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Call for Facebook to be broken up and fined billions over privacy

Rob Waugh
·Contributor
Should Facebook be broken up? (getty)
Should Facebook be broken up? (getty)

Privacy groups have published a letter calling for Facebook to be broken up and fined billions over privacy concerns, in the wake of recent scandals.

The move came from American privacy groups including the Electronic Privacy Information Centre, and was delivered to America’s Federal Trade Commmission.

Nine groups urged Facebook to be fined over privacy concerns, and for Facebook’s companies (WhatsApp, Instagram and Facebook) to be reestablished as independent, The Register reports.

The letter came as reports suggested that Facebook is preparing to integrate messaging across the three platforms.

MORE: Shocking bodycam footage shows thugs kick police officer into path of moving bus
MORE: France’s Macron attacks Brexit and says it will end up ‘costing’ the British people

The letter said, ‘The companies should be reestablished as independent entities and Facebook should be required to disgorge the personal data unlawfully acquired from those firms.

‘This will also help restore competition and innovation for Internet messaging and photo app services, two important goals for the future of the Internet economy.

The letter said that Facebook had ‘operated for too long with too little democratic accountability’.

The groups urged that Facebook should be fined at least $2 billion.

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Kolanovic describes a Biden Presidency combined with increased Republican strength in the House and a continued Republican Senate majority as ‘the best of both worlds.’ A divided government is unlikely to dismantle the pro-business moves taken by the Trump Administration, while Biden is likely to ease the trade war. The result, according to the Kolanovic team, will be “less market volatility, which could drive inflows to risk assets.”To this end, JPM’s stock analysts have been busy scanning the tickers, seeking out those that are likely to win – or lose – in the coming months. Of particular interest, we’ve pulled the TipRanks data on two stocks that the firm predicts will show double-digit growth, and one that JPM says to avoid. Vroom, Inc. (VRM)We’ll start with Vroom, an online retailer in the used vehicle space. In addition to cars, the company also sells spare parts and accessories, and offers insurance, car rentals, and funding for purchases, for US customers only.Vroom is a newcomer in the markets; it IPO’d in June and rose quickly, peaking in on September 1. Since then, the shares have slipped and are now down 22% since their first day’s close. The rise and fall are the result of conflicting tailwinds and headwinds pushing against the stock.On the positive side, Vroom has gained during the general shift to online retail. Also, the company’s focus on used vehicles was beneficial during the pandemic, when customers were nervous or cash-strapped – but in either case, reluctant to lay out large sums for a new car. On the negative side of the ledger, that reluctance to spend slipped over to the used car market, too. Vroom had to contend with low margins while cutting prices to attract sales.Covering the stock for JPM, analyst Rajat Gupta sees the stock’s current state as an opportunity for investors. The bad times are likely temporary, he believes, and this company is set to take off. “Net-net, with near-term expectations now reset and potential for acceleration in both unit growth and gross profit into 2021, we view the setup as favorable in the near to medium term for the stock with little incremental negative catalysts… we believe execution will be key given heavy reliance on third parties for key operational aspects such as reconditioning and logistics,” Gupta wrote.In line with this assessment, Gupta rates the stock an Overweight (i.e. Buy), and his $70 price target implies an upside of 91% for the year ahead. (To watch Gupta’s track record, click here)Even after the fall in its share value, Vroom retains a Strong Buy from the analyst consensus. The rating is based on 11 reviews, including 10 Buys and 1 Sell. VRM is selling for $36.81, and its $59.40 average price target suggests it has room for ~61% growth on the