Facebook, Warby Parker, Merck: decisive actions for the week
Social media giants announced Monday that they would suspend plans for Instagram Kids after lawmakers worried about the platform’s impact on the mental health of young people. In a hearing Thursday, the senator accused the company of ignoring internal investigations showing Instagram was damaging a significant number of teenage girls. Facebook’s share price fell 3.7% on Tuesday.
Google’s scrutiny by Alphabet takes place in the country below. Australia’s competition watchdog has expressed concern that Alphabet’s Google unit is dominant in most of the online advertising industry and said it is considering regulatory action against the giants of technology. The country is poised to regulate America’s biggest tech companies. This approach has received wide attention as other countries are considering similar actions. Earlier this year, Australian lawmakers passed a law that effectively required big tech companies, including Google and Facebook, to pay news publishers for content. Alphabet shares fell 3.8% on Tuesday.
Merck & Co.
The next treatment for Covid-19 could be in the form of tablets. Merck and its partner Ridgeback Biotherapeutics LP said on Friday that their experimental pills are helping prevent people at high risk from becoming seriously ill and dying in the early stages of Covid-19. The drug, called molnupiravir, reduces the risk of hospitalization or death by about 50% for mild to moderate Covid subjects. The results of this study could allow molnupiravir to be approved by the end of the year, saving doctors who have experienced a pandemic from being hospitalized in search of a drug that can be easily taken at home by infected people. . Merck stock jumped 8.4% on Friday.
Dollar tree Ltd.
Dollar Tree goes through Bucks. The discount chain, which sells almost everything in the chain of the same name for $ 1, plans to add more products at slightly higher prices as the cost of the various products increases. The retailer now sells products for $ 1.25 and $ 1.50, or just over $ 1 in some stores, and at higher prices in the section called Dollar Tree Plus. Said to extend the test. Rising prices are the result of inflation, rising wages in tight labor markets and rising tariffs in the roar of the supply chain. Dollar Tree’s share price climbed 17% on Wednesday.
Warby parker Ltd.
Warby Parker has made a spectacular debut. The eyewear maker was worth around $ 6.8 billion since its IPO on Wednesday, and its first trading day ended with a double valuation of last year’s private fundraiser. The company sold its shares through a direct listing rather than through the traditional public offering. Warby Parker’s reception shows that more than a year after Casper Sleep, investor interest in growth-oriented, unprofitable, direct-to-consumer retailers has not completely waned. I am. Of a company
Dazzling beginnings. Warby Parker stock price closed 36% above Wednesday’s benchmark price of $ 40.
Bath in bed and beyond Ltd.
Bed Bath & Beyond fell behind in the last quarter. Household goods retailers lowered their annual forecast on Thursday, reporting a sharp drop in quarterly sales due to slowing traffic to stores due to supply chain challenges, inflation and Covid issues -19. The company’s concerns come as companies are in a rush to replenish their pandemic and depleted stocks. So far, the US supply chain has not been able to adjust to the surge in imports due to increasing shipping delays and freight backlogs. CEO Mark Tritton said the company is also working on internal application issues, such as how to best allocate marketing resources to attract more buyers. Bed Bath & Beyond’s share price fell 22% on Thursday.
Lordstown Engines Ltd.
Lordstown tries to avoid running in the sky. Electric truck makers struggling to raise funds said Thursday they plan to sell their Ohio plant, which they bought two years ago, to bring their first pickup truck to market. The buyer is a Foxconn Technology Group contracted assembler,
We also plan to invest $ 50 million in Lordstown through the purchase of common shares. Lordstown ran out of cash earlier than expected earlier this year and attempted to raise funds after warning it there was not enough money to expand commercial production. Automakers use Foxconn to build vehicles in their factories. Rhodestown shares slumped 18% on Friday.
Write to Francesca Fontana ([email protected])
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