Facebook’s latest troubles sent shares down nearly 7 percent Monday, making it the worst performing stock in the Cheddar 50. But long-time tech analyst Gene Munster, Managing Partner of VC firm Loup Ventures, saw it as a “gross overreaction.” This scandal is a blip in the bigger pictures, Munster told Cheddar. As of 2017, the social media giant has over two billion active users a month and advertisers continue to get a high return on the platform, explained Munster. “These issues around controls and compliance is [are] something that every big company gets hit with,” he said, citing similar problems for Snapchat and Baidu. “This is something that we believe Facebook will solve.” The social media giant came under fire from investors after news a data firm, Cambridge Analytica, got access to information from some 50 million users without their permission. That data was reportedly used to help President Donald Trump’s campaign during the 2016 election. Facebook’s drop Monday brought down much of the tech sector. The Nasdaq fell more than 1.8 percent, while the Dow Industrials was down more than 330 points.

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Small grocers and convenience stores feel an impact as customers go without SNAP benefits
Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
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