Ltd. and Oracle are developing a new version of the app to soothe cell phone addicts.
Here’s the Wall Street Journal with more.
Another SPAC???
We’ve got chatter of another SPAC.
Playboy Enterprises is exploring options to return to the public markets.
The company is in talks with investment bankers but nothing is material.
The CEO and CIO declined to comment on the rumors.
That being said, $BUNY would be a great ticker. 👯♀️
Here’s Reuters with more.
FAANG GANG
The FAANG gang struggled this week.
Here are the weekly performances:
$FB ▼ 5.33%
$AAPL ▼ 4.73%
$AMZN ▼ 5.23%
$NFLX ▼ 2.50%
$GOOGL ▼ 4.04%
And here are the daily charts for your viewing pleasure.
Facebook $FB
Apple $AAPL
Amazon $AMZN
Netflix $NFLX
Google $GOOGL
Tech Hub of the Future
Botswana has big plans.
The African nation is building Icon, a $60M tech incubator.
Botswana funded construction to jumpstart its tech economy and address failing reliance on diamond mining.
Bloomberg writes:
Botswana will be challenged to leave its legacy of diamond extraction behind. Built to symbolize the nation’s future as a place that cultivates ideas rather than excavates a finite resource.
Icon was designed by SHoP, the architecture firm that also designed Brooklyn’s Barclays Center.
🍿 Panic With Friends
Need a podcast for the weekend?
Narvar founder and CEO, Amit Sharma joins Howard Lindzon on Panic With Friends.
The two chat about eCommerce, Narvar’s biggest clients, the effects of COVID, and much more.
You don’t want to miss this. Listen here.
Links That Don’t Suck
🏀 NBA Star Baron Davis Joins Frenzy with Bull Horn SPAC
🇺🇸 Frank Gehry Explains His New Design for the National Eisenhower Memorial
👀 Visualizing the $88 Trillion World Economy in One Chart
🆒 All-in-One Design Integrates Microfluidic Cooling into Electronic Chips
🎰 Barstool Sportsbook Now Open, Becomes PA’s 10th Sports Betting App
🙅♂️ CDC Reverses Controversial Guidance on Covid-19 Testing
🇹🇼 Taiwan Scrambles Jets as 18 Chinese Planes Buzz during U.S. Visit
