Amazon (up 6.3%), Apple (up 4%), Facebook (up 8.3%), Microsoft (up 4.8%) and Alphabet (up 6%) all ended up increasing dramatically. GAFAM has taken advantage of the remoteness of the “blue wave” scenario, which decreases the chance of stricter antitrust rules for them.
Uber (up 14.5 percent) and Lyft (up 11.2 percent) climbed in terms of their drivers’ status after winning a victory in California. Therefore, the self-employed status is retained, which preserves the independence sought by both companies’ management.
Get 12 free stock market lessons delivered to your email from Investor's Business Daily, the leader in investing education for over 35 years. We’ll cover the basics of better investing and show you how to give yourself an edge in the market.
GET FREE LESSON outside the norm.
Alibaba (up 3.5 percent) rebounded after dropping 8.1 percent on Tuesday, following the sudden suspension of its financial affiliate Ant Group’s IPO in Shanghai and Hong Kong. The Shanghai Stock Exchange has addressed changes in the regulatory environment to postpone the trade, with 48 hours to go before the IPO scheduled for Thursday. As a consequence, Ant Group will no longer fulfill the criteria for financial disclosure. Ant Group will now postpone its IPO plans for at least six months, according to Tencent News.
The U.S. hospitality company Hilton Worldwide Holdings was up 2.7 percent on Wednesday which has posted a loss for the recently ended quarter against a profit in the same quarter a year earlier. Being victim of the pandemic, company’s quarterly revenue quarterly fell by 60%.
The renewable energy segment, or the cannabis segment, moved in scattered order as these were among the sectors have support on the stock market by the expectation of a Joe Biden win. Enphase was down -1.3 percent, First Solar dropped -8.5 percent, and Sunpower plummet -2.8 percent, while stocks of Canopy Development fell -7.4 percent, Cronos declined by -8.2 percent and Aurora Cannabis took a dip of -9.8 percent.
Western Union declined by -1.8%, despite the Chief Financial Officer of the company said he anticipated a better outlook for 2021.