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Amazon, Facebook, Google and Apple spent a combined $12.7 on federal lobbying in the second quarter of 2019.
Yahoo Finance’s Adam Shapiro, Julie Hyman, Jessica Smith, and Rick Newman join D.A. Davidson Sr. Research Analyst Tom Forte to discuss.
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
FAANG stocks are making a direct impact on real estate demand, says Hessam Nadji, CEO of Marcus & Millichap, buying up office space and warehouses.
After months of speculation and reports, the U.S. government openly announced Tuesday afternoon that it is investigating the largest U.S. tech companies for anticompetitive practices, an inquiry that could lead to antitrust charges.
Dow Jones futures: Amazon, Facebook, Google and Apple fell as the DOJ said will probe Big Tech online dominance. Chipotle Mexican Grill, Snap and Texas Instruments soared on earnings.
(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 government, with some goading from their competitors, appears eager to apply antitrust enforcement to Facebook (FB) , Apple (AAPL) , Google (GOOG)(GOOGL) and (AMZN) (FAGA). This would be a terrible misuse of the law for market-dominance problems that emerging technologies will resolve and for privacy and security issues where bigness contributes little. To put one complaint aside — the increasing size of American tech companies has not caused stagnant wages.
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.
United Parcel Service Inc. is responding to the growth in online shopping and pressures for speedy delivery by seeking to expand its drone deliveries and adding thousands of new spots where customers can pick up packages.
Tech stocks are falling in after-hours trading on Tuesday, on news that the government is going to pursue a broad antitrust inquiry into the sector.
Among the more unique features of the 19-story office tower project from Sobrato is the developer's vision for a set of "sky gardens" overlooking downtown.
The U.S. Justice Department said on Tuesday it was opening an investigation of major digital tech firms on whether they engage in anticompetitive practices. 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.
Shares in the largest tech companies in the U.S. took a hit in after-hours trading Tuesday afternoon, following a report that a new antitrust investigation has begun by the Department of Justice. Independent investigations into Apple Inc. , Alphabet Inc. , Facebook Inc. and Amazon.com Inc. were already reportedly split up between the Federal Trade Commission and the Justice Department, but a Wall Street Journal report Tuesday afternoon said that a broader investigation was now under way. The Journal reported that the Justice Department inquiry "is designed to go above and beyond recent plans for scrutinizing the tech sector that were crafted by the department and the Federal Trade Commission." Apple shares declined about 0.8% in late trading immediately after the report was released, while the other three companies' stocks all declined more than 1%.