|Day's Range||90.50 - 90.50|
India should set up a data regulator to oversee how companies collect, process, store, monetize and even destroy nonpersonal data (or data that has been anonymized), a panel tasked by New Delhi has recommended in a draft report. The eight-person panel said that companies such as Google, Facebook, Amazon and Uber have benefited from a combination of “first mover advantage,” “sizable network effect” and “enormous data” that they have collected over the years. This dominance has “left many new entrants and startups being squeezed and faced with significant entry barriers,” said the draft report, which has been made available to industry players for consultation before it is submitted to the nation's IT ministry next month.
Google said on Monday that it plans to invest $10 billion in India over next five to seven years as the search giant looks to help accelerate adoption of digital services in the key overseas market. Sundar Pichai, chief executive of Google, today unveiled Google for India Digitization Fund through which the company will be making investments in the country.
The steep ascent of Big Tech, which is fueling a resurgent stock market despite a deepening pandemic, underscores the enduring power of the industry as consumption of it escalates in a work-from-home economy.
PepsiCo giant kicked off the week with solid earnings, and a major gambling market is set to reopen this week. It wasn't enough to keep stocks from turning down sharply at the end of the day as we head into earnings season.
Alphabet Inc's Google has offered not to use health data of fitness tracker company Fitbit to help it target ads in an attempt to address EU antitrust concerns about its proposed $2.1 billion acquisition, the U.S. tech company said late on Monday. The bid, announced in November last year, would help Google take on market leader Apple and Samsung in the fitness-tracking and smart-watch market, alongside others including Huawei and Xiaomi.
Apple, Amazon, Alphabet, Netflix, Facebook, and Microsoft are soaring ahead of their earnings reports. Jefferies Global Equity Strategist Sean Darby on Monday moved his position on technology stocks to “modestly bearish” from “modestly bullish,” citing expectations for a mild stock pullback.
Mizuho Securities analyst James Lee asserts that new contract activity for cloud computing has recovered to 85% of pre-Covid levels, and should accelerate into the second half.
Frenzied investors have driven the Nasdaq Composite Index to the top of a trend channel in place for nearly a decade. Is this the perfect storm leading to a Nasdaq crash, as some predict? The Nasdaq-100 chart, below, shows a different channel.
In this episode of Industry Focus: Tech, Dylan Lewis chats with Motley Fool contributor Brian Feroldi about the latest news from Wall Street. They discuss further consolidation happening in the meal-delivery space and how it will impact the companies, restaurants, and consumers.
(Bloomberg) -- Amazon.com Inc. shares rallied on Monday, and the advance lifted the company’s market capitalization above Microsoft Corp. for the first time in more than a year.The stock rose as much as 4.5% in its fourth straight daily advance, giving the e-commerce and cloud-computing company a valuation of about $1.66 trillion, or about $30 billion more than Microsoft’s market capitalization. According to an analysis of Bloomberg data, Amazon last exceeded Microsoft in size in February 2019.Recent gains in Amazon have come amid a growing consensus that it will be a major winner from the pandemic, which has accelerated a shift to online retail and fueled demand for cloud-computing services. Earlier, Cowen raised its price target to the highest on the Street, citing the continued “demand surge” from the pandemic, “in particular as the U.S. faces staggered and sometimes halted re-openings.”Among U.S. stocks, Amazon’s rally means it is second only to Apple Inc. in size; the iPhone maker’s market cap leads at $1.73 trillion. A rally in mega-cap tech and internet stocks has also resulted in Google-parent Alphabet Inc. eclipsing $1 trillion in market cap recently.Globally, the list is topped by Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about $1.78 trillion.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.
Tesla Inc. shares on Monday rose more than 14%, headed for a record high and trading above shares of Google's parent Alphabet Inc. and Priceline.com's Booking Holdings Inc. . The stock's one-day gain is its best since a 16% jump in March. The rally has pushed the Silicon Valley car maker's market value to around $321 billion, the most valued car company in the world after Japan's Toyota Motor Co. . Tesla shares are up nine out of the past 10 sessions as investors await the company's second-quarter results next Wednesday, and the possibility of a surprise quarterly profit that would set the company to joining the S&P 500 index.
Apple shares opened the week with another strong push to the upside, rallying toward a fourth straight record and approaching a $2 trillion valuation. Will it last?
Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) says its Google division is going to make a big bet on India's digital growth by investing $10 billion in that country over the next five to seven years. Speaking on the company's annual Google for India webcast, CEO Sundar Pichai said, "We'll do this through a mix of equity investments; partnerships; and operational, infrastructure, and ecosystem investments." Second only to China with 500 million internet users, India is attracting massive investments from the largest U.S. tech companies.
