My view on the Capitol hill grilling of the Big Mega Tech

Interestingly from that 5 hours grilling session, only Facebook was the one that blames China for stealing US technology. Apple says no, Google says no, Amazon says no. 

Remember all 3 big Tech (Apple, Google, Amazon) has big stakes in China while Facebook is banned. 

Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

Congress grills tech CEOs amid backdrop of coronavirus and economic struggles

For more than six hours, members of the House Antitrust Subcommittee grilled the CEOs of Alphabet, Amazon, Apple and Facebook -- four of the country’s five most valuable companies, with only Microsoft missing -- on a wide range of matters. The CEOs dialed in through videoconference, while most of the committee members were present in Congress, where Chairman David Cicilline, D-R.I., repeatedly reminded them to wear masks to prevent the spread of Covid-19.

Source: CNBC

Seems like Facebook is getting the biggest hit and reasonably so, considering that they are like a news media firm where information is power and politicians wants to have as much influence on media as much as possible. 

Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

China’s Tencent is now bigger than Facebook after adding around $200 billion to its value this year

Latest news from CNBC:

Tencent’s market capitalization has surpassed Facebook’s following a huge rally in the Chinese firm’s shares this year.

The gaming and social media giant’s market cap stood at 5.15 trillion Hong Kong dollars ($664.50 billion) at around 3:07 p.m. Singapore time. Meanwhile, Facebook’s market cap totaled $656.15 billion as of Tuesday’s close.

Tencent shares have rallied around 43% year-to-date, compared to just over 12% for Facebook. That has added around 1.53 trillion Hong Kong dollars ($197.74 billion) onto Tencent’s value. 

Source: CNBC

Interesting to see how it goes from here as alot of the big banks has Tencent's target price above 600.


Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

Hang Seng Tech Index

In case if anyone is interested in the list of companies that form the index below is the link and it shows the Index as well:

http://www.aastocks.com/en/stocks/market/index/hk-index-con.aspx?index=HSTECH&t=1&hk=0&s=5&o=0

Half the day is gone and half of the constituent companies are down currently and US futures are also down as well. With the Big 4 tech going to the antitrust hearing this week, it will be interesting to see what the impact would be on Nasdaq and S&P 500 (the big 4 tech companies are part of S&P if you are not aware and the weightage is pretty big as well).


Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

My analysis of Facebook

Below is the daily chart of FB and it seems to be consolidating since 26 May within the range of $244.76 and $224.20 as per the Fibonacci retracement. A consolidation might be a sign of uptrend considering at the moment there's some distribution of funds from tech to other sectors.

It's worthwhile to take note
- for the moment that the entry for FB might be good between $218 and $224 which there is a gap fill.
- it is now trending below 50MA and will need to see how it closes this week.


*I do not own any FB shares currently.

Key point to note: It is not about how the stock prices open but more importantly how it closes for the day and week. 

More and more glitches from automated trading

Here's another incident from automated trading - this time is from Citigroup. 

Full article here: Citigroup Slams Nasdaq's Facebook Compensation Plan 

Citigroup slammed Nasdaq OMX Group's plan to compensate firms harmed byFacebook's botched market debut to the tune of $62 million, saying in a regulatory filing the exchange should be liable for hundreds of millions more, according to a letter seen by Reuters.

Getty Images

Citi [C  30.31    -0.18  (-0.59%)   ] said Nasdaq's[NDAQ.O  23.02    -0.17  (-0.73%)   ] actions in the May 18 initial public offering amounted to "gross negligence," in the letter to the U.S. Securities and Exchange Commission, which had not yet been made public.    

Citi's market-making arm, Automated Trading Desk, lost around $20 million in the May 18 IPO, a source told Reuters in May. That is just a sliver of the upwards of $500 million that market-making firms - which facilitate trades, backing them with their own capital - and brokers lost in the $16 billion IPO.    

Liabilities at U.S. exchanges, which have some regulatory duties, are capped in most instances. Nasdaq's cap in most instances is $3 million a month.    

Faith or no faith?

Normally if you are a major shareholder in the company, you would likely to holding your shares for good or bad times because you have a vested interest and believe in the company. Well maybe in this era that we are in, we are all interested in making quick bucks rather than believing in the company itself. 

Let's look at the most recent and most prolific company - Facebook. Peter Thiel was the first to sell around $400 million worth of shares after the first restrictions barring insider selling were lifted. Is that a vote of no confidence and triggering more to come? 

Full article here: Facebook's director in spotlight after cashing out

Peter Thiel speaks during a news conference on ''nonprofit, nonpartisan organization dedicated to economic research and innovative public policies for the 21st century'' at the National Press Club in Washington October 3, 2011.

Credit: Reuters/Yuri Gripas

By Alexei Oreskovic

SAN FRANCISCO | Tue Aug 21, 2012 6:58pm EDT

(Reuters) - Peter Thiel was the first investor to take a gamble on Facebook Inc. Now some people are wondering whether, in selling most of his stake, the Facebook board member is signaling to others that it's time to rush for the exits.

Thiel, the co-founder of PayPal who invested in Facebook in 2004, sold roughly $400 million worth of Facebook shares last week as the first restrictions barring insider selling were lifted.

The sales, which were conducted as part of a stock sale plan that Thiel entered into in May, have dealt another blow to Facebook's reputation among some investors in the wake of a rocky debut that has wiped out roughly 50 percent of its market value. And it has raised questions about whether Thiel's move conflicts with his responsibilities as a Facebook director.

"It's a vote of no-confidence from a board member," said Max Wolff, an analyst at Greencrest Capital.

"If he wants to serve primarily as a self-interested investor, that's fine. But then you can't be the on the board. Boards of directors are not made up of people whose primary interests are in their checkbook," said Wolff, who said he believed Thiel should resign from the board.

A spokesman for Thiel declined to comment.

Buffett: Facebook Was Wrong Price or Handled Badly

Some insights from Warren Buffett on Facebook's recent slump. Slightly outdated one month back but good to understand his views as well. 

July 13 (Bloomberg) -- Warren Buffett talks about Facebook's IPO and technology stocks. He speaks from the Allen & Co. media conference in Sun Valley, Idaho, on Bloomberg Television's "In The Loop." 
Source: Bloomberg