It’s been another difficult week for investors as major indices slid downwards.
“Stocks moved lower on Friday as sharp losses in streaming giant Netflix’s stock dragged the Nasdaq Composite deeper into correction territory. The Dow Jones Industrial Average fell by 60 points, or 0.2%. The S&P 500 lost 0.3%. Both the Dow and S&P 500 are on track for a third straight week of losses. The technology-focused Nasdaq Composite declined 0.5%, on track for its worst week since Oct. 2020,” write Maggie Fitzgerald and Pippa Stevens of CNBC. “Netflix’s disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21% on Friday after the company’s fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 5%.”
Microsoft to Buy Activision Blizzard for $68.7 Billion
Microsoft has taken a big step toward competing for leadership of the global video gaming industry by announcing it will spend close to $70 billion to acquire one of the world’s most successful game makers.
“Microsoft agreed on Tuesday to buy Activision Blizzard, the video game maker behind hits like Call of Duty and Candy Crush, for $68.7 billion in cash. It is the largest takeover in Microsoft’s 46-year history and a big bet on its future direction,” write in Andrew Ross Sorkin and Michael J. de la Merced in the New York Times. “The deal plants Microsoft’s flag in the emerging battle for dominance in the so-called metaverse, the next-generation internet that melds the traditional online world with virtual and augmented reality.”
Facing Pressure From Airlines, AT&T and Verizon Agree to Delay Portions of 5G-C Rollout
Plans to rollout 5G coverage near some major airports have been put on pause after intense pressure from airlines and pilots.
“A showdown between the nation’s major airlines, the FAA and AT&T and Verizon appears to be cooling after both telecom giants agreed at the last minute to pause a portion of their 5G-C rollout on Wednesday,” write Sam Sweeney, Gio Benitez, and Amanda Maile of ABC News. “Aviation officials are concerned that the frequency used for 5G may interfere with airplanes’ radio altimeters — devices used by pilots to measure the distance between the aircraft and the ground in order to land.”
Automation Platform Targets SMB Market
A platform that aims to make it easier for small and mid-size businesses to automate their sales and support functions is attracting serious attention from investors.
“SaaS Labs has raised $42 million in a new financing round, less than three months after closing its previous funding, and acquired two startups as it looks to aggressively grow its automation platform that serves sales and support teams at small and medium-sized businesses,” writes Manish Singh of TechCrunch. “For big businesses and enterprises, scores of tools exist to bring more efficiency in their sales and support operations. But the same isn’t true of small and medium-sized businesses.”
