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10 things before the opening bell

Business Insider logo Business Insider 11/30/2021 insider@insider.com (INSIDER)
Twitter permanently suspended the account of Alex Berenson for violating its COVID-19 misinformation policies. Matt Rourke/AP © Matt Rourke/AP Twitter permanently suspended the account of Alex Berenson for violating its COVID-19 misinformation policies. Matt Rourke/AP

Welcome to 10 Things Before the Opening Bell.

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1. Dorsey's departure sends Twitter stock on a rollercoaster ride. Twitter stock whipsawed Monday as word of CEO Jack Dorsey's resignation filtered out and then got confirmed.

Shares initially jumped as much as 11%, adding $4.2 billion to the social media company's market cap.

But as details of new Twitter boss Parag Agrawal sank in, the stock erased the entire gain and more, to end the day 2.7% lower.

The social media giant's co-founder is also CEO of digital payments company Square — something activist investor Elliott Management wasn't keen on. 

But Wall Street is just as cool on Agrawal, who has been Twitter's tech chief since 2017, having hoped for an outsider to come in and shake things up.


Video: Opening Bell, November 29, 2021 (CNBC)

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And now that Dorsey is letting go of Twitter's reins, the crypto world is watching closely to see whether he will dedicate all that free time to Square's passion project — bitcoin. Watch this space.

2. Stocks tank after Moderna's CEO warns current vaccines won't work as well against Omicron. Dow futures lost 490 points at one point this morning in the expected whiplash. Here's what's happening in markets.

3. Morgan Stanley thinks the market is underestimating the inflation surge from the Great Resignation. A survey of 12,500 European workers shows them ditching traditional jobs for content creation, and NFT and stock trading. Here are two tips for how investors can capitalize on the trend.

4. Earnings on deck: ZScaler, Hewlett Packard, and Salesforce are all reporting.

5. The Friday selloff sparked by concerns over the new Covid-19 variant Omicron turned out to be the second-biggest retail buying day this year. The biggest retail buying day this year was sparked by worries over the Delta variant. As markets fell Friday, individual investors bought up a near-record $2.04 billion of stocks and ETFs.

6. Despite the Omicron-caused sell-offs, strategists say stay invested. Stocks and oil are being whipsawed by developments around the emerging variant, but big bank analysts are holding tight for now. Strategists and analysts from JPMorgan, Wells Fargo, RBC Capital Markets, and UBS weighed in on the pandemic's latest

7. The price of a barrel of oil could soar in the next could of year, according to JPMorgan. That's because demand isn't likely to wane amid concerns over the new Covid-19 variant, and OPEC+ is in the driver's seat on supply. The price could hit $120 next year and $150 in 2023, JPMorgan said. 

8. Crypto bull Michael Saylor's MicroStrategy bought millions worth of bitcoin. The business software company bought 7,002 bitcoins at a cost of $414 million in its fourth quarter so far. It paid an average of $59,187 per bitcoin

9. The founders of an NFT fund backed by Andreessen Horowitz said investing subjectively and tracking whale wallets are two ways retail investors can build up their digital art portfolio. Brandon Buchanan and Nabyl Charania, founders of Meta4 Capital's NFT fund, are seeking $100 million in total investment. Here are five tips they gave for getting in on the NFT craze.

10. Joel Greenblatt, the legendary investor who backed Michael Burry's 'Big Short,' shared six tips for capitalizing on opportunities in spinoffs. He's going to be paying close attention to General Electric's spinoff plans, specifically. Here's his full thesis on how to invest as corporate giants break themselves up.

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