|Bid||1,236.63 x 2200|
|Ask||1,239.99 x 1200|
|Day's Range||1,227.08 - 1,241.05|
|52 Week Range||977.66 - 1,296.97|
|Beta (3Y Monthly)||0.96|
|PE Ratio (TTM)||25.03|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1,407.56|
The media business has always been about frenemies and evolving alliances which makes for tricky navigation even in quiescent times.
Google has agreed to make a one-time settlement of over $945 million euros to the French ministry. The ministry accused Google of evading taxes.
(Bloomberg) -- Stanford University received a $50,000 donation from a foundation funded by deceased sex offender Jeffrey Epstein, a spokesman said Friday.The donation came in 2004, two years before allegations involving Epstein’s sexual conduct with young girls started making news. The gift went to the university’s physics department. “The funds were expended shortly thereafter and we have no record of any other gifts to the university from him or his foundations,” a Stanford University spokesman said in an email. News of the donation emerges as educational institutions are coming to grips with their relationship with the disgraced financier, who committed suicide last month in a Manhattan jail while awaiting trial on sex trafficking and conspiracy charges. Epstein, who was 66, cultivated relationships with scientists and technologists, holding conferences and attending events with leading thinkers such as the late cosmologist Stephen Hawking and LinkedIn co-founder Reid Hoffman. Last month, Stanford was among institutions that told BuzzFeed that they had searched financial records and couldn’t find evidence of an Epstein donation. A Stanford spokesman said BuzzFeed had requested information about gifts after 2006, when Epstein was charged for the first time. The school said it also told the reporter of the 2004 donation.On Thursday, Harvard University President Lawrence Bacow said the university was reviewing millions of dollars in Epstein donations, all of which came before his 2008 guilty plea in Florida. Also on Thursday, Massachusetts Institute of Technology President Rafael Reif said he signed a 2012 thank-you letter to Epstein for a donation, but has no memory of it. MIT launched its own review into Epstein donations last month.Joi Ito, the director of the MIT Media Lab, resigned from his post on Sept. 7 after the New Yorker reported that the Media Lab’s ties to Epstein ran deeper than Ito had disclosed. In August, Reif said MIT had received $800,000 from Epstein-linked foundations. In early September Ito said he had also received $1.2 million from Epstein for outside investment funds he controlled. In an email to Axios on Thursday, Hoffman said he last interacted with Epstein in 2015, and that all his few interactions came at the request of Ito, with the goal of fundraising for the Media Lab. Hoffman said Ito had told him that MIT had vetted Epstein.“By agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice,” Hoffman told Axios. “For this, I am deeply regretful.”Since Epstein’s arrest in July, many technology figures have rushed to distance themselves from the financier. Stanford, in the heart of Silicon Valley, has become the breeding ground for tech titans from Hewlett-Packard to Google. This year, it was caught up in a bribery scandal alleging rich parents could pay a middleman for admission to a handful of elite schools. Federal prosecutors alleged that a now-fired sailing coach accepted donations for the sailing program in exchange for smoothing the application process for some students.Epstein’s COUQ Foundation Inc. made the donation to Stanford. The same charity gave to a wide variety of causes, including the Clinton Foundation, the Martha Graham Dance Company and the Save Darfur Coalition, according to filings.To contact the author of this story: Sarah McBride in San Francisco at email@example.comTo contact the editor responsible for this story: Anne VanderMey at firstname.lastname@example.org, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apple is launching a streaming service in November, making it a direct competitor to Disney’s service that is set to launch the same month.
The House sent separate letters to Apple, Alphabet, Amazon.com, and Facebook seeking information related to an investigation of competitive issues in digital markets.
The OneFifteen addiction treatment center coming online in Dayton hit another milestone today as a topping out ceremony was held for the first residential treatment facility. However the first patients likely won't be treated until October — a delay from the original date of end of June.
