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Overbought stocks saw a slight dip monday in South Africa as foreigners were net sellers of South African stocks for a fourth consecutive day Monday, disposing of 219 million rand worth of shares, according to exchange operator JSE Ltd. South Africa’s main stocks index declined 1%, the biggest intraday decline in 2021, after a slump in Tencent Holdings Ltd. in Hong Kong pulled benchmark giant Naspers Ltd. and its subsidiary, Prosus NV, lower. Source: Bloomberg

The S&P 500 Index’s 3-month realized correlation -- a gauge of how closely its top stocks move relative to one another -- fell to 0.16. This is its lowest correlation in a year, and an extreme level relative to history. A maximum possible correlation of 1.0 would signify all the shares are moving in perfect unison. Low correlations are good if one is looking to beat indexes through stock picking because if most equities are moving in the same direction, it becomes more difficult to choose one that stands out from the crowd. Source: Bloomberg

Source: FT

The stock's performance could have attained its crescendo Monday when the stock climbed 145%. Monday the stock sat at $76.79, up 18% from a previous dip. The stock saw unprecedented trading volumes with 175 million shares changing hands, with options trading surging to more than three times the 20 day average as put contracts (sell orders) outpaced call contacts.  Source: Bloomberg  

Since 2020, Facebook has become the biggest corporate lobbying spender in the United States, followed by Amazon and Comcast. In recent years, the call for the regulation of big tech has gotten louder. Many think that they have become too powerful and need to be carefully scrutinized to identify possible abuses. In 2020, Google, Amazon, Facebook and Apple spent a combined total of $51.7 million in D.C. lobbying over the past 12 months, 29% more than in 2015 and 500% more than in 2010.