Microsoft is shutting down LinkedIn China
Plus: FDA approves Moderna’s booster shots & Domino’s stock fell despite its great earnings
Hello there,
Microsoft (MSFT) plans to shutdown LinkedIn in China due to the burning demands of Chinese regulators.
Why this matters: Due to stressful operating environment and compliance requirements in China, Microsoft has come to the end of the road and decided to shut down China’s LinkedIn by the end of the year. They had temporarily halted new member sign-ups due to a move by Beijing to regulate online activity, but are now taking a more permanent approach. They, however, have plans to replace LinkedIn with “InJobs”, a new standalone jobs application for China, it will be stripped of all social activities to fit the Chinese climate. (Barron's)
FDA approves Moderna’s booster shots
The FDA has agreed to a third smaller dose of Moderna (MRNA)’s COVID vaccines.
Why this matters: The company has joined the likes of Pfizer (PFE) and BioNTech (BNTX) who also recently got the FDA’s stamp of approval. The booster shots are for people who are aged 65 and above, or aged 18 to 64 with a high risk of severe disease, or whose work puts them at higher risk. The shots are only available to people who have previously taken two doses of the Moderna vaccine. Moderna stock went up 3.2%. (Barron's)
Domino’s stock fell despite its great earnings
Domino's Pizza (DPZ)’s stock fell despite beating estimates bringing its decade long domestic growth streak to an end.
Why this matters: The company said same-store U.S. sales fell 1.9%, breaking a 41-quarter streak of domestic same-store sales growth, dating far back to early 2011. The same quarter last year, at the height of the pandemic, saw a 17.5% surge as more people stayed at home and ordered pizzas. The company’s international business continued its impressive growth streak, posting same-store sales growth of 8.8%. Analysts expect the company to face an easier comparable period in the fourth quarter but it could be stifled by staffing issues. (Barron's)
That’s it from us
See you next week.