|Day's Range||71.00 - 71.00|
Treasury Secretary Steve Mnuchin stated that he met multiple times with representatives from Facebook and told them that their launch for LIbra was premature, as they haven't addressed "fundamental issues," including the prevention of money laundering and other illicit activity. Yahoo Finance's Adam Shapiro, Julie Hyman and Jessica Smith discuss on On the Move.
Facebook and Amazon are closely being watched after ramping up lobbying records and enforcing antitrust laws. The companies will face investigations from the Justice Department and Federal Trade Commission. Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Dan Howley discuss on The First Trade.
Facebook is out with a new update regarding the 2020 election. Yahoo Finance's Dan Howley breaks down the details with Zack Guzman, Brian Cheung, and media entrepreneur and author Charreah Jackson on YFi PM.
The S&P 500 and Dow Jones indexes rose on Tuesday, as upbeat earnings reports eased concerns over the fallout from the fragile U.S.-China trade relationship, but Facebook pressured Nasdaq after the company was hit with an expanded New York-led probe. The benchmark S&P 500 index still hovered above 3,000 points, and was within striking distance of a record high hit in July, with Biogen Inc's 31% surge fueling the index.
(Bloomberg) -- Facebook Inc. is following other tech titans like Microsoft Corp. and Google, pledging to use its deep pockets to ease the affordable housing shortage in West Coast cities.The social media giant said Tuesday that it would commit $1 billion to address the crisis in the San Francisco Bay Area, building as many as 20,000 new homes that are accessible to teachers, nurses, first responders and other essential workers. A quarter of the funds are earmarked for a partnership with California to build housing on state-owned land in areas where there aren’t enough residences.“State government cannot solve housing affordability alone, we need others to join Facebook in stepping up,” California Governor Gavin Newsom said in the statement. “Progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing.”The success of Facebook and other technology companies has contributed to soaring housing costs in the San Francisco Bay Area and greater Seattle, where Microsoft is based. The firms employ tens of thousands of high earners who have bought or rented homes, leaving fewer options for poor and middle-income residents. Meanwhile, the supply of new houses and apartments hasn’t kept up with demand.To contact the reporter on this story: Noah Buhayar in Seattle at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Giammona at email@example.com, Christine Maurus, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Snap is set to report quarterly results after market close Tuesday in a report that will prove whether the company has sustained its recent improvements in user growth and monetization.
The S&P 500 and Dow Jones indexes rose on Tuesday, lifted by upbeat corporate earnings reports that eased concerns over the fallout from the U.S.-China trade war, but a decline in shares of Facebook hurt the Nasdaq. The benchmark S&P 500 index, which continued to hold above 3,000 points, was within striking distance of a record high hit in July, with Biogen Inc's 26.5% surge also boosting the index.
A New York-led probe of Facebook Inc into allegations that the company put consumer data at risk and pushed up advertising rates has expanded to include attorneys general from 47 U.S. states and territories, New York Attorney General Letitia James said in a statement on Tuesday. The investigation of Facebook announced in September had included Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia. Facebook shares were down more than 2% at $184.73 on Tuesday.
Halloween — or should we say Howl-o-ween — is going to the dogs. Americans will spend $490 million on costumes for their pets this Halloween, according to the National Retail Federation, which is more than double what they dropped to dress their dogs, cats and other critters in 2010. Sara Ochoa is one of the 29 million people getting her furbaby into costume for the occasion.
Amazon.com Inc. (NASDAQ: AMZN) said it will release third-quarter earnings Thursday and hold a conference call to discuss the numbers at 5:30 p.m. HQ2 time, 2:30 p.m. HQ1 time. AMZN stock price at Tuesday's open: $1,785.66 per share One-week change: Up $43.55 Translation: Jeff Bezos' wealth bump from the one week of appreciation is about $2.6 billion. Here are a few things that we will be looking for in the quarterly earnings: Amazon said to expect third quarter revenue between $66 billion to $70 billion, according to its second quarter forecast.
Facebook Inc. disclosed late Monday that it spent $4.8 million to influence U.S. lawmakers and regulators in the third quarter, lifting its year-to-date spending on Washington lobbying a level that already nearly matches 2018’s full-year total.
