When Stocks Meet the Kardashians
Forget the market acting like bad dog this week, where is the fun in discussing that? Instead, let's briefly float conspiracy theories on why Snap Inc's (SNAP - Get Report) stock has plunged 6% over the past five sessions. While some point to the online petition signed by more than 1.2 million people to bring back the old look of Snapchat as a reason for the stock's slide, I think it's related to inside knowledge of a planned tweet from social media star Kylie Jenner. Said Jenner in a tweet (telling as to her fav social platform right now...) Wednesday evening to her 22.4 million followers, "sooo does anyone else not open Snapchat anymore? Or is it just me...ugh this is so sad." Jenner added, "still love you tho snap...my first love." Shares of Snap are under pressure again Thursday. Jenner did not disclose if she is short Snap's stock. Don't underestimate the power of perception here, Snap bulls. A tweet from Kylie could reinforce what most Snap fans (or former fans) are feeling right now: a sense of hate around the new redesign. With reinforcement, comes a search for the next hot social platform and the use of Twitter (TWTR - Get Report) by the youth of the world (Action Alerts Plus holding Facebook (FB - Get Report) is for old people). It's sad I am writing about this but hey, when finance meets pop culture a financial journalist must do his/her duty.
Here Comes Overwatch League
For those geeks that love to drink energy drinks and eat pizza while shooting aliens on Xbox (Microsoft (MSFT - Get Report) is an Action Alerts Plus holding...and is making bank on Xbox, says TheStreet's Kinsey Grant), just a heads up that "Stage 2" of Activision Blizzard's (ATVI - Get Report) Overwatch League begins tonight at 7:00 p.m. Suffice it to say I won't be watching the opening match between the Seoul Dynasty and Los Angeles Valiant -- how can you when real sports such as the Olympics is on? It wouldn't be right. Hat tip to Action Alerts Plus holding Activision for a clever new deal inked with Twitch (owned by Action Alerts Plus holding Amazon (AMZN - Get Report) ) to suck more money out of the pockets of those that love eSports. Shares of Activision have rallied into the kickoff this evening. Says the AAP team, "We believe Activision will continue to grind higher as video games become more mainstream and as the company works to increase monetization of its new eSports Overwatch league." Reports are not one member on either eSports team have trained in the gym for the battle of mental will...
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And Now Onto the Markets
Congrats to me for calling the market nosedive on Wednesday. I sure hope you are getting the Morning Jolt newsletter, it's free people. Folks around the world are jumping on board (I get the data on this stuff) to read this each day. Anyway, the market sent a key message on Wednesday: it's still scared of the impact of rising inflation and what it means for new leadership at the Federal Reserve. It will be hard to stay long stocks into Fed chair Powell's testimony on the economy before Congress next week.
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