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KEY POINTS
OVERALL MARKET
As U.S. banks passed the “stress test” and an infrastructure bill got bipartisan approval, the market climbed into the green.
The stock market had a good day, with all 3 main indices closing the session in green. There were a few things that had investors feeling optimistic today. For one, a new deal for an infrastructure bill was confirmed. This will allocate money to transportation, power, broadband, and water systems across the country. Moreover, authorities completed their “stress test” of U.S. banks, and the findings were released today. All 23 financial institutions have the cash and measures in place to manage through economic recessions. Lastly, the new jobless claims report came out 7,000 lower than last week and confirmed the economy is on track. All good news to send the indices into the green zone. GET THE DAILY MARKET REPORT
WHAT'S UP?
The Trade Desk (TTD) shares jump after Google announces a delay in phasing out browser cookies.
The Trade Desk (TTD) caught my eye on Stock Card’s list of winner stocks for today. Shares were up more than 16% today! Earlier in the year, the stock took a hit because investors expected the phase-out of the 3rd-party browser cookies could hurt the company's growth. Browser cookies collect data that is needed for ad tech companies and free online services (eg. social media) to serve customers relevant ads and profit from them. That's why investors weren't too happy when the news broke those cookies are going to get phased out.
Today, analytics and advertising titan Google announced that the plan to phase out browser cookies will be delayed until 2023. With an extended timeline, it's clear investors are now more optimistic about The Trade Desk's future. If you ask me, the reaction to the initial news was not quite justified in the first place. The company has already started its own independent identity system known as The Trade Desk’s Unified ID that would replace the 3rd party cookies while putting control in the hands of customers to manage their data and identity. With Google cookies or without it, The Trade Desk is going to be doing just fine. A few of Stock Card's VIP Portfolios already picked the stock when it got beaten down. Specifically, check out the new portfolio by Paul. Paul is the latest portfolio publisher on Stock Card. His Freedom Portfolio has beaten down the market quite nicely. I highly recommend visiting and following Paul's Freedom Portfolio on the Stock Picks page. WHAT'S DOWN?
Biogen (BIIB) price continues its downward trend as the FDA reports complications in the approval process.
On the losers' side, Biogen Inc (BIIB) closed down -6.25% today, another day in a rough week for the company. This will be their 4th-day registering losses, with Biogen’s newest advancement in Alzheimer’s treatment seemingly up in the air again.
Originally, things seemed to be looking up for Biogen. They have a new drug undergoing trials for Alzheimer's treatment. A few weeks ago we heard about the FDA accelerating the approval of this first-ever Alzheimer's drug. Unfortunately, this week the FDA released a series of memos showing significant disagreement among the panel members about the approval. This was the main cause of today’s drop in price. Although Biogen is allowed 9 years to provide solid and comprehensive studies of the drug’s effectiveness, it seems investors are being scared away. We saw another red day for the company, even after their public response assuring investors and the Alzheimer community that they were still on track. While this FDA approval process is quite volatile, generally tha is the price you pay when you invest in pharma companies reliant on the FDA approval process for their next breakthrough. WANT TO RECEIVE THIS DAILY STOCK MARKET RECAP IN YOUR MAILBOX?Comments are closed.
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