one-year horizon. (See VRM stock analysis on TipRanks)Colfax Corporation (CFX)Next up is Colfax, a niche manufacturing company. Colfax produces a range of equipment for the welding, medical device, and air and gas handling markets, ranging from medical equipment for joint reconstruction to welding helmets and cutting torches. While it may sound incongruous, the combination works for Colfax, and the company is experiencing a turnaround from corona crisis losses in 2Q20.The third quarter earnings, at 41 cents per share, showed both good and bad. It was down 32% year over year, but has more than quadrupled sequentially and beat the estimates. Revenues were up 29% sequentially, coming in at $805 million. Management expects to see continued sequential improvements through the remainder of 2020, and predicts full-year earnings in the range of 45 cents to 50 cents per share.Representing JPM, 5-star analyst Stephen Tusa commented, “[We] see the stock as being relatively cheap compared to close peers within the Fab Tech and Med Tech space with significant upside post COVID-19 that does not appear to be entirely realized in the valuation as of yet compared to the peer FY2 expectations. CFX has strong brands and franchises… and an underappreciated productivity opportunity with primary end market bounce back in Fab Tech and demand spikes in Med Tech.”Tusa backs his upbeat comments with an Overweight (i.e. Buy) rating and a $52 price target indicating his confidence in a 38% one-year upside. (To watch Tusa’s track record, click here)Overall, Colfax has a Moderate Buy rating from the analyst consensus, based on 8 reviews breaking down to 5 Buys, 2 Holds, and 1 Sell. However, the majority expect shares to stay range bound for now, as the current $38.63 average price target indicates. (See CFX stock analysis on TipRanks)Beyond Meat (BYND)Last on today’s list of JPM calls is Beyond Meat, a company that made a lot of waves last year when it raised over $3.8 billion in its IPO. The company offers a vegetarian-based meat substitute, and it markets as more nutritious, better tasting – and more like meat – than competing products. The company was founded back in 2009, and has expanded its lineup of products to include simulated beef, pork, and chicken products.Overall, BYND stock still presents a positive façade. The shares are up 88% year-to-date, and the company registered a net profit in 1Q20, just as the corona crisis started. Since then, however, earnings have turned negative – and even worse, revenues showed a strong sequential drop in Q3. The latest quarterly figures showed $94 million at the top line, down 16% from Q2 and well below the forecast of $133 million, and an EPS loss of 28 cents – far worse than the 3-cent loss predicted. The biggest hit to Beyond Meat came from declines in restaurant business that was only partially redeemed by a 40% surge in grocery sales. The company did announce a partnership with McDonald’s to provide the meat substitute for the fast food giant’s new McPlant menu, but even that announcement was bungled. BYND shares fell sharply when it was rumored that McD’s had developed the meat substitute in-house. While that misconception has been corrected, BYND has only partially bounced back.In short, this company is facing serious headwinds in the near-term, and JPM is advising caution due to “visibility so low and the most recent quarter surprisingly soft.” Ken Goldman, rated 5-stars at TipRanks, writes of BYND, “We are now trying to model a company for which (a) we are not exactly clear why 3Q was so bad (the company’s explanation did not seem to be backed up by meaningful data), and (b) the partnership with McDonald’s could either be a game-changer or a dud.”Goldman’s caution is clear from his Underweight rating (i.e. a Sell), and his $104 price target suggests a 26% downside to the stock. (To watch Goldman’s track record, click here)JPM is not the only firm advising caution here. Beyond Meat’s analyst consensus rating is a Moderate Sell, based on 2 Buys, 7 Holds, and 7 Sells set in recent weeks. The stock is selling for $141.91 and its average price target of $110.71 indicates a probable downside of 22% in the coming year. (See BYND stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Elon Musk Surpasses Bill Gates To Become World's Second Richest

