Wednesday’s Headlines: The EU Is Coming For Big Tech

Wednesday’s Headlines: The EU Is Coming For Big Tech

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Trupanion (TRUP) +6.6%

Wynn Resorts (WYNN) +6.1%

Duluth Trading (DLTH) +5.5%

Apple (AAPL) +5.0%

Peloton Interactive (PTON) +4.8%

Moving Down ⬇️

Planet Fitness (PLNT) -3.9%

Baozun (BZUN) -3.0%

2U (TWOU) -2.6%

Bill.com (BILL) -1.7%

Zendesk (ZEN) -1.5%

1. The EU announced new rules on Tuesday that could force breakups and hefty fines for Big Tech. Europe is worried about how powerful technology companies have become and how this affects competition in the market. Measures include Apple (AAPL) and  Google (GOOGL) allowing users to uninstall apps that have been pre-downloaded onto their device and sharing performance metrics with advertisers. The EU also wants to end self-preferencing — for example, Apple must now display products that are created by smaller app developers fairly in its App Store so they have the same chance of being found by users. The fines for breaches are huge, up to 10% of the companies worldwide annual turnover. Check out the full story here

2. You guessed it, more Apple news! Its shares rose 5% yesterday after a report stated the company will boost iPhone production by 30% in 2021. The confirmation boosted investors' confidence in Apple’s new 5G supercycle as the report confirmed another bullish case for Apple’s new model, its first 5G smartphones, by saying that demand for the iPhone 12 Pro is stronger than expected. Apple plans to manufacture 96 million iPhones next year, up 20% from 2020, including the new 5G compatible iPhone 12 model, plus the iPhone 11 and iPhone SE. The report also said Apple is boosting orders for its high-end computers, including the MacBook Pro. Read the full story here.

3. U.S. stocks climbed yesterday as investors tracked stimulus talks. The proposed covid relief bill would pay an extra $300 a week in jobless benefits and would extend aid until April. Markets also rallied in response to news of the FDA's endorsement of the Moderna's mRNA COVID-19 vaccine. The number of NYSE and Nasdaq stocks making new highs compared to new lows hasn't been this high since 2017. Yesterday, the S&P 500 (VOO) rose 1.3% and the Dow Jones Industrial Average (DIA) gained 1.1%. The Nasdaq Composite (QQQ) jumped 1.2% on Tuesday, marking a new all-time-high that is the index’s 51st record close of the year. See the full story here.

NicoleNicole

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