Shares of major technology and entertainment companies notched gains in the week ended July 10 even as a surge in COVID-19 cases continued to weigh on the broader market.
The S&P 500 and Dow Jones Industrial Average tumbled this week as confirmed COVID-19 cases in the U.S. passed 3 million and investors began reassessing their once-optimistic bets on a smooth economic recovery.
Twitter Inc. stock, however, shot up to new highs this week after the company hinted at plans to offer a subscription-based service.
The platform this week posted a job listing seeking a senior full-stack software engineer who will become part of "Gryphon," a new team that is building a subscription platform.
Rosenblatt Securities analyst Mark Zgutowicz, though, said Twitter is "highly unlikely" to consider a paid subscription offering. The company may instead provide a subscription tier "for data and analytics that its power users may consider," but the initial total market would be less than 10 million users, he noted.