Today’s Research Reports on Stocks to Watch: Alphabet and Facebook
NEW YORK, NY / ACCESSWIRE / October 30, 2018 / Facebook shares dropped to a new low on Monday on news that the UK may be imposing a big tax on the company as well as other tech giants. Shares of Alphabet Inc., the parent company of Google, was also down over 4% on news that some Google employees are staging a walkout over how the company has handled sexual abuse allegations.
MER Initiates Coverage on:
Alphabet Inc.
https://marketedgereport.com/report/GOOGL/
Facebook, Inc.
https://marketedgereport.com/report/FB/
Alphabet Inc. shares were down 4.52% on Monday on about 3.6 million shares traded as Wall Street digested a New York Times article about how some top executives at Google had been protected from sexual allegations. According to BuzzFeed News, over 200 Google engineers are planning a "women's walk" on November 1st to protest the company's reported protection of Andy Rubin, the Android creator, and other employees involved in sexual misconduct. The New York Times reported that Google gave a $90 million exit package to Andy Rubin after a worker accused him of coercing her into performing oral sex in a hotel room in 2013. A spokesperson for Rubin had denied the allegations. “We want to assure you that we review every single complaint about sexual harassment or inappropriate conduct, we investigate and we take action,” wrote CEO Sundar Pichai and vice president of people operations Eileen Naughton in an e-mail to employees following the New York Times expose.
Access MER’s Alphabet Inc. Research Report at:
https://marketedgereport.com/report/GOOGL/
Facebook, Inc. shares closed down 2.26% on Monday with nearly 29 million shares traded. The social media giant hit a new 52-week low of $139.03 after it was revealed that British chancellor Philip Hammond said that the UK will impose a digital services tax on the domestic revenue of the “established tech giants,” and would be most likely going after companies like Facebook, Google, and Amazon. “It is only right these global giants pay their fair share,” Hammond said. He added, "It’s clearly not sustainable, or fair, that digital platform businesses can generate substantial value in the UK without paying tax here in respect of that business." It was also learned that Facebook suddenly banned Bloom, an online identity management service with a focus on credit scoring. According to the company's founder, Facebook is upset because Bloom competes with Facebook's own identity service. "They just banned it," founder Jesse Leimgruber said. "This was a huge killer for us." According to Facebook, because Bloom's web site has some words that are often used on cryptocurrency sites, like "Ethereum" and "blockchain," the confusion triggered the ban. A Facebook spokeswoman said, "While we loosened the policy this summer, it remains restrictive. We will continue to listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time." Facebook will be reporting third quarter financial results after the bell today.
Access MER’s Facebook, Inc. Research Report at:
https://marketedgereport.com/report/FB/
Our Actionable Research on Alphabet Inc. (NASDAQ: GOOGL) and Facebook, Inc. (NASDAQ: FB) can be downloaded free of charge at MarketEdge Report.
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