Monday’s Headlines: PayPal’s Crypto Service Goes Global

Monday’s Headlines: PayPal’s Crypto Service Goes Global

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Spotify (SPOT) +5.6%

Zillow (Z) +5.4%

Trupanion (TRUP) +4.7%

Evolent Health (EVH) +3.9%

Under Armour (UAA) +3.7%

Moving Down ⬇️

Sea Limited (SE) -3.7%

Wix (WIX) -2.7%

Baozun (BZUN) -2.6%

Diageo (DEO) -2.0%

iRobot (IRBT) -1.7%

1. News that PayPal (PYPL) is launching its cryptocurrency service in the U.K this week sent the price of Bitcoin soaring to almost $50,000 over the weekend. Marking its first international expansion of its crypto product, which allows customers buy or sell Bitcoin, Bitcoin cash, ethereum, and litecoin with as little as £1, PayPal wants to make their services a good entry point for new crypto investors living across the pond. While the fintech firm started off with crypto trading, it believes that digital currencies will have huge potential in the e-commerce space. Earlier this year, PayPal offered its U.S. consumers the option of paying in crypto at millions of its online merchants around the world. See the full story here

2. In a court filing on Friday, Disney {DIS) confirmed that it has raked in $125 million in online revenue from 'Black Widow.' The media conglomerate is being sued by star of the movie, Scarlett Johansson, who says the company allegedly breached her contract by releasing the Marvel movie on streaming at the same time it played in theatres, which the actress says reduced her compensation. The House of Mouse claims there is "no merit" to the lawsuit adding that online release "significantly enhanced her (Johansson's) ability to earn additional compensation.” Media investors will be watching the outcome closely as the decision could have wider ramifications in the entertainment space if they have to pay actors more for dual releases which many companies plan on using to attract more subscribers. Read more on the story here

3. Spotify (SPOT) shares skyrocketed 5.6% on Friday after the music streaming company said it is going to spend up to $1 billion repurchasing its own shares over the next five years. Apple (AAPL), Google (GOOG), and  Microsoft (MSFT) all have similar share repurchase programs, so it's nothing new to see, but it is a great way to boost the value of their individual shares whilst rewarding shareholders. The move also proves that Spotify has faith in the stock, and with $2.64 billion in cash and cash equivalents on the company's books as of its latest earnings report, it has enough money to buy back shares. In addition, the move should also help defend its high valuation and keep investors happy. See more on the story here

Get this week’s full earnings calendar here.

NicoleNicole

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