⏱Record highs, and record fines
90 Second News Issue #30
Top of the morning to you all! Lots of important stories coming at you today, so get that coffee ready!
Yesterday, the stock market passed another arbitrary round number as the Dow Jones Industrial Average closed above 30,000 on Tuesday for the first time ever. This comes after an eight month surge (+62%) following the initial drop caused by the first wave of lockdowns due to Covid. With the Fed keeping interest rates low, investors have been trading at 2-3x the volume normally experienced in the market, and investor confidence remains sky high amidst the peak of the pandemic.
Best Buy ($BBY) announced earnings yesterday, showcasing an impressive $11.85bn in sales, a figure that represents a 21% jump from the same quarter in 2019. These sales stem directly from the demand caused by the increase of people spending more time in their home, but the company warned in their guidance that they were unaware how long and how sustainable these growth trends would be. In addition, EPS was $1.48 a share, and they announced that their stores would be closed on Thanksgiving to avoid crowds.
0:49- YouTube suspends OAN
Yesterday, YouTube issued a strike on the OAN (One America News Network) for “aggressively pushing false claims” about Covid-19, as well as the election. This contested move comes as YouTube faces fierce scrutiny from Democratic senators to change its policy on allowing election misinformation within its videos. This initial first strike on the channel will result in a one week suspension on posting videos or live streaming.
The nominees for the 2021 Grammy awards were announced yesterday in preparation for the awards show on January 31st. Notable names include Beyoncé, who broke the record for most nominations with nine for her work on “Black Parade” among others, and Taylor Swift, who received six for her work on “Folklore.”
The maker of OxyContin, Purdue Pharma, pled guilty to three federal criminal charges in court yesterday. Their admission of guilt also accepted responsibility for fueling the opioid epidemic by paying doctors to prescribe more of their drugs, and not taking necessary precautions to limit user addiction. For this, they’ll face fines of more than $8bn among other punishments.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
Have any questions, comments, concerns? Email us at team@90SecondNews.info
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