HomeNewsMonday’s market recap: Omicron variant causing market concerns, Shopify hits record Black Friday Sales, Twitter CEO to resign, and Microstrategy buys more BTC

Monday’s market recap: Omicron variant causing market concerns, Shopify hits record Black Friday Sales, Twitter CEO to resign, and Microstrategy buys more BTC

  • “Omicron” coronavirus variant causing market concerns globally
  • Shopify reports record Black Friday sales
  • Twitter CEO is stepping down

The emergence of the new COVID-19 variant, Omicron, is raising equity market unrest across the globe. Last week the S&P 500 index took a dive following the classification of Omicron by WHO as a variant of concern.

Despite the fears, Cerity Partners’ Jim Lebenthal is advising investors to stay in the market because there are vaccines and other promising treatments that will see the world through the pandemic.  Also, the bottoming of cyclical or value stocks, which have been laggards, leaves massive room for a catch-up. Lebenthal says that the latest variant is an aftershock of the original COVID-19 pandemic, which has less impact and will wan after time.

Shopify reports record Black Friday sales 

One opportunity investors should be looking at is Shopify Inc. (NYSE: SHOP), which reported record Black Friday sales over the weekend. Sales were up 21% from last year's Black Friday sales to around $2.9 billion. In addition, the eCommerce company indicated that peak sales were around $3.1 million per minute on Black Friday at 12:02 PM EST, and Merchants hit $1 billion by 4:00 PM. Most importantly average selling price was up from $90.7 last year to $101.2 this year.

Krystal Biotech jumps 140%

Krystal Biotech Inc. (NASDAQ: KRYS) shares were up 140% on Monday after the gene therapy firm announced positive top-line results for the pivotal GEM-3 study for VYJUVEK. According to the company, the trial involved the study of its topical Dystrophic Epidermolysis Bullosa treatment, which attained both primary and secondary endpoints. VYJUVEK differs from the present standard of care treatments since it focuses on Dystrophic EB treatment at the molecular level.

Twitter CEO to resign

Twitter Inc. (NYSE: TWTR) shares were up more than 10% on Monday following reports that the company's CEO Jack Dorsey will resign from his position. According to anonymous sources that spoke to CNBC's David Faber, the reason why Dorsey is resigning is not clear, and there is no immediate replacement for now following his departure. Twitter hasn't issued any release regarding the departure.

Microstrategy buys $414 worth of BTC.

Business intelligence company Microstrategy Incorporated (NASDAQ: MSTR) shares were up 4% on Monday. Following the drop of BTC to a seven-week low of $54,000, the company seized the chance to add its position by purchasing 7,002 bitcoins for $414.4 million. Currently, Microstrategy is the largest BTC investor with 121,044 bitcoins.

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