Wall Street Journal: Zuckerberg was aware of Facebook's controversial privacy practicesPosted: Updated:
Three companies saw promising debuts after going public on the IPO market. Pet retailer, Chewy, jumped more than 50% on Friday when it opened for trade. Fiverr, a platform for freelancers, doubled by the end of the week following its start on Thursday. Crowdstrike, a cyber security firm, also saw its share price gain double for the week following its debut on market on Wednesday.
Oil prices rose at end the week following attacks on tanker ships off the coast of Iran on Thursday. The incident rose concerns of potential reductions through one of the world's key shipping routes if companies suspend new bookings. Crude oil prices had been near 5-month lows as an abundance of supply in American production has outweighed the impact of U.S. sanctions on Venezuela and Iran.
Tyson Foods plans to introduce a new brand called Raised & Rooted that will debut in stores this summer. The first product to hit shelves will be plant-based nuggets. The announcement of the company getting into the alternative meat game has pushed shares of Tyson higher. The competition is putting pressure on Beyond Meat, which was hit with analyst downgrades earlier in the week.
Athletic apparel maker, Lululemon, is surpassing expectations. In its latest earnings report, the company said its e-commerce business and sales of its core leggings product reached expectations. Net revenue rose 20% year over year, while online sales increased 33%. Lululemon says it's optimistic about its 5-year growth plan, which aims to double men's and digital revenue.
A Wall Street Journal report says that Facebook CEO Mark Zuckerberg was aware of the company's problematic privacy practices. Emails uncovered in the process of Facebook's response to a federal privacy investigation suggest Zuckerberg place a role in some of the questionable privacy decisions made at Facebook. S&P has kicked Facebook out of an index that tracks socially responsible companies. The ESG index is a basket of stocks that the S&P picks based on company's record of engaging in environmentally and socially responsible corporate governance.