Yesterday's monster stock rally started to run out of steam before the close, and we're seeing something of a mixed bag this morning as investors adjust their portfolios away from pandemic plays. Overnight, international stocks traded higher.
European regulators have announced formal antitrust charges against Amazon over how it uses data about the merchants on its platform. At the heart of the case is the company's dual position as a retailer that sells goods but also acts as a marketplace for third-party vendors. Amazon has downplayed antitrust concerns in the past, noting that many retailers have their own private label offerings, and that online sales represent only a small slice of the overall retail sector. Over in the U.S., Amazon is part of a group of companies under scrutiny by the House Judiciary Committee, while the DOJ and FTC have also launched antitrust probes against the company.
Shares of Beyond Meat were getting crushed by about 23% in Tuesday’s premarket, the morning after the company issued disappointing third-quarter results that capped a volatile dayfor the stock on Wall Street. It all started Monday when McDonald’s announced new plant-based offerings. Confusion ensued about whether Beyond Meat, which made a meatless patty for a McDonald’s test in Ontario, would be a supplier for the McPlant. The fast-food giant declined to provide CNBC with any supplier details. But Beyond Meat said it worked with McDonald’s on the new line.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.