Big tech stocks climb as ‘blue wave’ fails to materialize, easing antitrust concerns

A “blue wave” expected by some prognosticators prior to Election Day in the U.S. on Tuesday that would have enabled Democrats to win the White House, seize control of the U.S. Senate, and retain or gain seats in the House was headed for failure Wednesday, easing worries over tougher antitrust enforcement for big tech stocks — Apple, Alphabet’s Google, Facebook, and Amazon.

Current U.S. Presidential Election Results (Nov. 11, 2020, 10:03am EDT)
Current U.S. Presidential Election Results (Nov. 11, 2020, 10:03am EDT)

Reinhardt Krause for Investor’s Business Daily:

“The Republicans have significantly outperformed polls coming in to the election, and especially their worst case scenarios,” said a Barclays report. “A progressive Blue Wave — where the Democrats won the Presidency as well as flipped several Senate seats — is now definitely off the table.”

Apple stock rose 2.8% to near 113.50 in early trading on the stock market today. Facebook stock advanced 3.2% to near 274 while shares in Twitter, also a leading social media platform, gained 2.9% to 42.95. Amazon stock climbed 2.6% to near 3,127. Google stock rose 3.1% to near 1,697.

“Although ballot counting could be in progress for days, the most unusual U.S. election in modern history is leaning towards a familiar outcome — a divided government,” said a JPMorgan note to clients. “We do not see Congress agreeing on antitrust legislation unless both houses of Congress and the Presidency are controlled by the same party, as the parties have had difficulty reaching consensus on more pressing issues,” Wedbush analyst Daniel Ives said in his note to clients earlier in the week.

A Biden Justice Department and/or Federal Trade Commission would pursue action against the online stores operated by Apple and Google, Cowen analyst Paul Gallant said in his report to clients… Trump’s Justice Department recently sent a letter to congressional leaders pushing for changes in Section 230 rules, reports say. Some Democratic lawmakers also favor taking a fresh look at the rules.

MacDailyNews Take: Hey, at least we live in interesting times!

44 Comments

  1. Yes MDN, from the 1994 movie ‘Disclosure’ quoting Donald Sutherland: “The Chinese say, “May you live in interesting times.”

    “In 1966 Robert F. Kennedy delivered a speech that included an instance: There is a Chinese curse which says “May he live in interesting times.”

    I believe we live in Trump Times…

  2. Thank God Almighty for the U.S. Supreme Court as currently composed!

    1. trump, a con man, is losing because more people voted for Biden.

      trump is now trying to con people into believing that legitimate votes shouldn’t be counted.

      He’s conned you, huh?

      1. Conned? Legitimate votes? Legitimiate as defined by who? The party of the presidential campaign that paid for a fake dossier to spy on the other campaign? The alphabet soup government morass of bureaucratic agencies lead by would be criminals? The masterbating pundits on CNN or other news media outlets? The Corrupt News Media and Cable News, and you can throw in the anti Social Media Sewage, that show their fairness by what THEY decide on what to report or who to censor? Or local party bosses runned precints in which why is it that in recent presidential elections, every state in the Union can keep their act together when counting ballots on election night except SWING states that actually decide election outcome amd that are ran by Democrats? Hmmm…

      2. “Why is it that every state can get their act together and count their votes, except for Democrat controlled battleground states? All of which Trump was winning when they halted counting.” — Rush Limbaugh

        1. Just heard that Michigan found more ballots to keep John James out of the Senate. Imagine that, more votes “found”. Yeah, tell me all about this nation’s free and fair elections again!

          Also, ABC news put AZ back in undecided column. Wonder why they pulled it from Biden column, you know, what with the pre election polls showing Biden up so much everywhere?

    2. Na na na na, na na na na, hey hey, goodbye. As expected Trump’s early lead in key states is being wiped out as the mail in ballots are being counted later. They are all legally cast ballots that arrived by election day in Michigan, Wisconsin, and Nevada. Biden is up over 30,000 votes in Michigan, over 20,000 votes in Wisconsin, and over 8,000 in Nevada, and there’s no room for Trump to make any gains as the mail in early votes are breaking for Biden huuuuuuge. There is zero chance of a legal challenge to these votes. They have all been counted in a transparent process which was monitored by people from both parties. No fraud has been found, and no irregularities. Any claim of fraud is a fantasy. It is all over but the crying. When Michigan, Wisconsin, and Nevada are finally called for Biden, it is over, that will be 270 and it is done. Biden doesn’t even need Pennsylvania.

