1,134.00 -12.21 (-1.07%)
After hours: 7:58PM EDT
|Bid||1,132.49 x 800|
|Ask||1,134.48 x 1300|
|Day's Range||1,131.80 - 1,146.90|
|52 Week Range||970.11 - 1,289.27|
|Beta (3Y Monthly)||0.99|
|PE Ratio (TTM)||28.75|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1,275.00|
Google is just a couple of months away from releasing its first smart homedevice with an onboard camera
Amazon, Facebook, Google and Apple spent a combined $12.7 on federal lobbying in the second quarter of 2019.
Harley-Davidson, Hasbro, TD Ameritrade, Microsoft and Google are the companies to watch.
Following a long legal process that started in 2015, Google will pay out $11million to settle 227 claims from people who believe they were wrongly denieda career at the company because of their age
(Bloomberg) -- The Justice Department said it’s investigating whether dominant technology companies are thwarting competition in their markets, stepping up scrutiny of the industry’s biggest names as they come under fire in Washington.The department’s antitrust division will look at concerns that consumers, businesses and entrepreneurs have expressed about search, social media, and online retail, according to a statement Tuesday. The statement didn’t name any companies.“Without the discipline of meaningful market-based competition, digital platforms may act in ways that are not responsive to consumer demands,” said Makan Delrahim, the head of the department’s antitrust division. “The department’s antitrust review will explore these important issues.”The announcement marks the latest sign of the escalating scrutiny facing tech companies in Washington from lawmakers and antitrust enforcers. The giants of the industry are under fire over massive collection of user data, failing to police content on their platforms, and claims that they are harming competition and reducing choices for consumers.President Donald Trump has railed against many of the biggest names in the industry for silencing conservative viewpoints. Earlier this month, he said he’d summon social media companies to discuss political bias on their platforms.For More: Big Tech Is Taking a Bipartisan Beating All Over WashingtonAmazon.com Inc., Alphabet Inc.’s Google, Apple Inc. and Facebook Inc. declined to comment on the Justice Department’s statement. Shares of Facebook, Amazon and Alphabet all fell on the news. Facebook dropped 1.5%, Amazon was down less than 1%, in extended trading around 5:49 p.m. in New York, while Google and Apple rose less than 1%.“We ultimately believe this is more noise versus the start of broader structural changes across the tech food chain,” said Webush analyst Daniel Ives, writing in a note with three other analysts. He said the inquiry “will likely result in business model tweaks and potential DOJ/FTC fines in a worst-case scenario, rather than forced breakups of the underlying businesses.”Last week, executives from the four companies were grilled by the House antitrust panel, which is investigating whether dominant companies are thwarting competition and harming innovation.On Tuesday, the chairman of that committee, Democrat David Cicilline of Rhode Island, sent follow-up questions to Facebook, Amazon and Google, saying he was “deeply troubled” by the companies’ “evasive, incomplete, or misleading answers.”The Justice Department move, first reported by the Wall Street Journal, comes after the antitrust division and the FTC took early steps toward investigating four of the biggest tech companies, with the Justice Department taking oversight of Google and Apple and the FTC getting Facebook and Amazon.For More: Far From Silicon Valley, Trustbusters Plotted Big Tech AssaultThe Justice Department’s move followed the FTC’s decision in February to form a tech task force to examine conduct by companies and past deals in the industry.(Updates with analyst comment in eighth paragraph. An earlier version of the story was corrected to say that FTC started tech task force in February)\--With assistance from Naomi Nix.To contact the reporter on this story: David McLaughlin in Washington at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, Ben BrodyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The U.S. Justice Department said on Tuesday it was opening a broad investigation of major digital technology firms into whether they engage in anticompetitive practices, the strongest sign the Trump administration is stepping up its scrutiny of Big Tech. The review will look into "whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers," the Justice Department said in a statement. The Justice Department did not identify specific companies but said the review would consider concerns raised about "search, social media, and some retail services online" -- an apparent reference to Alphabet Inc , Amazon.com Inc and Facebook Inc , and potentially Apple Inc .
United Parcel Service Inc , the world's largest package delivery firm, on Tuesday unveiled its drone delivery subsidiary and said it has applied for the Federal Aviation Administration certifications needed to expand the business. The launch of UPS Flight Forward marks the latest move in the battle between UPS, Amazon.com Inc and Alphabet Inc for the lead in the nascent U.S. drone delivery industry. UPS said Flight Forward could receive FAA certification for multiple drones and pilots as early as this year, potentially becoming the first company to win such approvals.
