Stock News to Know
Facebook (FB) Mark Zuckerberg announced his intention to pivot Facebook toward becoming a more privacy-centric social network with a focus on private messaging. This business model shift is in some ways antithetical to the company’s main source of revenue: advertisements on a centralized forum (i.e., the newsfeed).
Alphabet (GOOGL) Google is launching Stadia, a much anticipated cloud gaming service, which will allow gamers to play games directly through their chrome browser. The success of the service will rely heavily on independent game developers and content creators, as the platform will be integrated with Youtube, where over 50 billions hours of gaming content was watched in 2018.
Apple (AAPL) Airpods remain the most dominant wireless headphones on the market. According to a report from Counterpoint Research, in Q4 2018 alone 12.5 million wireless headphone units shipped. Apple was responsible for 7.5 million units, holding an impressive 60% market share. The strong performance comes despite the growing presence of mid-tier brands such as JLab and QCY in the quarter.
Wells Fargo (WFC) After years of scrutiny from politicians and legislators such as Elizabeth Warren amidst the fake account scandal back in October 2016, Tim Sloan unexpectedly stepped down from his position as CEO at Wells Fargo. This announcement came just after receiving full endorsement from investment legend Warren Buffet while speaking at a luncheon event in Grapevine, Texas. Sloan was initially brought in as CEO, after serving in numerous roles at Wells Fargo for almost three decades, in order to clean up management and get the company back to the standards it was once respected and revered for. On April 8th 2019, in an interview, Warren Buffett suggested that the new CEO should come from outside the banking industry
JP Morgan Chase (JPM) After the launch of the JPM Coin cryptocurrency back in February, it became apparent that the bank had full intentions of embracing cryptocurrency as well as blockchain technology, despite criticism in the past from their CEO, Jaime Dimon. According to Indeed.com, JP Morgan Chase was the only financial services firm in the top ten ranking for job postings including “cryptocurrency” and “blockchain” in the past year.
Bank of America (BAC) Despite applying and receiving the most blockchain related patents for a U.S. company, some in Bank of America’s management have conflicting views of both blockchain as well as cryptocurrencies in the future of banking. Cathy Bessant, COO & CTO, has a bearish view and doesn’t see a use case for the tech on a mass scale. The patents range from blockchain-powered ATMs to storage for cryptocurrency keys, both applications that would seemingly be used at a mass scale.
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What is the Big Banks Index?
The Solactive MicroSectors™ U.S. Big Banks Index includes 10 highly liquid stocks that represent industry leaders across today’s U.S. oil/energy sector. The index’s underlying composition is equally weighted across all stocks, providing a unique performance benchmark that allows for a value-driven approach to investing. While the performance of indices weighted by market capitalization can be dominated by a few of the largest stocks, an equal-weighting allows for a more diversified portfolio. More info on this index can be found here.
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