Crypto, Roku and Hong Kong Exod

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From Wall Street to Silicon Valley, these are the top stories that rocked the markets and got Cheddar investors, business leaders and entrepreneurs talking this week.

CRYPTO STRUGGLES Another week, another mad race for the biggest cryptocurrencies. The price of Bitcoin continued to plunge on Monday, trading below $ 49,000 after a weekend of heavy losses. The major cryptocurrency rallied mid-week, but has since fallen back to $ 48,000. Ether and other altcoins slipped as well, along with major coins such as Dogecoin and Shiba Inu. At first, the crypto sell-off appeared to follow a broader decline in the stock market, but major indices have since recovered from what looks like an omicron-induced swing. The latest CPI figures showed a 6.8% jump in inflation from a year ago, but as the figures were close to expectations, markets continued to advance with gains for the week Friday. HONG KONG EXODUS Several China-based listed companies have announced plans to list on the Hong Kong Stock Exchange, as the Securities and Exchange Commission moves forward with new rules allowing it to de-register foreign companies that do not comply with audit requirements. But the transition is proving painful for some outgoing companies. Social media giant Weibo saw its shares drop 7% on its Hong Kong debut this week. The drop came on the heels of a 20% drop in ridesharing company Didi shares after announcing plans to delist in the United States and move to Hong Kong. Alibaba, meanwhile, which is already listed on both markets, had one of its best days in months after announcing plans to shake up its business division. EUROPE VS BIG TECH Europe is on the antitrust warpath. Just a week after a UK regulator ordered Meta (formerly Facebook) to sell the GIF Giphy database on the grounds that the acquisition was harming consumers, the Italian antitrust authority on Thursday fined Amazon $ 1. , $ 3 billion for leveraging its market dominance against independent sellers. Despite a massive Amazon Web Services outage, technology stock, worth nearly $ 3,500, held up. ROKU + GOOGLE MAKE AMENDS

In a last-ditch effort to mend their relationship before a major breakup, Google and Roku have reached a multi-year agreement to keep the YouTube and YouTube TV apps on the streaming platform. The beef started when Roku complained that Google’s distribution terms were anti-competitive. Google fired back, saying the claims were baseless. It’s unclear at this time whether either party was successful, but apparently someone has decided that it is worth burying the hatchet to keep customers happy. Roku stock jumped 18% on the news Wednesday and closed nearly 14% for the week.

GAMESTOPPED

Everyone’s favorite video game / memes stock retailer GameStop is struggling to execute on the turnaround strategy promised by its newly-hired executives. The company’s shares fell 4% on Wednesday after a third-quarter earnings report showed its losses widened to $ 105.4 million from $ 18.8 million a year earlier. Poor profits aside, the retailer boosted its inventory in the last quarter to avoid supply chain issues this holiday season. The stock remained lower on Friday.

LUCID LOSSES

Lucid Motors, which is considered by many to be Tesla’s most viable challenger in the electric vehicle market, had a rough start to the week as stocks plunged nearly 20% on news the SEC assigned the company to. to appear in connection with an investigation. in the PSPC agreement that made it public earlier this year. The luxury electric vehicle maker said it was cooperating with the agency, but investors were still scared by the stock’s nearly 6% drop for the week. This is not the first time that an electric vehicle company has been the subject of an SEC investigation for its PSPC transactions. Others include Nikola, Canoo, and Lordstown Motors.

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