On today’s episode of the Zacks Friday Finish Line, Associate Stock Strategist Ryan McQueeney and Editor Maddy Johnson tackle the top headlines from a wild week for Wall Street, including the Kavanaugh hearing, the Fed meeting, Elon Musk’s legal trouble, big media mergers, and more.
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It felt like the entire country on Thursday was watching Brett Kavanaugh’s Congressional hearing regarding sexual assault allegations made against the Supreme Court nominee, and it was likely difficult for the average investor to focus on anything else.
But that hearing was one of a few major events hogging the attention of Wall Street this week, with investors also closely watching the latest FOMC meeting results on Wednesday. As expected, the Fed raised its benchmark borrowing again and outlined a continue rate hike schedule into 2019, at the least. The era of “accommodative” monetary policy in the U.S. is officially over, and so far, investors appear comfortable with that.
Elsewhere, investors had plenty of news related to the FANG stocks to digest this week. Notably, Instagram co-founders Kevin Systrom and Mike Krieger announced they were leaving Facebook (FB - Free Report) after six years at the company following its purchase of their photo-sharing platform.
And in another move to expand its brick-and-mortar portfolio, Amazon (AMZN - Free Report) this week announced that it will open a new store called “Amazon 4-star” in New York City’s trendy SoHo neighborhood. Taking notes from its digital-inspired Amazon Books stores, Amazon 4-star will sell products from the website that are rated 4 stars or above.
It was also another intense week for the always-trending electric car giant Tesla (TSLA - Free Report) , with reports on Thursday afternoon indicating that the SEC is suing Elon Musk for fraud in the wake of his go-private tweet rant.
That story got even more interesting on Friday morning as new reports said that Musk was actually on the verge of settling the charge without a suit but suddenly grew defiant and refused to sign. It is now possible that the SEC will seek to bar Musk from operating as an official in a public company again.
Maddy and Ryan recapped all of these stories, providing the key facts and their own perspectives for listeners!
Later, the hosts chat about the ongoing consolidation of the media industry. This week, we learned that Comcast (CMCSA - Free Report) had won its bidding war with 21st Century Fox (FOXA - Free Report) for majority control of British media giant Sky Communications. Fox will also sell its existing minority stake in Sky to Comcast, and apparently, Fox suitor Disney (DIS - Free Report) was fine with this.
On top of this deal-within-a-deal, Sirius XM (SIRI - Free Report) announced the purchase of internet radio pioneer Pandora (P - Free Report) . The Friday Finish Line team takes some time to discuss these merger moves and converse about the evolution of different forms of media in 2018!
If you feel that we missed something, or if you want us to cover a different story, shoot us an email at firstname.lastname@example.org. Make sure to check out all of our other audio content at zacks.com/podcasts, and remember to subscribe and leave us a rating on Apple Podcasts.
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