(Bloomberg) -- Facebook Inc.’s antitrust woes widened on Tuesday as dozens more states joined New York’s wide-ranging investigation into whether the company’s business practices have stifled competition or put users at risk.A total of 45 states -- plus Guam and the District of Columbia -- are now partnering in the bipartisan investigation, New York Attorney General Letitia James, who’s leading the probe, said in a statement.James, a Democrat, has said the probe aims to find out whether Facebook’s actions endangered user data, reduced the quality of consumers’ choices or increased the price of advertising, its main source of revenue.“Big Tech must account for its actions,” Louisiana Attorney General Jeff Landry, whose state joined the probe, said in the statement. “I am proud to join my Republican and Democrat colleagues in efforts to ensure Tech Giants can no longer hide behind complexity and complicity.”Facebook didn’t immediately return a message seeking comment.The company’s shares dropped 2.1% as of 11:28 a.m. in New York trading.The expansion of the probe is the latest sign that states are continuing to take aim at Big Tech, with a similar investigation led by Texas under way against Alphabet Inc.’s Google. The state probes target a wide range of practices that generate billions of dollars in revenue for the world’s biggest social-media company and the largest seller of search-based advertising.On Monday, James hosted a meeting of policy experts to discuss the strengths and weaknesses of various antitrust legal theories involving Facebook, according to a person familiar with the gathering. They also reviewed Facebook’s acquisitions of Instagram and WhatsApp, as well as privacy issues and the company’s power in the digital-advertising market, the person said. The Wall Street Journal first reported the meeting.James and a bipartisan group of state attorneys general met earlier this month with key officials at the Justice Department and the U.S. Federal Trade Commission to discuss the investigation. Both agencies are also investigating Facebook. The meetings raised the prospect that the states could join the federal probes, similar to the way states collaborated with the epic U.S. antitrust case against Microsoft Corp. that started in the 1990s.In addition to the federal and state probes, Facebook is also under investigation by the House Judiciary Committee, which is conducting a broad review of the control the big internet platforms have over the economy.Read More: Trump DOJ Escalates Big Tech Scrutiny With New Antitrust Probe(Updates with details on meeting held yesterday.)To contact the reporters on this story: Erik Larson in New York at firstname.lastname@example.org;David McLaughlin in Washington at email@example.comTo contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Oct 22 (Reuters) - The state probe of Facebook on allegations that the company put consumer data at risk and pushed up advertising rates has expanded to attorneys general from 47 states and territories, New York Attorney General Letitia James said on Tuesday in a statement. (Reporting by Diane Bartz)
(Bloomberg) -- Mark Zuckerberg may be the most visible man in Washington these days –- an impressive feat considering his competition.The Facebook Inc. chief executive officer has been everywhere. After a day of meetings on the Hill last week, he gave a public speech at Georgetown University on free expression. The next day he appeared on Fox News, and a few days later on NBC Nightly News with Lester Holt. Monday morning, Zuckerberg hosted a press call with journalists about Facebook’s election efforts ahead of the 2020 U.S. elections.It’s been Zuckerberg overload, but none of those appearances promise to be as interesting or unscripted as what’s still to come: On Wednesday, Zuckerberg will take questions at a public hearing before the House Financial Services Committee on Capitol Hill. The group of 60 politicians, led by one of Facebook’s most vocal critics in Representative Maxine Waters, a Democrat from California, will ask about Facebook’s plans for a new global cryptocurrency – and pretty much anything else that comes to mind over what promises to be a several-hour affair.“There’s going to be a wide-ranging number of issues. This is not only about Libra,” David Marcus, the Facebook executive leading the company’s cryptocurrency push, told reporters last week at a dinner in Washington. Marcus appeared before this very committee in July to answer questions about Libra for hours. “It’s hard to predict how these things will go,” he added.Zuckerberg, once a rare visitor to the nation’s capital, will make his third public appearance there over the past month when he arrives at the House hearing this week. The 35-year-old CEO met with a number of politicians in late September, including members of both parties, and also held a closed-door meeting with President Donald Trump in the Oval Office. Last week, he met with Waters for a pre-hearing meeting ahead of his speech at Georgetown.Wednesday’s House hearing is titled: “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” While there is no clear agenda, it’s expected that many of the questions will be about Libra, the company’s newly proposed cryptocurrency. And, given the billing, there will also probably be questions about Facebook’s targeted ad business. Facebook has been accused of letting advertisers discriminate with their ads on the network. Politicians, though, are free to ask whatever they want.“I’m sure a lot of people will dig in on privacy,” said Warren Davidson, a Republican from Ohio who is on the committee. “You’ve got a huge wealth of data that they’ve harvested from their users’ activities. Do you now mingle that same database with financial transactions?”Representative Lance Gooden, a Republican from Texas, said he is optimistic that Libra can succeed. His biggest issue is that the Libra Association is headquartered in Geneva instead of in the U.S. Gooden joined Waters on a trip to Switzerland in August to discuss Libra with local regulators. “We left thinking, ‘what a shame that something that could perhaps be a great thing for the future of the world economy is not going to be based in the U.S.,’” he said.Usually Zuckerberg sends other Facebook employees to these kinds of political hearings -- he’s invited to many of them all over the globe -- and many on his staff have appeared since Facebook’s role in the 2016 election first stirred up questions about how the service is used to disseminate news and election ads.Zuckerberg’s appearance will likely generate more interest and headlines than usual, but it’s possible there won’t be much more to learn. The company already announced a handful of election-related updates on Monday, including changes to how it labels misinformation and Pages for some state-run media organizations. Marcus answered questions for hours about Facebook’s cryptocurrency plans before this same committee in July, and has been on a media blitz himself in recent weeks as the group overseeing the new currency was formed just last week.The timing of the hearing may mean the public hears even less from Zuckerberg than politicians had hoped for. While Facebook and Marcus have been the clear leaders on the Libra project, the company is now just one of 21 members overseeing the currency and its governance, all with equal voting control.“He can’t be the face of [Libra]. That’s the interesting thing,” Marcus said. “Last week, because we were still leading this thing, he could have answered on behalf of the Libra Association. But he cannot engage or commit to anything on behalf of the Libra Association because he doesn’t have the power to do that.”Davidson says he’d be surprised if Zuckerberg can answer many questions on behalf of Libra, but does expect him to speak about Calibra, the division within Facebook that will handle the company’s new digital wallet product.The hearing is set to begin Wednesday at 10 am E.T. Each of the committee’s 60 listed members will be allowed 5 minutes to speak or ask questions on top of opening statements and breaks. Assuming most of them show up to take advantage of their allotted time, that means the hearing could last well over five hours.“My hope is that Mr. Zuckerberg will walk away feeling pleasantly surprised that Congress stands ready to work with him,” Gooden said.To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Molly Schuetz, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.