|Day's Range||142.70 - 142.70|
Here's everything that Google announced at the Made By Google 2019 event in NYC. Read more: https://tcrn.ch/2IQ46YM
A 23-year-old law giving technology companies legal protection from lawsuits over user-generated content remains critical to the internet's future, Alphabet Inc's Google unit and social media site Reddit Inc said in testimony released on Tuesday. Senior executives from Google, Reddit, the Electronic Frontier Foundation and legal experts are due to face questions on Wednesday in Congress about the 1996 Communications Decency Act, which critics say shields tech companies from dealing with threatening, violent, dangerous or bullying content.
(Bloomberg) -- Yandex NV, often referred to as “Russia’s Google,” has become the latest victim of recent moves by some of the world’s largest economies to engage in rounds of protectionism.The Russian Internet search company lost 16% of its market value on Friday after the Kremlin endorsed a draft law that would limit foreign ownership in major Russian technology firms. The plunge attracted the attention of at least two Wall Street banks, which rushed to Yandex’s defense, writing that the stock was now an attractive opportunity. Shares of Yandex have added back nearly 2% over the past two sessions in New York trading.On Monday, Bank of America defended Yandex, saying that the stock’s slide created a “particularly attractive buying opportunity,” as Yandex could work around the foreign capital limit by creating a new class of shares and dissolving shareholders’ stakes.While the bill seeks to limit foreign capital in “significant information resources” by 20%, Bank of America analyst Cesar Tiron said in a note that Yandex could convert a class B share into an A or C share. And last week, a UBS analyst said the market reaction was “overdone” because the negatives from the proposal “look limited.”The move from Russia, which could take effect starting Jan. 1, comes amid reports that the Trump administration is weighing the de-listing of some Chinese stocks. That would come as part of a broader protectionist push by the White House to limit U.S. investment portfolio flows into China in its continued trade war with the world’s second-largest economy.“The economic model that seems to be behind these policies is that of a world economy that works as a zero-sum game: If Russia wins, the U.S. loses and vice-versa,” said Graciela Chichilnisky, a Columbia University economics professor.A Citigroup analyst said in a report that the Russian internet bill is “certainly a worrying development for Yandex, one that inevitably overshadows operational momentum.”Chichilnisky said that one of the insights of free-market economics is to show that the world economy is not always a zero-sum game, and that groups of nations can benefit from trade, “not always, but on a number of occasions and in a number of ways.”The Russian bill and the U.S. trade war “arises from a zero-sum perspective on the world economy -- perhaps even a negative sum game -- where both traders lose,” Chichilnisky said.To contact the reporter on this story: Anisha Sircar in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Scott Schnipper, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Robotics company Boston Dynamics is moving its headquarters to a redeveloped former U.S. Postal Service distribution center.
Earnings season begins in earnest on Tuesday, as JPMorgan Chase led the pack of banks reporting third-quarter results, and the numbers aren’t likely to be pretty. Strategists are saying profits for the Standard & Poor’s 500 (SPX) stock index will be down about 4% — not enough to push the U.S. into a recession, but enough to keep questions alive about whether the economy will generate much growth. The corollary to this is that investors should also take projections that corporate profits will rise 10% in 2020 with a grain of salt, CFRA Research strategist Sam Stovall says.
Google stock advanced on Tuesday amid the unveiling of the Pixel 4 smartphone, which takes on the new Apple iPhone 11 and Samsung devices. Meanwhile, Apple stock slipped on the news.
With the Dow rising, and risks from Brexit and the trade war lower, investors are apparently ready to take a little risk. They’re selling utilities and staples and buying the market’s most risky stocks.
Senator Elizabeth Warren and former vice president Joe Biden are both critics of how Facebook runs its huge advertising business.
(Bloomberg) -- Elizabeth Warren pledged Tuesday to forgo any high-dollar fundraising events if she becomes the Democratic nominee, a move that would make her the first general-election candidate to do so and could be a high-stakes gamble against a cash-rich incumbent and a well-funded GOP apparatus.But Warren would still accept high-dollar contributions from most people who choose to write her a check without getting special access or seeing her in person. She also vowed to refuse to accept “any contributions over $200 from executives at big tech companies, big banks, private equity firms, or hedge funds.”Warren’s pledge also wouldn’t stop the party or super-PACs from raising vast amounts of money on her behalf. But it may stop wealthy donors from cutting big checks if they believe it won’t help them get access to the nominee.“When I’m the Democratic nominee for president, I’m not going to change a thing in how I run my campaign: No PACs. No federal lobbyists. No special access or call time with rich donors or big dollar fundraisers to underwrite my campaign,” Warren said in a statement released by her campaign.Still, some Democrats fear it would put the party at a huge fundraising disadvantage against President Donald Trump, who’s raking in vast sums of money from big donors by his own campaign and by super-PACs that support him.Rufus Gifford, the finance director for former President Barack Obama’s 2012 campaign, has said Warren’s earlier suggestions to avoid high-dollar events was “a colossally stupid decision” that would cost Democrats not only in the presidential contest but also in down-ballot races.But it also reflects her populist pitch to be a different kind of candidate who isn’t corrupted by special interest money, and so far she has proven adept at generating small-dollar contributions that are envied by her party rivals.A Warren campaign aide said the decision to accept no more than $200 from executives and big tech or financial firms was “retroactive” and any contributions above $200 from those people would be returned.The aide also said that big tech companies under this guideline will include Alphabet Inc., which is Google’s parent company; Amazon.com Inc., Apple