  3. Overnight, Biden magically “overcame” a 600,000 Trump lead in Michigan. Oh, really, now?

    These were all absentee votes, at unrealistic top-end levels in every single precinct.

    This looks very like attempted theft and it will be litigated appropriately.

    1. States used to count all night and have their numbers in by sunrise. This year, counting mysteriously halted in a few Democratically run swing states where Trump was ahead. So… interesting.

    2. {to the Steppinwolf song “Born to be Wild”)

      Get your motor running.
      Head out on the highway.
      Lookin’ for a ruling.
      That will help save the day.

      Yeah, SCOTUS, go make it happen
      Teach the world a legal embrace.
      Slam all of your gavels at once and
      rioter heads explode into space!

      Like a true immature child.
      They were born, born to be chide.
      They can get so high
      They’ll wish they wanna die!

      Born to be chide…
      Born to be chide…

    3. Every responsible observer was predicting a “red mirage” weeks ago. In most states, in-person votes are counted first. It was clear that more Republicans regarded that as safe, so those early results were going to be more “red” than the final total. Once those numbers were already out there, the mail-in votes would be counted. Because Democrats were taking the coronavirus more seriously, those later votes were going to be more “blue” than the final total.

      Additional factors are that the Democratic campaigns were actively promoting mail-in voting, while the Republicans were urging their supporters to vote on Election Day itself. Also, it simply takes longer to count votes in an urban county with a million residents than in a rural county with a few thousand. The red-leaning rural counties were counting in parallel, and could finish quicker than the blue-leaning metro areas. So, again, the balance would shift blue as counting continued.

      So, the totals were inevitably going to trend more Democratic as counting drew closer to the end. There is nothing unexpected or nefarious about that.

  4. There will be several weeks of hand recounts. Got to weed out… mismatched signatures, those who voted more than once, dead people who voted, extra box(es) of ballots found in the janitor’s closet days after the election, etc…

    1. All 4 of those dead votes 2 mismatched signatures and 3 who voted more than once. Ever think that will actually reduce the Trump votes by say…..9 votes?
      In either case….. big whoop.

    1. You’re right, but that applies to unelected judges substituting five or six of their votes for those of several hundred thousand regular citizens forming part of a multi-million vote national majority.

      1. In fact, many of the out-of-state addresses submitted to the court by the Arizona Republican Party to “support” its claims of fraud are at military or diplomatic posts. Absentee voting was invented 156 years ago precisely for those citizens. The Republican effort to disenfranchise our uniformed men and women (and their families) is beyond despicable. I guess the Trumpists really think they are losers.

  5. Wow… lots of sour grapes here on both sides.

    Take a chill pill everyone… and stop looking for conspiracies on either side. If there’s anything the stock market doesn’t like, it’s uncertainty. And things are looking more and more uncertain. Look for buying opportunities.

    Only one thing is certain… Bidenrump will win or Trumpiden will. Doesn’t matter which man you choose to worship… They be the same person in the end.

    1. Huh? The market seems pretty certain the Senate will stay Republican, so that there’ll be a split Congress, no matter whom the President is, so that an increase in taxes and capital gains taxes will be modest if changed, at all, and antitrust cases might be dead ends. So, the markets seem to like this result.

      I’m up a crazy 6% today, and over 50% on the year, and over 80% from the lows of March. Never would have guessed that.

  6. Fox News (and the Associated Press) will never recover from calling Arizona far too early for Biden and having to reverse those calls when, in the end, the state officially goes for President Trump by +30K votes.

    This early WRONG call – especially by the Fox News Decision Desk – needs to be investigated. Follow the money.

      1. It matters because President Trump has won Arizona, likely by a +30K vote margin.

        Biden has not won Arizona.

        Any media outfit calling Arizona for Biden is incompetent or compromised.

        1. LOL! Where’s your evidence the Trump won AZ by 30K votes? Most of the votes outstanding left to be counted are in counties that vote democrat. It’s highly unlikely Trump will win AZ.

          He’s also not likely to win MI, WI, PA, and possible GA. The outstanding votes are from counties that vote democrat and these are early votes that remain to be counted.

            1. CNN never called Arizona for Biden and still hasn’t but Biden is ahead by a lot and the remaining votes will break for Biden. Trump lost. Get over it.

  7. Joseph Stalin quote:

    “People who cast votes decide nothing. People who count the votes decide everything”

    In America, this subterfuge is acceptable when directed at the “other” party. Remember Bush/Gore 2000 ?? It will be interesting to see how the “boys in blue” and the military deal with rioting Trump supporters.

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