Week 10/26/2020 - 11/01/2020

SAP, a German software vendor’s market value fell $35 billion,
Ant Group (valued at $313 billion), the Chinese fintech giant, is set to raise at least $34.4 billion in its IPO, which will make it the largest public offering in history.
Facebook announced that it’s rolling out a cloud gaming service.
A new statewide poll finds a sharp decline in the number of voters undecided on Proposition 22, an effort to designate drivers who work for app-based companies as independent contractors, but provides no clear hint at the outcome as election day nears.
NASA finds water on the moon.
Inspire Brands is in sale talk with Dunkin Donults and it’s been reported that it may be willing to take Dunkin private using $8.8 billions.
Banks raised acount fees of their cosumer businesses (average monthly account fee: $15.5, average balance: a high of $7550, annual percentage yield: low of 0.04%).
Tesla recalled over 50K Model S and X cars in China over potentially faulty and unsafe suspensions.

Food delivery app Postmates is launching a new retail delivery platform which includes boutique stores and allows users to have clothes, makeup and home goods at the same day.
Shopify partners with TikTok to expland its business.
Microsoft’s earnings beat expectations.
Amazon is hiring 100K seasonal workers in the US and Canada to meet holiday demand.
BP posts its fifth-straight quarterly loss.
AMD is buying Xillinx for $35 billion.

Germany and France tightened restrictions on businesses and social life since the larming number of covid19 infections.
The CEOs of Twitter, Facebook and Google rebuffed accusations of anti-conservative bias at a Senate hearing Wednesday and promised to aggressively defend their platforms from being used to sow chaos in next week’s election.
Tiffany has agreed to lower the purchase price for its acquirer LVMH.
US government agrees to pay Eli Lilly $375 million for 300,000 doses of its coronavirus antibody drug.
Callaway plans to buy Topgolf. However, its stock fell 19% on the deal.

Amazon has a record-high sales, which jumped 37% last quarter and its profit tripled from the same quarter last year. However, its stock fell after the earnings since Amazon expects to see less profit during the holiday quarter than it did last quarter.
US GDP grew at a 33.1% annualized rate in the third quarter. This is a rebound comparing with the second quarter.
Apple reported that its iPhone sales dropped 20% from last year, which makes its stock fall.
Facebook reported user declines in North America but ad sales surged 22%.
Unlike BP, Shell’s dividend payout actually grew.
Netflix announced its first price hike (for standard and premium plan) in two years.