Tuesday’s Headlines: Instagram Takes On TikTok

Tuesday’s Headlines: Instagram Takes On TikTok

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Paycom (PAYC) +2.7%

Bill.com (BILL) +2.7%

StoneCo (STNE) +2.3%

Amazon (AMZN) +2.3%

Microsoft (MSFT) +2.2%

Moving Down ⬇️

Lemonade (LMND) -4.5%

Redfin (RDFN) -3.4%

Yext (YEXT) -3.1%

Baozun (BZUN) -2.9%

Zillow (Z) -2.7%

1. Facebook (FB)-owned Instagram and TikTok are competing in the video space by adding new features to one-up another. Over the past week, TikTok announced that it is extending the length of its videos to align more with Google’s (GOOG) YouTube. The change came just days after Instagram announced its plans to start showing users full-screen, recommended videos in their feeds to generate more advertising dollars, adding “We’re no longer a photo-sharing app or a square photo-sharing app.” As these two huge media platforms enhance their offerings, the lines between traditional streaming services and social media video sharing apps are blurring. Netflix (NFLX) even recently called out TikTok as a direct competitor given that thousands of creators get paid to write scripts for the popular app. See more here

2. As Wall Street prepares to kick off the holiday-shortened week, stock futures were relatively flat this morning after the S&P 500 (VOO) hit a record high on Friday’s close. Following a string of optimistic economic reports, including the jobs review, the S&P 500 notched a seven-day winning streak last week, its longest since August. Meanwhile, the tech-heavy Nasdaq Composite also benefited from the positive outlook, reaching a record high in the last session. After a historic economic reopening in the first six months of 2021, some analysts predict smaller and choppier gains from S&P 500 for the rest of the year after its strong performance so far, with the index up 16% year to date. Read more here

3. Big Tech has threatened to shut down their operations in Hong Kong over the city's proposed anti-doxxing rules. Hong Kong legislators want to bring in new regulations to prevent “doxing”, when someone's personal information is published online. Apple (AAPL), Google, Facebook, and Amazon (AMZN) sent a letter to the city stating that the proposed penalties, which could see their employees face fines up to £92,000 and prison sentences of up to five years if people on their platforms used their sites to dox others, would force them to cut their services in the city. If the rules are brought forward, moving operations and losing revenue from Hong Kong would have a massive impact on these companies' financials. More here.

NicoleNicole

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