Thursday, February 25

Business

Business

GameStop shares surge in premarket as Reddit favorites rally again

Jakub Porzycki/NurPhoto via Getty ImagesShares of GameStop climbed 44% in premarket trade on Thursday as heavily-shorted stocks favored by Reddit traders look set for a resurgence.Investors piled into the bricks-and-mortar video game retailer on Wednesday following the reported ousting of Chief Financial Officer Jim Bell, sending the stock soaring 103.9% before trading was halted.The company announced Tuesday that Bell will resign on March 26, with reports suggesting that Ryan Cohen – GameStop investor and co-founder of online pet food retailer Chewy -- and the board forced the move in order to accelerate its transition online.GameStop was at the center of a period of market mayhem in late January as retail traders led by multi-million-member Reddit thread WallStreetBets sent its share p...
Business

Facebook bans Myanmar’s military accounts after deadly coup

Pro-military supporters throw projectiles at residents in Yangon on February 25, 2021, following weeks of mass demonstrations against the military coup.Sai Aung Main | AFP | Getty ImagesSINGAPORE — Myanmar's military has been banned from using Facebook and Instagram with immediate effect, Facebook said in a blog post on Thursday."Events since the February 1 coup, including deadly violence, have precipitated a need for this ban. We believe the risks of allowing the Tatmadaw on Facebook and Instagram are too great," the statement said, referring to the official name of Myanmar's armed forces.Military-controlled state and media companies will also be blocked from the two social media platforms, while army-linked commercial firms will not be able to run advertisements.The coup greatly increa...
Business

Stock markets ‘look frothy,’ but Standard Chartered CEO sees no reason to panic over inflation

LONDON —The chief executive of Standard Chartered on Thursday warned stock market valuations appear to have reached unsustainable levels amid a period of what he described as "speculative hype," warning it is possible for a tech-led sell-off to spill over into other sectors."There are indications that the broader stock market is frothy, whether it's the various valuation multiples (that) would indicate that the markets are, certainly (in) some aspects, are toppish," Bill Winters, CEO of Standard Chartered, told CNBC's "Squawk Box Europe" on Thursday."That does not apply to banks, I will add very quickly. I would say value stocks generally don't look like they are very fully valued right now. But that's the nature of the speculative hype that we are in right now," he added.His comments co...
Business

India and Pakistan agree to stop firing along disputed Kashmir border

This photograph taken from a Pakistani army post shows a general view of Bandla Valley in district Bhimber near the Line of Control (LoC) in Pakistan-administered Kashmir.Issam Ahmed | AFP | Getty ImagesIndia and Pakistan issued a joint statement saying both sides have agreed to stop firing along their disputed border in Kashmir starting Thursday.The director generals of military operations for the two countries held discussions where they reviewed the situation along the Line of Control – the de facto border between the Indian and Pakistani parts of Kashmir – in a "free, frank and cordial atmosphere," according to the statement posted by India.Frequent clashes and cross-border shelling along the Line of Control in recent months reportedly killed multiple civilians."In the interest of ac...
Business

Goldman names the 12 global stocks set to pop when Covid lockdowns end

A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange.Brendan McDermid | ReutersAnalysts from Goldman Sachs have named a dozen stocks with a "significant upside" as coronavirus vaccines are distributed and lockdowns start to lift.The bank has launched a scale tracking the pace of reopenings, looking at data such as highway traffic, retail sales, school openings and job advertising, and from that created a list of about 70 stocks that are set to benefit. In a note published Monday, analysts then selected the 12 stocks "strongly geared" to a recovery, all of which are buy rated by the bank.Below is the full list of stocks, and the Goldman analysts say most of them have the potential to rise 20% or more, with one set to rally as much as 60%. Source link
Business

Netflix to spend $500 million in South Korea this year to develop new content

In this photo illustration the Netflix logo is seen displayed on a smartphone.Rafael Henrique | SOPA Images | Getty ImagesNetflix said Thursday that it will spend $500 million this year on films and series produced in South Korea to broaden its growing slate of content from the country.Korean filmmakers and stars gathered in Seoul where the U.S. streaming giant announced its investment plans and also previewed images from its upcoming slate of local-language series.Netflix disclosed that as of the end of last year, the streaming service had 3.8 million paid subscribers in South Korea.Over the last two years, we've seen the world falling in love with incredible Korean content, made in Korea and watched by the world on Netflix.Ted Sarandosco-CEO and chief content officer, NetflixIn the las...
Business

How the Ad Council plans to get Americans comfortable with vaccines

As it starts to roll out a massive Covid-19 vaccine education campaign, the Ad Council wants Americans to know that it's OK to have questions about the vaccines. And it wants to point to vetted, accurate answers to those questions. The Ad Council is a nonprofit organization that makes and distributes public service announcements, including campaigns such as "Friends Don't Let Friends Drive Drunk" and "Smokey Bear," and has distributed information during times of crisis including the period after Sept. 11 and Hurricane Katrina. Now the organization is ramping up what it says is one of the largest public education efforts in U.S. history with the Covid Collaborative, a coalition of experts in health, education and the economy."I think it's fair to say that this is the biggest issue of our ...
Business

These fractional stocks, not GameStop, can outdo hedge funds at their own game, Jim Cramer says

Stock in GameStop and AMC found another leg to run on Wednesday, posting their strongest day of trading since an internet-fueled short squeeze sent their share prices to the stratosphere last month.AMC shares closed 18% higher at $9.09 and GameStop more than doubled to settle at $91.70 weeks after a so-called "meme stock" frenzy cooled off. Retail investors got behind a basket of recommendations on the Reddit forum Wall Street Bets in hopes of exposing an unusually high short interest by hedge funds in a number of stocks.While the rally was short-lived, CNBC's Jim Cramer on Wednesday advised that young traders taking advantage of commission-free transactions on brokerage apps like Robinhood should rely less on speculative trades and get back to the basics of investing."If you really want...
Business

Australia passes new media law that will require Google, Facebook to pay for news

A search for 'Australia News' on the Google homepage, arranged on a desktop computer in Sydney, Australia, on Friday, Jan. 22, 2021.David Gray | Bloomberg via Getty ImagesAustralia has passed a new law that will require digital platforms like Facebook and Google to pay local media outlets and publishers to link their content on news feeds or in search results.The move was widely expected and comes days after the government introduced some last-minute amendments to the proposed bill, known officially as the News Media and Digital Platforms Mandatory Bargaining Code."The Code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia," Treasurer Josh Frydenberg and Communications Minister Paul Flet...
Business

Covid variants could ‘undermine all of our efforts’ if virus spreads globally, CDC director says

Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention.Chip Somodevilla | Getty ImagesNew, highly transmissible Covid-19 variants "stand to reverse" the nation's control of the pandemic and could "undermine all of our efforts" against the disease if the virus is left to proliferate in different parts of the globe, the head of the U.S. Centers for Disease Control and Prevention said Wednesday.Top U.S. health officials have warned in recent weeks that the emergence of highly contagious variants, particularly the B.1.1.7 strain that emerged in the U.K., could reverse the current downward trajectory in infections in the U.S. and delay the nation's recovery from the pandemic.The problem isn't isolated to the United States. As the coronavirus spreads, it makes huge n...