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  • Yellen Ending Trump Dollar Tumult Promises Cheers in Markets

    (Bloomberg) -- Now that President-elect Joe Biden has picked Janet Yellen as his Treasury secretary, currency markets are growing more confident that the U.S. government’s policy for the dollar will be more clear.Donald Trump’s administration conjured chaos about the greenback, one moment threatening to intervene or otherwise fretting about the currency’s strength, then -- often on the same day -- taking a contradictory stance. From Bill Clinton’s administration through Barack Obama’s, the federal government adhered to the position that a strong currency is a reflection of the strength of the U.S. economy.Prospects that Yellen will returning clarity on dollar policy may help stabilize the $6.6-trillion-a-day currency market that’s the backbone of global finance and commerce. Some traders are hopeful even though the former Federal Reserve chair and her new boss, Biden, are expected to take time to unfold their position on the greenback as they focus initially on fighting the pandemic and its economic damage.“The Yellen appointment may formulate a more coherent policy for the dollar,” Ben Emons, head of global macro strategy at Medley Global Advisors, said in a note. “The reason is that during Yellen’s tenure as chair, Fed policy uncertainty fueled the strength of the dollar. Her experience and knowledge could see a better, formal setting around dollar policy.”The U.S. Treasury secretary has historically been in charge of the dollar, with a unit in the department dedicated to foreign exchange policy.But tradition went by the wayside under Trump. The president and his aides freely discussed the currency, often overstepping Treasury Secretary Steven Mnuchin, and the administration overall showed far less commitment to a strong dollar due to Trump’s obsession with U.S. trade deficits.In July 2019, Trump and his top economic adviser, Larry Kudlow, publicly debated a U.S. intervention to weaken the currency after the European Central Bank signaled looser monetary policy, causing the euro to weaken against the greenback. Within hours of each other, Kudlow said in a television interview that the administration had decided not to intervene, only to have Trump tell reporters that the idea was still under consideration.Former Treasury Secretary Larry Summers says it’s time for the U.S. to return to the strong-dollar policy established during the Clinton administration.“It would be unwise to appear actively devaluationist or indifferent to the dollar,” he said earlier this month in an open letter advising the next Treasury chief.Yellen has in the past noted that a stronger dollar exacerbates the U.S. trade deficit and dampens growth, while a weaker currency does the opposite. She also in 2014 warned her then-Fed colleagues about the risks of commenting on the dollar.“As a former Fed chair, Yellen also fully understands the impact she could have on markets,” Ian Katz, an analyst at Capital Alpha Partners, wrote in a note. “She will choose her words carefully. Investors shouldn’t worry that she will make off-the-cuff remarks that will spur volatility.”Any policy changes under Yellen would coincide with growing consensus on Wall Street that the dollar has entered a period of prolonged weakness. A Bloomberg gauge of the greenback’s value just hit a 2 1/2-year low.“Given that we see the dollar falling through Biden’s term, the issue of dollar policy could be of some significance,” Standard Bank’s head of foreign-exchange strategy, Steven Barrow, said in a note. “More than this, the era of almost non-existent foreign-exchange intervention by developed nations could be about to end as well.”The U.S. last intervened in currency markets in 2011, along with international peers, after the yen soared in the wake of that year’s devastating earthquake in Japan.The dollar has fallen more than 11% since March, as measured by the Bloomberg Dollar Spot Index.Dollar bears have been emboldened by expectations that the Federal Reserve will keep rates near zero for years and that there will be diminished “haven” demand for the dollar given promising results for coronavirus vaccines. That trajectory may continue with Yellen at Treasury, as she’s seen pushing to join Fed Chair Jerome Powell’s policy of lower-for-longer interest rates with extended, expansionary government spending.Not everyone agrees Yellen will make strong pronouncements on dollar policy, since her focus will be on the domestic economy. Nine months into the pandemic, more than 6 million people still claim extended unemployment assistance and joblessness is again on the rise as U.S. coronavirus infections spike.“Yellen is unlikely to forcefully articulate a specific policy on the dollar as she no doubt recognizes that domestic policies are far more important to the U.S. recovery and that trying to control or jawbone the exchange rate’s value should not be a major priority,” said Eswar Prasad, who wrote ‘The Dollar Trap: How the US Dollar Tightened Its Grip on Global Finance.’(Adds analyst comments in 11th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Best Tech Stocks To Buy Or Watch Now: 5 Growth Stocks Leading The Stock Market

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  • Canada police supervisor relayed 'strong suggestion' to arrest Huawei CFO on plane, court hears

    A Canadian police supervisor who oversaw the arrest of Huawei Chief Financial Officer Meng Wanzhou relayed a "strong suggestion" from her superior to an arresting officer that Meng be apprehended on the aircraft she arrived on, according to court testimony on Tuesday. Huawei lawyers have alleged that during Meng's arrest at Vancouver airport two years ago, U.S. and Canadian authorities coordinated to use CBSA's additional investigative powers to interrogate her without a lawyer present, before Canadian police arrested Meng on a warrant from the U.S. charging her with bank fraud.

  • The Investment Trend That Could Send Tesla To $2 Trillion

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  • 6 Cloud Stocks KeyBanc Likes Right Now

