The end is in sight for Quibi, PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, is shutting down, according to reports in The Information and The Wall Street Journal. Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May — an app designed for on-the-go viewing didn't have much appeal when people were largely stuck at home.
The concern over a “pull forward in demand” has come up repeatedly during the pandemic, about a number of companies, sometimes incorrectly. In Netflix's case, it's real.
The stock market has gotten increasingly volatile lately, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has been the focal point for many investors. After pushing to a nearly 1% gain early on, the Nasdaq fell into negative territory briefly before posting gains of around 0.25% at 2:30 p.m. EDT. There were several countervailing trends affecting the Nasdaq on Wednesday.