Market correction
Nasdaq -3.84%
NYSE -2.41%
CAC 40 -1.02%
FTSE 100 -0.04%
Nikkei -1.19%
#Omicron spreads
The discovery last Thursday of the new variant of #Covid-19 Omicron has triggered strong reactions around the world. The new strain has already been detected in 38 countries, including #France, the #UK and the #US. The #OECD has warned of a likely increase in supply chain disruption as many countries close their borders. However, urgent studies to understand the effectiveness of Covid's omicron vaccines have begun as part of a global collaboration, which could provide answers within days, a World Health Organization scientist said.
Chinese stocks plummet
#Alibaba shares are being hammered as fears grow that the Chinese e-commerce giant will be forced to lose its listing in New York. Reports suggest that Chinese regulators will restrict the ability of companies to list overseas, raising fears that Alibaba and other groups will be forced to drop their listings on the #NYSE or #Nasdaq. This comes after Chinese ride-hailing company DiDi Global (DIDI) announced Friday that it plans to delist from the New York Stock Exchange and prepare to go public in Hong Kong. The company, which only went public in New York in June, was targeted by #China's cybersecurity regulator for data security issues days after its #IPO.
SpaceX at risk
#SpaceX CEO Elon Musk, in an email to his company's employees, asked them to work this weekend on SpaceX's Raptor engine because the company faces a "real risk of #bankruptcy" unless it speeds up production. In the email, Musk revealed that the company faces a "real risk of bankruptcy" if production doesn't ramp up to support a high flight rate of the company's new Starship rocket next year, The Verge reported. "Unfortunately, the Raptor production crisis is much worse than it seemed a few weeks ago," Musk reportedly wrote. Raptor's engine is a key component of #Starship, which SpaceX hopes will one day carry cargo and people to the #Moon and #Mars.
The stock to watch: #Twitter (NYSE: TWTR)
Twitter's new chief executive, Parag Agrawal, announced a major #reorganization of the company on Friday, putting his stamp on the organization after the sudden departure of co-founder and CEO Jack Dorsey earlier this week.
The overhaul, designed to streamline the company's operations and accelerate its growth, will bring together employees previously divided by function - such as engineering, design and product development - into teams organized by what they work on, such as consumer products. The company's core business is sales and technology. Two executives, engineering chief Michael Montano and design director Dantley Davis, will step down as part of the realignment and leave the company by the end of the year.