Three Things to know today (July 2nd)
Jul 2, 2020
1. Wall Street remains bullish on Facebook stock despite corporate boycotts.
After worries over ad boycotts precipitated an 8% drop in Facebook's stock last Friday, sentiment over the company abruptly turned around on Wednesday as the tech giant soared to its fifth highest close on record. The number of companies participating in boycotts hasn't gone down, in fact several more big names including Microsoft have actually signed on since then. Why then have investors remained bullish? More than 8 million companies purchase ads on their platform, making the company uniquely resilient to concentrated corporate boycotts. And ultimately, Facebook’s empire of 2.36 billion users will likely prove too important for the world's advertisers to give up forever.
2. The Paycheck Protection Program (PPP) is extended as COVID-19 case counts surge back upwards.
The deadline for small businesses to apply for forgivable loans through the Paycheck Protection Program was extended to August 8th with billions of dollars of aid to be given out. As cases of COVID-19 have begun to surge again in recent weeks, businesses have closed again and the country has returned to a state of lockdown. This news is the latest confirmation that relief will likely continue so long as COVID-19 remains at large; easing worries that the economy might have to face a second wave alone.
3. Microsoft launches digital skill initiative to prepare workers for a post-pandemic world, hoping to create a generation of Microsoft-trained employees.
The initiative looks to provide digital skill training to groups hit hard by job losses and enable them to fill new roles in a digitized economy. What’s in it for Microsoft? A future where 25 million prospective online workers are trained to use Microsoft tools. Rather than fighting in a saturated market, the company seeks to sow their seeds among digitally uninitiated demographics. As their investments sprout, it may encourage the adoption of Microsoft services by even more enterprises seeking to save on expensive on-the-job training.
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