Facebook, Warby Parker, Merck: the stocks that defined the week
A version of Instagram designed for kids doesn’t get many likes in Washington, DC The social media giant announced on Monday that it would put its plans for Instagram Kids on hold after lawmakers expressed concerns about the platform’s effects on youth mental health. In a hearing Thursday, Senate members then accused the company of ignoring internal research showing Instagram is harmful to a significant number of teenage girls. Facebook shares fell 3.7% on Tuesday.
Google’s review of Alphabet is in the country below. Australia’s competition watchdog has expressed concern over the dominance of Alphabet’s Google unit in much of the online advertising industry and said it is considering regulatory action against the giant. technology. The country has taken an aggressive stance on regulating large US tech companies, an approach that has been widely observed as other countries consider similar actions. Earlier this year, Australian lawmakers passed a law requiring big tech companies, including Google and Facebook, to pay news publishers for content. Alphabet shares lost 3.8% on Tuesday.
Merck MRK 8.37%
The next treatment for Covid-19 could be in pill form. Merck and its partner, Ridgeback Biotherapeutics LP, said on Friday that their experimental pill has helped prevent people at high risk at the onset of Covid-19 from becoming seriously ill and dying. The drug, called molnupiravir, reduced the risk of hospitalization or death in study subjects with mild to moderate Covid by about 50%. The study results put molnupiravir on track to potentially be cleared by the end of the year, giving doctors who have passed the pandemic an option to search for a drug that those infected could easily take home. home to prevent them from being hospitalized. Merck stock jumped 8.4% on Friday.
Dollar tree Inc.
Dollar Tree is throwing the ball back. The discount chain, which sells almost everything for a dollar in its namesake chain, plans to add more products at slightly higher prices as costs rise for a line of products. The retailer said it would start selling products at $ 1.25 and $ 1.50 or other prices slightly above $ 1 in some of its stores, expanding current tests of selling items to higher prices in a section called Dollar Tree Plus. Rising prices are the result of inflation, higher wages in a tight labor market, and higher freight costs amid supply chain grunts. Dollar Tree shares jumped 17% on Wednesday.
Warby parker Inc.
Warby Parker made his revealing debut. The eyewear maker is worth around $ 6.8 billion after its IPO on Wednesday, ending its first trading day with a valuation twice as high as it was in a private funding round last year. The company sold shares through a direct listing, rather than a traditional public offering. Warby Parker’s reception showed investor interest in growth-driven, unprofitable direct-to-consumer retailers has not completely waned, more than a year after Casper Sleep Inc.
a disappointing start. Warby Parker stock closed 36% above its benchmark price of $ 40 on Wednesday.
Bed bath and beyond Inc.
Bed Bath & Beyond fell behind in the last quarter. The home goods retailer on Thursday reported a sharp drop in quarterly sales and lowered its forecast for the year, citing supply chain challenges, inflation and slowing traffic to its stores in because of the Covid-19 issues. The company’s woes come as companies rush to restock inventory depleted by the pandemic. The U.S. supply chain has so far failed to adjust to a crash in imports amid mounting shipping delays and freight backlogs. Chief Executive Mark Tritton said the company is also tackling internal execution issues, such as how best to allocate its marketing resources to attract more buyers. Shares of Bed Bath & Beyond fell 22% on Thursday.
Lordstown Engines Corp.
Lordstown tries to avoid running empty. The cash-strapped electric truck maker said Thursday it plans to sell an Ohio plant it bought two years ago as it worked to bring its first pickup to market . The buyer is the Foxconn Technology Group contracted assembler,
which also plans to invest $ 50 million in Lordstown through a purchase of common shares. Lordstown attempted to raise capital after warning earlier this year that it was burning cash faster than expected and that it lacked funds to increase commercial production. The automaker is said to use Foxconn to manufacture its vehicles at the plant. Lordstown shares slumped 18% on Friday.
Write to Francesca Fontana at [email protected]
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