Friday’s Headlines: Google Completes $2.1 Billion Deal With Fitbit
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Stitch Fix (SFIX) +13.8%
ShotSpotter (SSTI) +8.7%
Zoom Communications (ZM) +5.1%
Trupanion (TRUP) +4.6%
Moving Down ⬇️
Lemonade (LMND) -10.3%
Mastercard (MA) -5.6%
Bill.com (BILL) -4.4%
Coupa Software (COUP) -4.2%
Match Group (MTCH) -3.9%
1. Time is up for Fitbit (FIT) and Google (GOOG) as the two companies have finally closed the $2.1 billion deal. The acquisition was delayed due to antitrust regulators over concerns that the proposed deal would increase the amount of data Google can use for ad targeting. Even though the U.S. Justice Department had not decided on whether or not to pursue an enforcement action, Google closed the deal as the company said it had not heard from regulators during the agreed upon waiting period. Google has since confirmed that it is working with global regulators to protect consumers’ privacy and won't use Fitbit users’ health data for Google ads targeting. Read the full story here.
As a result of the acquisition, we will be removing Fitbit from our shortlist over the coming days.
2. Stateside, President-elect Joe Biden has just confirmed the details of a $1.9 trillion coronavirus rescue package proposal. The ‘American Rescue Plan’ includes direct payments of $1,400 to most Americans, increasing the unemployment benefit and the minimum wage, $50 billion towards COVID-19 testing, $20 billion towards a national vaccine program, and more. Fellow Democratic leaders were quick to applaud the measures, which were backed by economists, after Biden announced “we simply cannot afford not to do what I’m proposing.” Biden officials said Thursday they are confident the rescue package would be approved by lawmakers across the political spectrum. See the full story here.
3. We might be carrying two passports in our future travels as Big Tech giants Microsoft (MSFT), Oracle, and Salesforce are said to be developing a digital COVID-19 vaccination passport. In anticipation that governments, airlines, and other firms might soon require proof that individuals have been vaccinated before they enter certain countries, the group wants to develop technology so people can hold an encrypted digital copy of their immunization credentials that can be stored in a digital wallet, such as the Apple Wallet or Google Pay. The joint effort — known as the Vaccination Credential Initiative — states that anyone without a smartphone can still receive a printed out paper version with QR codes containing their credentials. Check out the full story here.
U.S. stock markets are closed Monday in observance of Martin Luther King Jr. Day.