For the week ending February 6th, 2021 - the S&P 500 increased by 4.6%, NASDAQ increased by 6.0% and Dow Jones Industrial Average increased by 3.9%.
Historic short squeeze of GameStop (ticker: $GME) seems to have ended, shares of the company declined by 82.2% over this week. Unlike AMC Entertaintment (ticker: $AMC), GameStop was not able to take advantage of the spike in stock prices to raise funds via an At The Market (ATM) offering in the secondary market. Only major update from the company has been . Mr. Francis most recently served as an engineering leader for Amazon Web Services.
Andy Jassy To Take Over As Amazon's CEO
Amazon (ticker: $AMZN) announced this Tuesday, February 2nd. Along with earnings results, company announced Founder and CEO Jeff Bezos will be transitioning to the role of Executive Chairman sometime in the Q3 2021 . Andy Jassy, currently CEO of Amazon's Cloud subsidiary Amazon Web Services will replace Bezos as the CEO of the company. Bezos commented on the transition in the press release - “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
Uber To Acquire Alcohol Delivery App Drizly
Ridesharing giant Uber Technologies (ticker: $UBER) it will acquire alcohol delivery app Drizly for $1.1 billion in stock and cash deal. Drizly is on-demand alcohol marketplace platform that is fully compliant with local regulations in over 1400 cities across United States. Dara Khosrowshahi, the CEO of Uber commented in the press release.
January 2021 Jobs Report
U.S. Bureau of Labor Statistics released Non-farm Payroll data for January 2021 and it showed U.S. economy added 49,000 jobs (lower than the gain of 50,000 jobs expected by analysts). Increase in the jobs was expected as COVID-19 restrictions started to relax as new infection case count lowered and pace of vaccinations picked up.