Facebook is the youngest company to cross $1tn
Plus Etsy expands to Latin America & Darden’s earnings were so good
Hello there,
Facebook (FB) shares closed up 4.2% after a favorable legal ruling helping the tech giant hit a $1 trillion market cap.
Why this matters: The antitrust complaints against the company had been filed by the Federal Trade Commission and a group of 48 state attorneys general. However, the court ruled that the FTC had failed to prove its main point.: Facebook is the fifth U.S. company to hit the milestone, joining Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Google-parent company, Alphabet (GOOG). However, this victory may be temporary because U.S. legislators are working very hard to change old laws that they believe don’t properly constrain companies like Facebook. (CNBC)
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Etsy expands to Latin America with acquisition
Online crafts marketplace, Etsy (ETSY) has acquired Brazilian online marketplace, Elo7, for $217 million.
Why this matters: International expansion seems to be on the mind for Esty. The Elo7 acquisition comes weeks after the company announced that it would be acquiring Depop for $1.6 billion to help its presence in Europe. Etsy CEO, Josh Silverman, says Brazil’s “e-commerce sector is still in just the early days of penetration,”. With an e-commerce market penetration rate of less than 10%, it would be interesting to see how Esty fares in Latin America. (CNBC)
Darden’s earnings were so so good
Darden Restaurants (DRI), the parent company of Olive Garden and LongHorn Steakhouse, posted a net income of $368.5 million, compared with a net loss of $480 million a year earlier.
Why this matters: If there is one industry that’s sure to experience a boom post-pandemic, it’s the restaurant industry. The company’s restaurant sales rose 90.4% and the company added 30 net new restaurants during the period. Analysts are impressed with the stock with some even raising price targets. You’ll get to learn more about Darden Restaurants and other similar businesses in our new free guide coming soon. (Barrons)
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What else are we reading?
Three major chipmakers have said they support Nvidia’s (NVDA) proposed acquisition of ARM. (Barrons)
That’s it from us today.
See you tomorrow.