Stocks wavered on Wednesday, finishing the day little changed from Tuesday’s close. Partisan politics are center stage once again as Congress struggles to come to terms on a pandemic relief bill that would inject another $1.9 trillion into the economy.
The Dow Jones Industrial Average rose 36 points, or 0.1%, to finish at 30,723.
Ethereum hits another high. Reaching new record highs for a second consecutive day, the world’s second-largest cryptocurrency by market capitalization advanced again on Wednesday, hitting highs of around $1,650.
The growing popularity of decentralized finance, which allows for new financial instruments and platforms not controlled or created by any one entity, is helping drive price movements in Ethereum, the leading platform for DeFi.
PayPal profit more than triples. In a fitting end to a fantastic year for the leading publicly traded digital payments company, PayPal (ticker: PYPL) reported what turned out to be the strongest quarter in company history, beating expectations on both revenue and earnings.
Earnings per share more than tripled, surging from 43 cents a year ago to $1.32 in the most recent quarter. The holiday quarter brought the first $6 billion period in company history, with revenue totaling $6.12 billion against expectations of $6.09 billion.
PayPal shares are now up 110% year over year.
AppLovin $1 billion deal. You might not know what AppLovin is right now, but the company is doing just about everything it can to change that by the end of the year.
The aptly named AppLovin, a mobile application company, is reportedly buying Adjust, a company that measures the performance of apps, for around $1 billion.
The deal seems to represent a degree of confidence in AppLovin’s own valuation, which was last clocked in at $2 billion when it last sought private financing in 2018. The company has confidentially filed to go public in 2021, which means investors will get a chance to see the firm’s financials before its IPO this year.
In light of the roughly $1 billion deal, onlookers should expect the company’s $2 billion valuation from 2018 to be materially higher when retail investors have a chance to buy in sometime in 2021.
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