Facebook outage costs Zuckerberg billions

The outage of Facebook, Instagram and Whatsapp, which happened yesterday, cost Mark Zuckerberg approximately 6 billion dollars. Facebook as such has lost around 5 % of its share price, which is a surprisingly small loss compared to the size of the problem that the company saw yesterday.

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GitLab surges after Q3 results 📈

After falling 7% for the day, GitLab surged almost 20% to $45 after hours when they posted quarterly results. Analysts had forecasted a loss of $0.15 per share on revenue of $106 million. GitLab racked up $113 million in revenue instead, with a $0.10 loss per share.

Circle won’t be going public

Circle, the company that created one of the most prominent stablecoins, USDC, has canceled its plans to go public. Circle had publicly announced plans for an IPO in July 2021, with a market valuation of $4.5 billion through SPAC.

HSI rises amid positive sentiment 📈

The Hang Seng Index (HSI) jumped more than 4.5% to 19,500 on Monday, reaching levels not seen since early September. The bullish move is driven by optimism that a China reopening would improve the outlook for global growth.

DG drops 8% after missing consensus 📉

Dollar General (DG) stock fell by 8% after it missed consensus, but an analyst said it’s a ‘great buying opportunity.’ The company missed the forecasted 2.54 EPS with 2.33 EPS. However, the revenue goal has been exceeded by $8 million.

Pinduoduo reports great earnings 🔥

Pinduoduo (PDD) stock jumped 15% in the pre-market after quarterly results. The company reported much higher earnings per share of 8.62 instead of 4.79. The forecasted revenue for Q3 was $30.71 billion, but the firm surprised the market with $35.5 billion revenue.

The stock market continue in an uptrend

Several stock indices had a relief rally, taking S&P 500 15.5% higher and Nasdaq 12.5% up from their local bottoms. The upcoming Christmas suggests the uptrend may continue due to the historic “Santa Claus Rally.” This could take S&P 500 above 4,100 and Nasdaq above 12,200 if history repeats itself. However, dangerous levels are in the way.

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Wheat price slides lower

Wheat futures continue to tumble to $7, reaching levels not seen since September 2021. This is the direct result of strong supply from the world’s top producers and signs of smaller demand. Wheat is down 45% from its peak since Ukraine started exporting the commodity again after a long shutdown.

Strict crypto advertising rules introduced

The Financial Conduct Authority (FCA) consultation implies reducing the number of firms with marketing communications approval authority. Once the Financial Services and Markets Bill is enacted into law, only businesses with FCA permission will be able to approve crypto advertising material.

GitLab surges after Q3 results 📈

After falling 7% for the day, GitLab surged almost 20% to $45 after hours when they posted quarterly results. Analysts had forecasted a loss of $0.15 per share on revenue of $106 million. GitLab racked up $113 million in revenue instead, with a $0.10 loss per share.

RBA lifts interest rates by 25 bps

The Reserve Bank of Australia raised the interest rate by 25 bps to 3.1%, in line with market expectations. This was the eighth rate hike in a row, bringing borrowing costs to a level not seen since late 2012. The board has said that there will be more rate hikes in the future because inflation in Australia is still high.

Circle won’t be going public

Circle, the company that created one of the most prominent stablecoins, USDC, has canceled its plans to go public. Circle had publicly announced plans for an IPO in July 2021, with a market valuation of $4.5 billion through SPAC.

FIFA NFTs to be released soon ⚽️

Coca-Cola and Crypto.com have joined hands to release 10,000 FIFA World Cup NFTs. A digital artist, GMUK, will make the NFTs and host them on the NFT platform on Crypto.com. The NFTs were made by tracking the movements of players in FIFA World Cup matches.

News

Gold remains under extreme short-term pressure
XAU
-1.37%

Gold remains under extreme short-term pressure

Volatility will probably remain as investors will digest inflation data and the next Fed’s decision.
Billionaires with extreme differences on the state of crypto
BTC
0.14%

Billionaires with extreme differences on the state of crypto

Well-known investors and media figures share their insights on crypto along with their outlook for the next few years. The differences will surprise you.
AUD/USD jumps after RBA rate hike – will it last?
AUDUSD
-1.41%

AUD/USD jumps after RBA rate hike – will it last?

Another rate hike by the RBA sent the Australian dollar notably higher today.
A day full of key data fuels dollar, which smashes all
SP500
-1.79%

A day full of key data fuels dollar, which smashes all

Markets on Monday were mostly in the red except the US dollar, which benefited from today's data. Stocks and commodities are hurt by OPEC+ and inflation.