    Cloud stocks got a bullish vote of confidence on Tuesday after KeyBanc initiated coverage of a number of software names.The Analyst: KeyBanc analyst Michael Turits initiated coverage of a number of software stocks, including the following six enterprise applications and cloud companies: * Salesforce.com, Inc. (NYSE: CRM), Overweight rating and $310 target. * HubSpot Inc (NYSE: HUBS), Overweight rating and $445 target. * Microsoft Corporation (NASDAQ: MSFT), Overweight rating and $250 target. * ServiceNow Inc (NYSE: NOW), Overweight rating and $620 target. * Oracle Corporation (NYSE: ORCL), Overweight rating and $65 target. * Workday Inc (NASDAQ: WDAY), Overweight rating and $251 target. * Slack Technologies Inc (NYSE: WORK), Sector Weight rating.The Thesis: In a note, Turits said enterprise software stocks have several secular growth drivers, including the digital transformation of the global economy, which has been catalyzed by the pandemic. Another growth driver is the shift of applications to the cloud and the cloud security software associated with that move. Finally, the rise of big data driven by advanced intelligence is a booming segment of the software industry.Related Link: 3 Snowflake Analysts On Cloud Data Stock's Potential: 'Unique Technology Advantage'Despite all the long-term tailwinds in the space, KeyBanc has singled out companies that have proven management teams and strong business models. He's also particularly bullish on companies that operate in segments with high barriers to entry, such as Microsoft in hyperscale cloud and Salesforce in the enterprise-front market.Finally, Turits is most bullish on stocks that have attractive valuations and relatively high growth outlooks. The software group's overall valuations are historically high at the moment, including an average earnings multiple of about 32 and an overall enterprise value-to-revenue ratio of 10.4. Turits said investors should focus on growth stocks that have attractive relative valuations compared to their software peers.Benzinga's Take: There are certainly plenty of attractive growth stories in the cloud software space, but many of these stocks have gone on huge runs in recent years and are already pricing in several more years of outsized growth. The key for investors in the near term will be identifying which stocks have room to run and which ones are already fully valued based on their growth outlooks.See more from Benzinga * Click here for options trades from Benzinga * Airline Stock Short Sellers Deboard Ahead Of Coronavirus Vaccine Approval * Oppenheimer Upgrades General Electric: 'Turnaround Gaining Traction'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Is Tesla About to Get Crushed by General Motors?

    One of this year’s themes has been the rise of the EV (electric vehicle) maker, spearheaded by market leader Tesla (TSLA).As the EV pioneer delivered a series of earnings beats and record deliveries, the market has reacted in kind. Heading into the final stretch of 2020, the stock is up by a massive 563%.While Tesla has made meaningful strides forward, its market cap is now at $526 billion, baking in a huge amount of anticipated growth. In comparison, legacy auto giant General Motors’ (GM) market cap stands at $66 billion, almost 8 times less that of Tesla’s. Of course, investors are expecting Tesla’s expansion over the next few years to justify its mighty valuation, but Needham analyst Rajvindra Gill has doubts the company is up to the task, partly due to GM’s increased focus on its own EV segment.Last week, GM's CEO Mary Barra said the company is “going all out with EVs.” GM expects to boast 30 EV models by 2025 (compared to 20 by 2023), and is building new production facilities to accomplish its goals. Furthermore, the company will form a whole new marketing unit focused solely on the EV opportunity.“This additional competition” said Gill, “Could hurt the steep sales ramp that Tesla needs to achieve in order to justify its valuation.”GM’s expected price range for its assault on the EV sector will range between $30,000 (targeting Tesla’s Model 3) all the way up to “more exotic $100K+ options.” Gill argues it looks like a “direct move against all of Tesla's key product lines, from the more-affordable Model 3 to the ‘ludicrous-moded’ Model S.”For Gill, it all points to an uphill struggle for Musk and Co.The 5-star analyst wrote, "Despite Tesla's recent accomplishments, such as its quarterly profits in the past 4 quarters and record deliveries, we are bearish on the stock due to increasing competitive pricing pressure, increasing OpEx to support Gigafactory Shanghai (and later Europe) and Model Y ramps, and the automaker’s history of profitability issues.” Moreover, "we expect the company to experience obstacles and setbacks as it scales manufacturing of the Model Y and Cybertruck. We do not believe the company has sufficient earnings leverage to justify its high multiple,” the analyst added. Accordingly, Gill rates Tesla shares an Underperform (i.e. Sell) without suggesting a price target. (To watch Gill’s track record, click here)What does the rest of the Street think? Looking at the consensus breakdown, opinions from other analysts are more spread out. 10 Buys, 9 Holds and Sells, each, all add up to a Hold consensus rating. The view is conclusively downbeat where the share price is concerned. At $390.13, the average price target suggests shares will decline by 30% over the next 12 months. (See TSLA stock analysis on TipRanks)To find good ideas for automobile stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Dow Jones Stocks To Buy And Watch In November 2020: Apple Tumbles Below Key Support Level

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  • These Pot Stocks Hit Buy Zones As Biden Transition Lifts Industry Hopes

    Marijuana stocks rallied Tuesday, with both Canadian and U.S. names up in morning trade. Aphria and Curaleaf hit buy zones.