A rising tide raises all boats, right? Not so much. It's starting to look like there may be a thaw in the U.S.-China trade war, but that doesn't mean everything goes back to normal.China may strike an interim deal with the U.S. for some things it wants -- like pork and soybeans -- but won't commit to a complete deal. If China agrees to an intermediate deal, that would mean President Donald Trump can claim victory, Chinese President Xi Jinping can declare victory and the markets can continue to rally.That still depends on if the two leaders can actually agree on intermediate terms. But for all the U.S. bluster, cutting a deal before the election next year and before a recession sets in at home is much more important than a wide-ranging deal set on U.S. terms.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe tech stocks below represent some important names on both sides of the Pacific. But given their ratings in my Portfolio Grader, they're falling short of other top performers in their markets and sectors. Even if the trade war cools down, don't expect it to have much of an effect on the trends of these stocks. * 10 Battered Tech Stocks to Buy Now The seven tech stocks you need to avoid here don't come close to making my list of Bulletproof Stocks. They just aren't worth the risk of buying the dip and hoping for the best. Tech Stocks to Avoid: Sina (SINA)Source: Piotr Swat / Shutterstock.com Sina (NASDAQ:SINA) is one of China's top tech firms. It owns Weibo (NASDAQ:WB), China's version of Twitter (NYSE:TWTR). It also owns a number of other complementary sites that drive traffic in and between each other.The trouble is, the Chinese economy is slowing and that doesn't help revenue. The stock is off 16% year-to-date and 30% in the past year. It may experience a bump with the trade deal, but turning the Chinese economy around will be a different deal entirely.Granted China's economy is still more than double that of most industrialized nations, but it has to maintain a higher level of growth to keep its workforce productive and expanding.There's no doubt that SINA will see brighter days, and I once had a great win with this stock a couple of years ago. But I'm all U.S. these days, and there's still a greater downside risk with SINA than there is upside opportunity. Baidu (BIDU)Source: StreetVJ / Shutterstock.com Baidu (NASDAQ:BIDU) is the Google of China. It's not the Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) of China because its doesn't have all the far-flung ventures that Alphabet has under its umbrella, and certainly doesn't have the most popular mobile operating system on the planet.However, it is China's leading search engine. And that means it is also one of the leading companies in search-engine revenue.But like many consumer-focused digital businesses right now, it is struggling in China during this economic slowdown. And an intermediate-term trade deal also comes with its own risks, like making the markets more volatile as it may not lift Chinese consumers as much as U.S. consumers.While BIDU stock is off 32% year-to-date and 50% in the past 12 months, this isn't the time to go bottom fishing. We still need signs that the Chinese consumer is back on track. NetApp (NTAP)Source: Sundry Photography / Shutterstock.com NetApp Inc (NASDAQ:NTAP) is a data storage business that focuses on U.S. companies. It has been around since the early 1990s, so it has a solid book of business and has survived the dot-com boom and bust as well as the 2008 financial crisis. It also offers a 3.4% dividend, so it's certainly a mature company that is shareholder friendly.However, the trade war has hurt business spending since many enterprise companies are affected by the global economy. A stronger dollar means lower-valued revenue from abroad, and weak economies also mean slower and fewer sales.NTAP gets its share of this. And in its recent earnings report, management warned about slowing revenue and earnings through the rest of the year. The market pounced. While the stock is only down 5% year-to-date, it's off 34% in the past year, and that means its dividend isn't helping much. I only want the highest quality from my dividend investments -- not just a high yield. Teradata (TDC)Source: IgorGolovniov / Shutterstock.com Teradata (NYSE:TDC) is an enterprise database analytics and consulting company that has offices and clients around the globe. It was formed in 1979 as a joint venture between the California Institute of Technology and Citigroup's (NYSE:C) Citibank.Again, the problem here is the "global" part of its business. With Brexit making businesses in Europe sit on their hands while waiting for a resolution, China -- and the broader Asian market -- slowing due to the trade war and money from around the world running for safety into U.S. bonds (rising the value of the dollar), this makes it very hard to keep earnings chugging along.And all this growth also slows U.S.-based firms that rely on global growth for a piece of their business.Most of TDC's losses have come in 2019, with the stock off 12% year-to-date and almost 17% in the past year. It's not a terrible value here, but while the global economy sits on the fence between recession and expansion, it's hard to get TDC's motor started.And as with all these stocks, if things get worse before they get better, there's more downside risk here. Angi Homeservices (ANGI)Source: Jonathan Weiss / Shutterstock.com Angi Homeservices (NASDAQ:ANGI) is creating the world's largest digital marketplace for home services. And given sinking interest rates in the U.S. and relatively comfortable U.S. consumers, this stock was doing well since it primarily focuses its business in the U.S.As I've made clear in Growth Investor, housing related stocks are the place to be. And with leading online brands Angie's List and HomeAdvisor, ANGI has a big lead on its competition in this sector. But there are competitors that are nipping at its heels, like hyper-local social media service