Facebook 5-Day Winning Streak Sends Shares Past January Record

A Facebook Inc. rally pushed shares of the social-media company to a record on Wednesday.

Facebook rose as much as 6% to $230.33, extending a winning streak to the fifth-consecutive day. Facebook’s previous closing high was on Jan. 29 at $223.23. The stock has now gained 11% for the year and 56% since March 16.

Investors have embraced big technology companies with strong balance sheets and revenue growth amid the coronavirus pandemic.

After a first-quarter selloff on fears of a decline in digital advertising, Facebook offered reassurances in late April with better-than-expected sales in the first quarter, and comments about stabilization in the first few weeks of the second quarter. The latest optimism came from e-commerce updates Facebook unveiled on Tuesday, which analysts expect will help accelerate revenue growth.

Amazon.com Inc., which has seen demand surge from home-bound customers, also briefly rose to a record on Wednesday with a gain of 1.7%.

Stock Alert: Youdao Rises On Better Quarterly Results

Shares of e-learning company Youdao, Inc. (DAO) are climbing more than 8% on the back of upbeat first-quarter results.

The company’s loss on an adjusted basis narrowed to RMB1.45 (US$0.20) per ADS compared with RMB1.10 for the same period last year.

Revenue for the quarter increased 139.8% year-over-year at RMB541.4 million (US$76.5 million).

Gross billings of online courses increased by 287% year-over-year to RMB519 million.

Youdao stock gained nearly 90% in the recent months, currently trading at $28.70, close to its 52-week high of $29.50.

Two sent to hospital after semi smashes into West End building

Iceland Cuts Rate By 75 Bps To Record Low

Iceland’s central bank reduced its key interest rate by 75 basis points to a record low on Wednesday, as the economy is forecast to contract the most since 1920 due to the coronavirus pandemic.

The Monetary Policy Committee of the Central Bank of Iceland, on Wednesday, decided to cut the key interest rate, which is the seven-day term deposit rate, by 75 basis points to 1.00 percent.

This was the fourth reduction so far this year.

The central bank expects the economy to contract 8 percent in 2020, which would be the largest single-year contraction in Iceland since 1920.

The predominant factor for this contraction is a more than 80 percent decline in tourist visits to Iceland, the bank noted.

Moreover, unemployment is set to register a steep rise, which is forecast to reach 12 percent in the third quarter and just below 9 percent in the whole year.

The economy is set to gradually normalize in the second half of 2020 with growth reaching near 5 percent next year.

According to bank forecast, inflation will rise marginally in coming months due to exchange rate pass-through from the depreciation of the króna.

The committee also decided to stop offering 30-day term deposits. The bank pledged to use the tools at its disposal to support the domestic economy and ensure that the more accommodative monetary stance is transmitted normally to households and businesses.

Merkel expects Lufthansa bailout deal soon

BERLIN, May 20 (Reuters) – Germany’s Angela Merkel expects an agreement on a rescue package for German airline Lufthansa soon, the chancellor said on Wednesday.

“On Lufthansa, the government is in intensive talks with the company and the European Commission. A decision is expected shortly. But I cannot report on details of talks that are ongoing,” Merkel told reporters when asked about the bailout. (Reporting by Madeline Chambers Editing by Michael Nienaber)

‘Circus Of Books’ Filmmaker Rachel Mason Signs With UTA

EXCLUSIVE: Rachel Mason, artist and director of the Netflix Original documentary Circus of Books, has signed with UTA in all areas.

Executive produced by Ryan Murphy, Circus of Books puts the titular West Hollywood gay porn book store in the spotlight. Run by her parents Karen and Barry Mason, Rachel Mason chronicles the iconic shop that served as the epicenter for LGBTQ life and culture in Los Angeles. The film details the contradictions of growing up in the Mason home where sex was never discussed. The family eventually ran a mini adult empire that included a hardcore film production company.

Worldwide rights to the film were acquired by Netflix ahead of its premiere at the Tribeca Film Festival in 2019. Mason also wrote and performed the docu’s end-credit song, “Give You Everything.”

Mason is best known for her work in visual art and experimental music as well as fantastical mixed-media performances. She has toured and exhibited at SXSW and Tribeca, and museums including the Whitney Museum, Queens Museum, LACMA and the Detroit Museum of Contemporary Art. Her first feature film, The Lives of Hamilton Fish, premiered at Raindance in the UK.

Coboconk woman charged with vehicle theft in Lindsay

Police have charged one woman in connection with a vehicle reported stolen in Lindsay, Ont., last week.

According to the City of Kawartha Lakes Police Service, on May 11 at around 4:50 p.m., an individual reported their vehicle was stolen while making a delivery stop on York Street.

Police later recovered the vehicle on Bond Street.