Financial Daily Dose 1.28.2021 | Top Story: GameStop’s Wild Ride Continues, Pummeling Hedge Funds Along the Way

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GameStop’s continuing surge this week has gone from something of a lark to a collective small-trader effort to stick it to Wall Street hedge funds and institutionalists, with share-price fundamentals discarded entirely in favor of what appears to be a Reddit-herd-driven effort to squeeze big investors’ shorts - NYTimes and WSJ and Bloomberg and Mashable and Marketplace

“Big Short” star Michael Burry has some thoughts on the madness - Bloomberg

And what the SEC can do to restore some order to the markets [hint: not much] - Bloomberg and MarketWatch and Law360

As well as what the rise of “meme stocks” could mean for bitcoin’s recent resurgence - TechCrunch

All the latest from Fed Chair Powell following the first Open Markets Committee of the new year, including rates holding at near-zero and a central bank pledge “to continue making huge purchases of government-backed bonds . . . to help the United States economy weather the pandemic’s ongoing economic hit,”  - NYTimes and WSJ and Bloomberg

The Fed’s overall “glum assessment of the economy,” though, is being blamed for driving stocks (save GameStop and AMC) to their worst performance since October - NYTimes and MarketWatch

Apple’s iPhone 12 successes helped push the company over the $100 billion in quarterly revenue mark for the first time, adding the tech powerhouse to an exclusive list of companies that have achieved such results (Walmart & Exxon Mobil, with Amazon knocking on the door) - NYTimes and WSJ and Bloomberg and MarketWatch

Meanwhile, Cook & Co. are pressing forward with plans to “roll out [Apple’s] extensive new privacy-protection options for users over the next several months,” a move that will increase “tensions between the company and social-media giant Facebook”—which sees the move as a threat to its cash-cow ad business - WSJ and TechCrunch

Troubled U.S. planemaker Boeing reported a record $11.9 billion annual loss, as the 737 Max scandal, Dreamliner flaws, and the pandemic’s massive bite out of the travel industry combined to devastate the company – NYTimes and WSJ

Squarespace revealed this week that it’s filed confidential paperwork to go public in the first half of 2021. The website-design & hosting company was valued at $1.7 billion during a Dec. 2017 funding round - Bloomberg and TechCrunch

Fiat Chrysler has come to an agreement with the DOJ in which the auto giant will “plead guilty to a criminal charge of conspiring to violate U.S. labor law and pay a $30 million fine” as well as agreeing to three years of independent compliance monitoring of its troubled worker training center - WSJ

The literary roots of Netflix’s most recent (and unexpected) breakout series, Lupin—the company's “first French-language megahit” - TheAtlantic

Stay safe.

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