Stocks finished the week lower on Friday, as investors took a risk-off approach heading into the holiday weekend. Retail sales numbers in December fell 0.7%, which was more than economists expected, as U.S. consumers reined in their spending during the holiday season.
A $1.9 trillion proposed spending package from President-elect Joe Biden, which includes $1,400 payments to most Americans and a call for a $15 an hour federal minimum wage, wasn’t enough to lift markets.
The Dow Jones Industrial Average lost 177 points, or nearly 0.6%, to finish at 30,814 on Friday.
Bumble IPO in the works. One of the most anticipated initial public offerings for years now, the popular dating app Bumble has officially filed to go public. Shares will trade under the symbol “BMBL” and will list on the Nasdaq.
For many years now, the only option for investors wanting to invest in the online dating industry was Match Group ( MTCH), which owns popular platforms including Tinder, Hinge, Plenty of Fish, Match.com and others.
Bumble mentioned that upcoming Apple ( AAPL) privacy changes, requiring users to opt into targeted advertising, could negatively impact its business, although most of its revenue comes from subscriptions.
Pot stocks rally. Both Aphria ( APHA) and Tilray ( TLRY) shares advanced Friday, adding 2.6% and 6.1%, respectively. It comes after Cantor Fitzgerald analyst Pablo Zuanic raised his price target on Aphria, which is soon to merge with Tilray.
The combined company will have the most market share in Canada, and given the newly favorable regulatory environment in the U.S. following the flipping of the White House and Senate to Democratic control, weed stocks have an enviable growth opportunity in the largely untapped U.S. market.
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