Nextdoor.Economic mixed signals have hurt this high-flier in the past year. The stock is off 65% for the year and 51% year-to-date. Yet the stock is still sitting on a trailing price-to-earnings ratio around 53.Even after that significant haircut, it's still pricey. Any more bad -- or merely uninspiring -- news could easily clip this stock more. Alliance Data Systems (ADS)Source: IgorGolovniov / Shutterstock.com Alliance Data Systems (NYSE:ADS) is technically a tech company -- but it slots in the fintech space. It is one of the leading providers of loyalty and marketing services, like private-label credit and debit cards. But its business isn't really in the cards as much as it is in the data that the cards provide to the company's customers.You can learn who uses them, how they use them and how you need to market to reach your target audiences. Whether its pharmaceuticals, diapers, financial services or travel, ADS is in the space gathering data.This the newest iteration of direct mail, but it is wildly more nuanced and yields massive amounts of data.It's a great business to be sure. But it isn't so great when you're in a slow economy. And Alliance Data Systems' global exposure means that some of its business isn't doing well right now. And even in the U.S., the consumer is spending, but not with great enthusiasm.The stock is off 10% year-to-date, but almost 45% in the past year. That's not a good trend. Until things turn around, it's best to stand clear and focus on Bulletproof Stocks. DXC Technology (DXC)Source: zakiahza / Shutterstock.com DXC Technology (NYSE:DXC) is a recent spinoff of Hewlett Packard's (NYSE:HPE) 2017 merger with Computer Sciences Corporation.The new company is a global player in the technology consulting and outsource servicing sectors. But the problem here is, not only does it have to manage the integration of the CSC merger, but it also has to figure out how to organize the company during a global economic slowdown.For example, in India, DXC is having to cut about half its offices (from 50 to 26) and cut nearly 7% of its workforce. Indian operations make up more than 33% of its workforce, and thus a large segment of its revenue.This restructuring is not helping in the current environment. And as artificial intelligence makes its way into the jobs that the U.S. previously outsourced, DXC is fighting both a tough economic environment and technological shifts in its business model.It's no surprise then that the stock is off 38% year-to-date and 64% in the past year. There's no point in rushing into this one. It's not even clear if its current plan will help it emerge from its ongoing challenges. Here's Another Reason to Demand Only the Best StocksWall Street money managers have a trick up their sleeves. It's called "window dressing." When we approach the end of a quarter, big money will often buy top-performing stocks to spruce up their returns when they report the performance of their current portfolio.The influx of cash gives those stocks even BETTER returns. That's what we're about to see as the third quarter closes at month-end.And we can go along for the ride - as long as we get positioned by, say, Monday, September 16.You won't want to let the clock run out on this. After September 16, the next buying window won't really open until next earnings season.To play this with today's top dividend growth stocks, you've really got to own my Bulletproof Stocks.Click here for all 3 steps you should take right now and learn more about this phenomenon.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.The post 7 Tech Stocks You Should Avoid Now appeared first on InvestorPlace.
This week has been rough for big tech companies. On Monday, 50 states and territories announced that they're launching an antitrust investigation into Google.
I listened to Leon Cooperman’s talk at an event hosted by the New York Alternative Investment Roundtable. There were a few members of the media present at the event and they decided that the most interesting part of Cooperman’s talk was his comments regarding the private equity industry. “I think it’s a scam personally” Cooperman […]
Over the past decade, Wall Street has witnessed the meteoric rise of Amazon (NASDAQ:AMZN). With a market cap of about $910 billion, AMZN stock is now one of the largest publicly listed companies. In the U.S. as well as in many other countries, it is the dominant online retailer. In recent years, Amazon has also expanded into other growth areas such as cloud computing where it has already become a leader.Source: Jonathan Weiss / Shutterstock.com However, since early July, long-term AMZN shareholders have been somewhat concerned with the stock's price action. On July 11, Amazon stock hit an 52-week high of $2035.80. On Aug. 26, it saw a recent low of $1743.51. Currently the Amazon stock price is hovering around $1850.Now many investors are wondering if this quarter AMZN stock goes and stays over $2000, a price that has become an important resistance level.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Discount Retail Stocks to Buy for a Recession Until its next earnings report on Oct. 24, I expect AMZN to stay range-bound, possibly between $1750 and $1900. In other words, Amazon stock would need to show strong Q3 financial numbers that would act as catalyst to push the stock over $2,000 again. Here is why. Amazon Stock's Unimpressive Q2 EarningsIn July, when Amazon reported earnings for its second fiscal quarter of 2019 , it missed on the bottom line as it warned profits would disappoint in Q3, too. Amazon stock's EPS in the quarter was $5.22, compared to the forecast EPS of $5.56.The retail giant beat analysts' average revenue estimate by a small amount. Its Q2 revenue came at $63.4 billion. Wall Street was looking for $62.5 billion. In Q2 2018, Amazon had posted $52.9 billion in sales.Amazon stock's revenue comes from five main segments: * Retail Products (about 65% of its revenues) * Retail Third-Party Sellers (about 12% of