Payment stocks are under pressure since the recent surge in COVID-19 cases in Europe.
Why this matters: This has raised fears that the return of widespread lockdowns could lead to a sharp decline in consumer activity. Visa (V) and Mastercard (MA) stocks fell 2.6% and 5.4% respectively. These two are already facing pressure from Amazon (AMZN) because of their transaction fees. American Express (AXP), Square (SQ), and PayPal (PYPL) are also feeling the heat with their stocks dropping 3%, 8.4%, and 4% respectively. (Barron’s)
Apple sues iPhone hacking company
Apple (AAPL) has sued Israeli firm, NSO Group which sells software to government agencies and law enforcement that enables them to hack iPhones.
Why this matters: Earlier this year, Amnesty International said it discovered that recent-model iPhones that belonged to journalists and human rights lawyers had been infected with an NSO Group malware called Pegasus. Apple is now seeking a permanent ruling to ban NSO Group from using Apple software, services, or devices. It’s also seeking damages of over $75,000. Apple said this lawsuit will serve as a warning to other spyware vendors. (CNBC)
Xpeng wants to sell half of its cars overseas
Xpeng (XPEV) announces its global expansion plans with half of its vehicle deliveries going to countries outside of China.
Why this matters: VP and Chairman, Brian Gu said that the company would invest more in international markets this year and next, it expects to enter Sweden, Denmark, and the Netherlands in 2022. Other Chinese EV makers like Nio and BYD also ventured into international markets this year. Tesla opened a factory in Shanghai and began delivering locally made cars just before the pandemic hit in January 2020. (CNBC)