(Bloomberg) -- The U.S. and China are moving closer to their first face-to-face trade negotiations in months, with a meeting between tech chief executives and President Donald Trump on Monday marking another step toward easing a ban on sales to China’s Huawei Technologies Co.The White House invited many of the U.S.’s biggest technology companies to discuss economic issues including a possible resumption of sales to Huawei. Trump and senior administration officials met with CEOs from Alphabet Inc.’s Google, Broadcom Inc., Cisco Systems Inc., Intel Corp., Micron Technology Inc., Western Digital Corp. and Qualcomm Inc., according to White House spokesman Judd Deere.Deere said the CEOs had requested "timely" decisions on license applications to sell to Huawei and Trump agreed. National Economic Council director Larry Kudlow told reporters Tuesday that the meeting was positive and cited it as one reason he’s optimistic that in-person talks with China are likely to resume soon.The meeting between government officials and U.S. technology leaders may assuage Chinese concern that one of its largest technology companies is under existential threat from a blacklisting. But lawmakers and others in the administration who oppose any relief for Huawei could stymie any tentative progress in resolving a trade dispute between the world’s two largest economies.Negotiating MissionChinese state media on Monday hailed signs of progress on Huawei as part of what it called efforts to display “sincerity and goodwill’’ by both sides. Any easing of restrictions on Huawei is expected to be met with a resumption of Chinese purchases of U.S. soybeans and other agricultural commodities.“We expect, we hope strongly that China will very soon start buying agriculture products, number one as part of an overall deal and part two as a goodwill gesture," Kudlow said. “So I’m going to strike a note of hopefulness, and I think we will see the ag purchases come on soon.”The moves, which followed a meeting between Trump and China’s Xi Jinping in Japan late last month, are meant to clear the way for a trip to China by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin as soon as next week.Such a trip would mark the first high-level negotiating mission to China since talks broke down in May.Business PerspectiveKudlow and Mnuchin led the meeting Monday, which also included Commerce Secretary Wilbur Ross. Lighthizer attended as well, according to people familiar with the gathering. It was called to inject a business perspective into a debate that has often been driven by an intelligence and national security community eager to see an outright ban on Huawei, one of the people said.Xiaomeng Lu, international policy manager and head of the China practice at Access Partnership, said the meeting is an opportunity for U.S. companies to demonstrate how resuming sales to Huawei’s consumer business can help American corporations innovate better and outperform the Chinese telecoms giant in the long run.Trump will very likely face backlash from Congress if he chooses to allow shipments to the Chinese telecoms giant, especially after the Washington Post Monday reported that the company helped build North Korea’s 3G network in a potential violation of U.S. export control laws.Legislative Push BackMany U.S. lawmakers, including hawks in Trump’s own party, are opposed to the president’s approach on the issue and have made the case for a complete decoupling of supply chains that would cut off Huawei from American components.“At every turn, we learn more and more about what a malign actor Huawei is,” Senators Tom Cotton and Chris Van Hollen said in a statement following the Washington Post report. The revelation underscores Huawei’s serial violations of U.S. law, they added, saying it’s crucial Congress pass legislation they’ve sponsored.A spokesman for the Commerce Department, which oversaw the blacklisting of Huawei in May, declined to comment.Semiconductor TechnologyMost of those invited are suppliers of technology to Huawei, one of the biggest makers of smartphones and computer-network equipment. The chipmakers in particular have said that a blanket ban on doing business with the Chinese company may do more harm than good to U.S. national security.Many of the components they supply to Huawei can be easily obtained from companies elsewhere and jeopardizing their access to their biggest market risks cutting them off from revenue that’s vital to investing in their ability to maintain the U.S.’s lead in semiconductors, they’ve argued.Intel said in an emailed statement after the meeting that the company appreciated the opportunity to share its “perspective on economic issues, including how the current trade situation with China impacts the critical US semiconductor industry."Micron CEO Sanjay Mehrotra said the company appreciated the opportunity to meet and stressed that "open and fair trade are essential to ongoing U.S. technology leadership."Chinese companies, meanwhile, have begun asking U.S. exporters about buying agricultural products and also applied for exemptions from China’s retaliatory tariffs on the goods, state-run Xinhua News Agency reported Sunday.The Chinese government met Friday with domestic soybean buyers about a plan to purchase more U.S. supplies, according to people familiar with the situation. That could include waiving China’s retaliatory tariffs, but details have not been decided yet, the people said.Face-to-FaceWith China’s top leadership likely to be out of Beijing from early August for their annual seaside conclave, people close to the talks say there is a narrow window for face-to-face meeting in the coming two weeks. Mnuchin, Lighthizer and their Chinese counterparts talked by phone last week for the second time since the two nations’ presidents met.Separate to the possible agricultural purchases, China announced Saturday new measures to further open up the nation’s financial sector to foreign investors. Foreign companies will be able to take a stake in or control entities including wealth management units of commercial lenders, pension fund managers and currency brokers.The changes weren’t announced as directly related to the trade talks with the U.S., but American criticism of China’s protection of various domestic markets is a core issue in the ongoing trade tensions.(Updates with Kudlow comment in third paragraph.)\--With assistance from Miao Han, Justin Sink, Laura Litvan and Mark Milian.To contact the reporters on this story: Shawn Donnan in Washington at email@example.com;Jenny Leonard in Washington at firstname.lastname@example.org;Ian King in San Francisco at email@example.comTo contact the editors responsible for this story: Margaret Collins at firstname.lastname@example.org, Alister BullFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Here's what to watch when the social media, e-commerce, and search engine titans report their Q2 earnings starting on Wednesday.