Inc., Facebook Inc., Microsoft Corp., Lyft Inc. and Uber Technologies Inc.Nominees traditionally complain about the amount of time needed to raise money in a campaign and call for changes in financing presidential races, but then say they can’t “unilaterally disarm” against a well-funded opponent.Warren’s bet is that her pitch will propel her campaign in the Democratic contest -- where she’s tied with Joe Biden for the top spot -- and mobilize many of the estimated 100 million eligible voters who didn’t turn out in the 2016 election. Biden spends a significant amount of time raising money from traditional donor bases.It’s unclear how Warren’s pledge would apply to the Democratic National Committee, which can accept contributions from individuals of as much as $355,000 for various accounts, including $35,500 per donor that can be used to influence the election.And it wouldn’t apply to outside groups like super-PACs, which under federal law cannot coordinate their activities with campaigns. In 2016, Priorities USA had more than 30 individual donors who contributed more than $1 million.Obama barred contributions from registered lobbyists and corporate PACs. The DNC was outraised by its Republican counterpart in 2012 by almost $100 million, yet Obama, a popular incumbent, won overwhelmingly against rival Mitt Romney in the election. The party lifted the bans in 2016, and the DNC raised $354 million compared to $343 million for the Republican National Committee.Warren often highlights her approach to fundraising on the campaign trail, reassuring prospective voters that her campaign is fueled by them, not big dollar donors.“I don’t spend my time at fundraisers for bazilionaires and corporate executives,” Warren said during a town hall in Austin, Texas, last month. “I just don’t do it.”When asked whether her grassroots fundraising model could leave her without enough money to go against Trump in the general election, Warren was adamant that a flurry of contributions between $5 and $25 would be enough. Trump and the RNC raised $125 million in the first quarter, more than all of the major Democrats combined.“If you think it’s going to be all about scooping up a bunch of money from rich people, and then buying a bunch of TV ads, and that’s how it is someone’s gonna win, then, yeah, it looks like Trump’s doing a lot here,” Warren said recently in San Diego. “I just don’t think that’s how democracy works anymore. And I sure don’t think that’s how it’s going to work in 2020. I think it’s going to be about getting out and building a grassroots movement.”In his battle against Hillary Clinton in 2016, Bernie Sanders relied primarily on small-dollar donors to raise $235.4 million through the end of May 2016, nearly matching the $238.2 million she raised over the same period.But Clinton also had joint fundraising committees that raised millions for the Democratic National Committee and state parties.Trump is using the same arrangements to build a huge financial advantage over his rivals. His campaign and the RNC, plus a pair of joint fundraising committees that raise money for each, have taken more than $300 million through this year, according to Federal Election Commission reports and totals announced by Trump’s re-election effort.Warren has raised $60.2 million in the same period, including about $10 million she transferred from her Senate campaign.(Updates with Warren aide saying big tech donation policy was retroactive in eighth, ninth paragraphs.)To contact the reporters on this story: Sahil Kapur in Washington at email@example.com;Bill Allison in Washington at firstname.lastname@example.org;Misyrlena Egkolfopoulou in Washington at email@example.comTo contact the editors responsible for this story: Wendy Benjaminson at firstname.lastname@example.org, Max BerleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apple Inc.'s (AAPL) stock plunged 18% off its highs this spring as slowing iPhone sales prompted many on Wall Street to say the company's growth days are over. Since then, Apple's shares have staged a remarkable rebound, rising 50% year to date as sales of the iPhone 11 beat expectations and amid raised forecasts for both its new entertainment streaming service and its share price. Apple's gain has created a striking divergence from its fellow FAANG stock members, all of which once were regarded as growth stocks.
The Department of Justice has asked for more information on the planned Google-Looker deal to determine whether it could harm competition.
NEW YORK/SAN FRANCISCO/BERLIN (Reuters) - Alphabet Inc's Google unveiled new Pixel smartphones with higher quality cameras, a radar sensor to track hand gestures and faster virtual assistant on Tuesday, but the devices had no surprise features to set them apart from rivals and nix concerns about price. The Pixel 4 phones, in two sizes, headlined a New York press event at which Google also announced its first moderately priced laptop, first wireless earbuds and upgrades to its to well-reviewed Wifi router and burger-sized smart speaker. Google started developing hardware about four years ago, wagering that it could introduce artificial intelligence into devices faster and better than rivals and that consumers would clamor for such features.
Microsoft’s 40% rally this year has been driven in no small measure by investor enthusiasm for the company’s Azure cloud business, which skewed to larger enterprises than its rivals and should be the least vulnerable to any macro-related slowdown, an analyst says.
Alphabet Inc.’s Google set itself up for the holidays Tuesday, announcing its new Pixel phones, a new Pixelbook, and various devices for the home.
Google's latest high-end phones pack a radar chip and a number of camera improvements. They also have much better carrier distribution at launch time than their predecessors.
Google is back with the Pixel 4 smartphone. The Pixel line has been a leader in photo quality, but recently the single-lens Pixels have lagged behind as competitors have added multiple lenses and sensors. The Pixel 4 steps up the game with an added telephoto lens, and plenty of refined photography smarts, from improved HDR to an astrophography mode. Google also added in a new radar sensor for hands-free control, but is it enough to stand out from the competition?
Oct.15 -- Ivy Ross, Google Products VP of Design talks with Bloomberg's Taylor Riggs about the launch of the new Pixel 4, Google's philosophy in product design and Sustainability Initiatives.
Oct.15 -- Rick Osterloh, Google senior vice president of devices and services, discusses Google's next generation products with Bloomberg's David Westin on "Balance of Power."