Monday’s Headlines: Is Facebook A Threat To Zoom?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stock futures were higher early Monday morning trade as investors assessed the possibility of re-opening the global economy after the coronavirus outbreak. The Dow was up 177 points, implying a Monday opening gain of around 168 points, while the S&P 500 and Nasdaq also look to open in the green. West Texas Intermediate futures were down more than 10% at $15.18 per barrel of oil, with Wall Street coming off its first weekly decline in three as a record plunge in oil prices sent investors for a wild ride. Get the complete story here.
2. Zoom shares closed 6% lower Friday after Facebook announced it was rolling out new video chatting features. Zoom has been on a tear since stay-at-home mandates were implemented to slow the COVID-19 pandemic, hitting 300 million daily active users last week. However, investors see Facebook’s service as a threat as it allows up to 50 people without time limits and free of charge. Read the full report here.
3. Tesla shares rose 2.77% on Friday off of reports that car sales in China are on the rise, as the country seems to move past the worst of the pandemic. On Sunday, the electric-vehicle company also asked employees to resume production at the Fremont car plant. Despite restrictions not being lifted yet, the Fremont plant is expected to be partially operational, just in time for Tesla’s Q1 earnings call on Wednesday. Get the full story here.