A Facebook-style social network was launched in Vietnam on Tuesday, following calls by the Communist-ruled government for domestic tech companies to create alternatives to U.S. tech giants Facebook and Google. Gapo, a mobile app that lets users create personal profiles and share posts to a Facebook style "news feed", has received 500 billion dong (£17.32 million) in funding from tech corporation G-Group, its chief executive, Ha Trung Kien, said. "Vietnamese users and enterprises are relying too much on Facebook as there are not so many social networks for them to choose from," Kien said, adding that Gapo plans to reach 3 million users in 2019 and 20 million by January 2021.
On Monday, Slack (WORK) stock rose 6.2% to $33.25. Despite the rise, Slack stock has fallen 11.3% in July and 13.9% since its IPO on June 20.
(Bloomberg) -- Facebook Inc. and Amazon.com Inc. set records for lobbying in the second quarter as Washington ramped up scrutiny of big technology companies, while Google’s spending dipped as it continued to reshuffle its influence operations.The world’s largest social media site spent more than $4.1 million on lobbying, the most among big internet platforms, an increase from its previous high in the same period a year earlier.Facebook disclosed lobbying around blockchain, the technology that underlies cryptocurrencies. The company has been trying to win support for its Libra cryptocurrency, which drew skepticism from President Donald Trump, congressional Democrats and Federal Reserve Chairman Jerome Powell and took a beating from lawmakers in both houses of Congress during two days of hearings last week.The company was also in the final stages of settling an investigation by the Federal Trade Commission into privacy violations in the Cambridge Analytica scandal. The FTC has voted to fine the company $5 billion and is expected to announce the final details of the settlement within days.For more: Facebook $5 Billion U.S. Privacy Settlement Approved by FTCAmazon spent more than $4 million on lobbying, topping a quarterly record in the first three months of the year, according to disclosures filed with Congress before Monday’s midnight deadline. Amazon, which runs a broad lobbying operation on a diverse range of issues, is closing in on a $10 billion cloud services contract that the Pentagon is poised to award to a single bidder next month.Last week, Trump criticized Amazon as the perceived front-runner for the contract, saying companies such as Oracle Corp. and Microsoft Corp. had complained that the process was unfair. Oracle has led a sustained lobbying campaign against the department’s plans to award the project, known as Joint Enterprise Defense Infrastructure, or JEDI, to a single bidder.In June, Amazon hired Jeff Miller, who bundled $1 million for Trump’s 2016 campaign, to lobby for its cloud computing division on issues related to “cyber security and technology services,” the filings show.On July 18, Trump said he would look “very seriously” at the bid.Oracle spent almost $1.7 million during the quarter, when it said it lobbied on issues including cloud and government IT procurement. It also lobbied the White House and the office of Vice President Mike Pence, the disclosures show. Microsoft Corp., which is the last remaining cloud provider that’s vying with Amazon for the contract, spent $2.7 million in the quarter, while International Business Machines Corp., which was eliminated as a competitor along with Oracle in April, spent $1.6 million, including lobbying on JEDI, the filings show.Antitrust ScrutinyThe big internet companies are coming under growing antitrust pressure as the U.S. moves toward investigating whether their conduct squelches competition. The Justice Department and the FTC, which share antitrust jurisdiction, have carved up responsibility for oversight, with the FTC taking responsibility for Facebook and Amazon and the department’s antitrust division claiming Alphabet Inc.’s Google and Apple Inc.Facebook and Amazon also underwent a series of hearings by a House committee conducting a broad antitrust investigation of technology companies, drawing ire from lawmakers during the latest hearing earlier this month.Google ended its relationships with at least 17 lobbyists at six outside lobbying firms as global policy chief, Karan Bhatia, reorganizes the search engine’s approach. Google’s second-quarter spending dipped to $3.1 million, a decrease of about half what it spent in the same period a year earlier, the filings showed.Among the top-level exits were Robert Raben of the Raben Group, who served as