Friday’s Headlines: LinkedIn Is Leaving China

Friday’s Headlines: LinkedIn Is Leaving China

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Upstart Holdings (UPST) +10.1%

Smartsheet (SMAR) +5.1%

Trupanion (TRUP) +4.8%

StoneCo (STNE) +4.7%

PayPal (PYPL) +3.9%

Moving Down ⬇️

Baozun (BZUN) -5.2%

Chegg (CHGG) -2.2%

Nautilus (NLS) -2.0%

Datadog (DDOG) -1.6%

Match Group (MTCH) -1.2%

1. From Evergrande to an energy crisis, and now more regulatory crackdowns, China is making headlines again. Microsoft’s (MSFT) LinkedIn has finally followed other Big Tech stars by deciding to pull the cord on its China operations. Google (GOOG) and Facebook (FB ) have all either withdrawn from the country or are permanently banned already. Increasing regulatory pressure and censorship led to LinkedIn withdrawing its current service, stating that they will plan to launch a China-specific version later this year. The decision to cut the social media service in the country will be sure to have a negative impact on Microsoft’s earnings as China is currently LinkedIn’s third-largest market. Check out the full story here.

2. A new U.S. antitrust bill targeting big tech could have major implications for companies such as Apple (AAPL) and Google. The American Innovation and Choice Act aims to tackle discriminatory behavior from some of the world’s largest tech companies. Amazon (AMZN) and Apple have been accused of ranking their own products more favorably at the expense of smaller companies. The proposed bill aims to stop this alleged discrimination and level the playing field for these businesses, allowing them to take back some of the market share on these platforms. Read more here.

3. A rally on Wall Street kicked off yesterday thanks to robust earnings, helping lift the S&P 500 (VOO) to its best day since March. After posting much stronger-than-expected Q3 numbers, big bank stocks including Bank of America (BAC), Citi (C), and Morgan Stanley (MS) all jumped in after-hours trading. These results helped ease investors' concerns that corporate profits would fall, especially as expenses were expected to mount for companies in the face of higher supply and labor costs. Many investors are now optimistic that stocks will continue to march higher this earnings season given their lowered expectations, meaning we might be in for a few surprise beats. See more on the story here.