Snap, the parent company of popular messaging app Snapchat, also sank more than 39% on Wall Street., after announcing results and ad revenue on Thursday that disappointed the market. The firm had losses of US$422 million in the second quarter and announced that it will slow down the pace of hiring.
In fact, The New York stock market fell this Friday up to almost 2% after balance sheets in the communications sector that revive fears of a crisis. In particular, social media and ad technology companies hurt the major indices.
In turn, the financial dollar deflated this Friday after having touched the unprecedented $340 in the previous round. This day the CCL Cedear dollar fell 2.5% to $325.26.
The volume operated in Cedears, which on Thursday had risen to $13,335 million, this Friday fell 30% and stood at $9,212 after the measures ordered by the Central Bank. Despite this, it represented 76% of what was traded in equities, since the volume of shares remained at $2,768 million.
What changes did the BCRA decide with respect to the Cedears
On Thursday it was reported that companies that access the official exchange rate will not be able to register a holding of more than US$100,000 in Cedearsassets that represent shares of companies listed abroad and that are used to dollarize portfolios.
At the same time, the BCRA decided to include those instruments that cannot be traded in the 90 days prior to or in the 90 days following access to the official market.
The Cedears are a financial vehicle that, both savers and companies, they use to dollarize their portfolios (adjusted by the CCL dollar, in addition to the variations that the share they represent has in the market of origin), and that They have gained great prominence since the tightening of the exchange rate in October 2020. In fact, for almost two years they have exceeded local shares in BYMA in volume.
Source: Ambito
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