assistant attorney general of the Justice Department under former President Bill Clinton. It also ended its relationship with Tom Ingram, a former staff director of the Senate Republican Conference. Susan Molinari, the company’s longtime Washington director and a former Republican member of Congress, moved to an advisory position at the end of 2018.Apple, which is grappling with stepped-up antitrust scrutiny as well as concerns about trade, disclosed spending of $1.8 million in the second quarter, up slightly from $1.7 million a year earlier.Trade LobbyingTrump’s threats to impose additional tariffs on imports from China and Mexico during the quarter, as well as a push to ratify a replacement for the North American Free Trade Agreement, contributed to an increase in trade lobbying by some associations.The Consumer Technology Association, whose members include Apple, Amazon and Facebook, reported spending almost $1.8 million during the second quarter -- up from almost $1.5 million a year earlier and from $1.4 million in the first quarter -- in part because of the tariff threats, spokeswoman Bronwyn Flores said.The group reported lobbying Congress, the Office of the U.S. Trade Representative, the Commerce Department and the White House on matters including the U.S.-Mexico-Canada Agreement, or USMCA, the China tariffs and duties Trump imposed last year on imports of steel and aluminum.“Over the past year, anti-tariff lobbying has become an increasing focus for our government affairs practice,” Michael Petricone, the group’s senior vice president for government and regulatory affairs, said in a statement. “In addition, this quarter CTA’s marketing and communications team executed a comprehensive media campaign to complement our efforts.”The National Retail Federation, which is helping lead a coalition of trade groups opposed to Trump’s tariffs, showed almost almost $2 million in lobbying spending in the second quarter, up from $1.5 million in the first three months. Trade represented a significant portion of the increase besides health care, taxes and other issues, the group said.Trump threatened tariffs on an additional $300 billion in Chinese imports in May in response to what he said was Beijing reneging on agreed provisions in a sweeping trade deal the two nations are negotiating. The U.S. has already slapped duties on $250 billion in Chinese goods.Trump put the new tariffs on hold after meeting with Chinese President Xi Jinping in June in Japan -- but not until after executives at hundreds of U.S. companies and trade groups testified at public hearings in Washington, most opposing the duties.The president also threatened duties on imports from Mexico if that country didn’t do more to stem the flow of migrants to the U.S., prompting an outcry from businesses and trade groups. Trump ultimately relented.Proponents of ratifying the United States-Mexico-Canada Agreement to replace Nafta had hoped to have Congress approve the deal by its August recess, but discussions continue between the administration and congressional Democrats on concerns about provisions regarding pharmaceuticals, the environment, labor and overall enforcement of the pact.\--With assistance from Bill Allison.To contact the reporters on this story: Ben Brody in Washington at email@example.com;Mark Niquette in Columbus at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Mark Niquette, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The S&P 500 climbed toward a record high on Monday, supported by expectations of lower interest rates, while investors awaited quarterly earnings from marquee companies Facebook, Alphabet and Amazon later this week. Facebook Inc rallied 2.0% ahead of its report due out after the bell on Wednesday, while Amazon.com Inc and Google-parent Alphabet Inc were each up more than 0.7% ahead of their reports on Thursday. Investors' reactions to the reports of these top-tier growth companies could affect broader market sentiment, with the S&P 500 about 1% below its July 15 record high close.
Next-generation gaming hardware to arrive in 2020 2019 will likely be a slow period for the gaming market before growth picks up in 2020. Top three game console makers Sony (SNE), Microsoft (MSFT), and Nintendo plan to launch their next-generation consoles next year. In the same year discrete GPU (graphics processing unit) makers Advanced Micro Devices (AMD) and NVIDIA (NVDA) will launch their next-generation 7-nm (nanometer) gaming GPUs.
Open Text Corp’s (TSX:OTEX)(NASDAQ:OTEX) partnership with the tech giant will bolster its services and could boost the stock.