(Bloomberg) -- Facebook and Google have for years operated like shop windows for news stories, plying their billions of visitors with free snippets and information from articles across the web. An antitrust tussle that’s coming to a head in Australia is set to change that.Australia’s competition regulator will this month publish draft rules forcing the two U.S. tech giants to share revenue generated from news with the original publishers, including Rupert Murdoch’s News Corp. A final version of the code, the first of its kind in the world, is due to follow soon after.Between them, Facebook Inc. and Alphabet Inc.’s Google have a dominant position in the online advertising market and that has been under intensifying regulatory and political assault in the U.S. and Europe, with Australia now adding another front of attack.Investors are sitting up, too. Should watchdogs in other markets follow Australia, it would chip away at two of the most wildly successful business models of the 21st century, built largely on content free-for-alls. Facebook and Alphabet have combined market values in New York of about $1.7 trillion.Read more: Europe’s Failure to Tame Google’s Dominance Is a Lesson for U.S.“This would be a major shot across the bow from a regulatory perspective,” said Dan Ives, an analyst at Wedbush Securities in New York. “It could open up a Pandora’s box around monetization and sharing of data.”‘This One Matters’In an interview, Australian Competition & Consumer Commission Chairman Rod Sims said he knows of several counterparts overseas who are considering taking similar steps. With traditional media hemorrhaging jobs and facing an assault from populist politicians alleging fake news, the 69-year-old is swinging the pendulum back in the publishers’ favor. To Sims, it’s about more than simply forcing businesses on his beat to play fair.“This one matters because journalism matters,” he said. “The fourth estate is such a fundamental part of what makes our societies work.”Traditional media companies have long complained their content is being exploited by digital platforms without due compensation. But that’s only part of the picture.While platforms and publishers all compete for web clicks and eyeballs that can be turned into advertising revenue, they’re also allies of sorts. News stories, or even just links to them, are part of the appeal of Facebook and Google, helping them keep visitors engaged and vacuum up more data. The tech giants, in turn, direct traffic back to the publishers’ websites.‘Fundamentally Incorrect’The nature of this relationship is central to the crackdown by Australia’s competition watchdog. “There’s no doubt the net value flow is to the platforms,” said Sims. Facebook has called such an assumption “fundamentally incorrect.”In a 58-page submission to the ACCC last month, Facebook described news as “highly substitutable” content. Even a complete purge of stories in Australia, Facebook said, would make little difference. “News does not drive significant long-term commercial value for our business,” it said.Australian news organizations, meanwhile, garnered 2.3 billion clicks from Facebook’s news feed between January and May 2020, Facebook said.At Google, only a “very small” direct and indirect economic value comes from news in Google Search, Australia Managing Director Mel Silva said in a May blog post. Meanwhile, Google Search accounted for 3.44 billion visits to Australian news publishers for free in 2018, she wrote.Amid the dispute, it’s not clear what the code will cost the tech giants in Australia. That’s partly because in between the baby pictures and community group posts on Facebook, it’s almost impossible to quantify the subjective appeal of news. “I would say goodluckregulators,” Rich Greenfield, an analyst at New York-based research firm LightShed Partners, said in an email. “I have no idea how they will determine the value.”Turning TideEven Sims warns it will be “extremely hard,” but says “there are always ways to put numbers around things.” And in recent months, publishers appear to have gained ground in the argument.In April, France’s antitrust regulator ordered Google to pay media companies to display snippets of articles. Then in June, Google said it would pay certain media outlets it will feature in a yet-to-be-released news service in Germany, Australia and Brazil. Terms weren’t disclosed.Perhaps most significantly, Facebook late last year introduced a separate news section, paying the publishers whose stories were featured. Some 200 publishers were involved in the Facebook News service, some of them receiving between $1 million and $3 million a year to put articles in the section.The ACCC’s mandatory code goes further: the watchdog’s concepts paper raised the possibility of collective media boycotts of Facebook and Google in the absence of “appropriate remuneration.”In a statement, Google said it has “worked closely and constructively with news media businesses, the ACCC and the government as part of this process and will continue to do so.”Facebook “will continue to work closely with news organisations, the ACCC and the Australian government to sustain a strong news ecosystem,” said Mia Garlick, the company’s director of policy for Australia and New Zealand. But she said: “A regulatory approach that lumps two tech companies together and benefits only the most powerful publishers does not do that.”Sims says he’s skeptical of Facebook’s argument that news delivers little economic value, and expects his code to start balancing the equation.“I’m not contemplating failure,” Sims said.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.
Tencent's (TCEHY) expansion strategy to take China-based gaming firm, Leyou Technologies Holdings Ltd. private is expected to stir up competition in the video gaming space.
Alphabet Inc's Google supports a multilateral solution for taxing digital services that is under discussion by the Organisation for Economic Cooperation and Development (OECD), its chief executive Sundar Pichai told Reuters in an interview. The OECD talks involve over 100 countries on a major rewrite of global tax rules to bring them up to date for the digital era, but they have so far not produced results as the negotiations have been complicated by the coronavirus pandemic. The United States has already initiated investigations of digital services taxes adopted or being considered by countries such as France, India and Turkey, saying it discriminates against U.S. tech firms.
Alphabet Inc’s Google (GOOGL) announced on Monday that it will invest about $10 billion into India over the next 5-7 years through a mix of equity investments, partnerships, and operational, infrastructure investments.The investment will be made through its so-called India digitalization fund as the search giant seeks to tap the country’s fast-growing and unsaturated digital market.“This is a reflection of our confidence in the future of India and its digital economy,” said Google CEO Sundar Pichai. “Our goal is to ensure India not only benefits from the next wave of innovation, but leads it.”Pichai added that “low-cost smartphones combined with affordable data, and a world-class telecom infrastructure, have paved the way for new opportunities”. In 2004, Google opened its first offices in India in Hyderabad and Bangalore.Investments will focus on four areas important to India’s digitization, including affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, or Punjabi; empowering businesses as they embark on their digital transformation; and leveraging technology and AI in areas like health, education, and agriculture.Shares in Google have fully recovered since dropping to a low in March and are now trading 15% higher than at the start of the year. The stock advanced about 1% to $1,552 in Monday’s pre-market trading.Indeed following the rally, the stock’s upside potential now looks more limited. The average analyst price target of $1,554.33 indicates shares are almost fully priced and have a mere 1% to advance over the coming year. (See Alphabet’s stock analysis on TipRanks)Meanwhile, five-star analyst Brian White at Monness projects some downside potential in the shares amid expectations that Alphabet’s earnings will be depressed in the coming quarters and revenue growth will be well below historical trends due to the impact of the coronavirus pandemic.“For the foreseeable future, we anticipate Alphabet will struggle with weak digital ad spending trends and other headwinds…including uncertainty over the impact of recent ad boycotts and anti-trust investigations,” White wrote in a note to investors. “However, we believe the stock remains inexpensive and represents a core holding as this crisis accelerates the digital transformation trend.”White has a Buy rating on the stock with a $1,420 price target (7.7% downside potential)Overall, the Wall Street rating outlook for Google remains bullish. The Strong Buy analyst consensus boasts 28 Buys versus 1 Hold.Related News: Google Cloud Forges Multi-Year Deal With Renault Apple’s Integrated Ecosystem Takes the Cake, Says Top Analyst Game Consoles Will Provide Additional Boost to AMD, Says Top Analyst More recent articles from Smarter Analyst: * Pfizer, BioNTech Score Fast Track Status For Covid-19 Vaccine Candidates * Disney World Cautiously Reopens; Analyst Optimistic On Outlook * Equillium Explodes 260% On Positive Covid-19 Results; India Approval * Alibaba Co-Founder Jack Ma Reduces Stake To 4.8%
Shares of Amazon.com Inc. surged 1.9% and Alphabet Inc. rose 0.9% toward record highs in premarket trading Monday, after Mizuho analyst James Lee raises his price targets, citing the ramp in cloud spending in the financial services, retail and health care industries. Lee raised his target on Amazon's stock by 11% to $3,450 and on Alphabet's stock by 5.8% to $1,650, while keeping his buy ratings on both. "Demand in key verticals such as financial services and retail is accelerating, for the migration to cloud," Lee wrote in a note to clients. "For healthcare, which has been lagging in cloud adoption, we believe it reached an inflection point recently as hospitals are migrating to cloud due to increased demand for telemedicine, CRM and patient database management." Amazon's stock, which has gained in 7 of the past 8 sessions, has soared 47.5% over the past three months through Friday, while Alphabet shares, which have gained in 8 of the past 9 sessions, has run up 27.2%. In comparison, the S&P 500 has climbed 15.3% the past three months.
Yahoo Finance's On the Move panel discuss the latest headline making news stories.
Barry Bannister Stifel Head of Institutional Equity Strategy joins the On the Move panel to discuss how COVID-19 is impacting the market.
CRM stock has popped over 20% in 2020 amid strength in digital transformation spending. Still, many software growth stocks are doing better during Covid-19.