its revenues) * Amazon Web Services, or AWS (about 15% of its revenues) * Subscriptions such as Amazon Prime (about 5% of its revenues) * Other, such as credit card agreements and advertising (about 3% of its revenues)During the quarter, Amazon's U.S. sales increased by 17% to $35.8 billion. The group's international sales grew by 9% to $16.2 billion.Amazon stock's AWS segment is the growth driver operating at high margins. The group especially uses the cash generated from AWS to fund the growth in other segments.Wall Street noted that Subscriptions, which mainly constitute Amazon Prime members, were up 37% to $4.7 billion.Investors noted that the group's renewed investments into the company are paying off as sales increased. However, this sales growth is coming at the expense of lower profit margins.Since the release of the quarterly results, investors have decreased growth expectations for the coming months, as partly reflected by the sharp drop in the AMZN stock price. Wall Street Needs to See Revenue Growth in AMZN StockNot only has Amazon stock changed the world of e-commerce, but the company has been disrupting how consumer shop overall. Yet, these earnings results show that the revenue growth of Amazon's online store, third-party sellers, and subscriptions has been decelerating.Furthermore, AWS, or Amazon's cloud business, reported its slowest growth rate in several years. Its AWS revenue hit $8.4 billion. However, the consensus estimate was for $8.5 billion. In Q2 2018, the unit revenue had been $6.1 billion. Investors were especially concerned that the growth in AWS is not offsetting the top-line declines of other segments.Over the past few years, revenue and operating profits of AWS have grown extremely quickly. However, its mouth-watering operating margins have also attracted serious competition from other tech giants.Microsoft's (NASDAQ:MSFT) Azure, Alphabet's (NASDAQ:GOOG, NASDAQ:GOOGL) Google Cloud, and Alibaba's (NYSE:BABA) cloud operations have become important competitors.Going forward, Amazon expects its investments to increase, another factor that will negatively affect its bottom line and potentially Amazon stock in the near future. The company is expected to invest heavily in its advertising business, Prime Video, international growth, shipping, and logistics.When the company releases Q3 earnings in late October, analysts will be paying attention to the various growth metrics that Amazon reports. Management gave Q3 net sales guidance to be between $66-$70 billion. This guidance would mean a growth of between 17% and 24% compared with third-quarter 2018.To me, earnings results in the past few quarters show that AMZN stock is becoming increasingly dependent on AWS for revenue growth. Therefore, in Q3 I would be interested to see the metrics for each segment. Is It Time to Buy Amazon Stock Now?If you are wondering whether you should buy Amazon stock right now, the answer depends on your evaluation of Amazon's fundamentals and on your investing time horizon.In the coming weeks, I expect AMZN stock to trade in a range between $1,750 and $1,900. If Amazon stock stays above the $1,820 level, it is likely to test $1,900 and above soon.Year-to-date AMZN share price is up over 21%. If you already own AMZN stock, you might want to hold onto your shares. However, within the parameters of your portfolio allocation and risk/return profile, you may consider placing a stop loss about 3%-5% below the current price point, especially if you want to protect your paper profits.AMZN is a is a high beta stock at 1.55. The stock market has a beta of 1.0. Therefore Amazon stock's beta measures its volatility in relation to the market. In other words, in general, AMZN stock rises more than the market in bullish conditions and decreases more when markets are falling. Short-term traders should exercise caution if they want to participate in Amazon stock's wide daily swings.Patient investors who continue to believe in AMZN may see any price dip towards or below the $1,750 level as an opportunity to go long AMZN stock and ride out its daily volatility.Amazon stock will need to stabilize and build a base again before it can deliver a long-term, sustained rally that would take the shares over $2,000. The Bottom Line on AMZN StockWhen Amazon next reports its Q3 results in October, investors will scrutinize the company's fundamentals. If the results show that the company's growth has slowed further, investors may decide that Amazon is now a maturing company. As a result, they may think that the current valuation of Amazon stock is excessive.Nonetheless, it is important to remember that a mega-company with fundamentals as robust as Amazon's could withstand several months of uncertainty. And, eventually, AMZN's management will make decisions that will move the company forward.On Sep. 25, Amazon will be holding its next hardware event. Wall Street would be looking to see what Alexa-enabled products may be introduced in the coming months.Management also continues to invest heavily in original video content development and online streaming services. I'd also continue to observe that space for its potential effect on AMZN stock revenue.In two to three years, I expect AMZN stock investors to be rewarded handsomely. Eventually, fundamental catalysts will drive Amazon stock higher, and the stock price will rise above $2,000 again.As of this writing, the author did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Big IPO Stocks From 2019 to Watch * 7 Discount Retail Stocks to Buy for a Recession * 7 Stocks to Buy Benefiting From Millennial Money The post New Highs for AMZN Stock Will Come After Growth Challenges End appeared first on InvestorPlace.
(Bloomberg) -- Music videos can’t pay their way to the top of YouTube’s charts anymore.The online video giant said it will no longer count views from paid advertisements in its one-day record tallies, ending a controversial music-industry practice -- and diminishing a sales stream for YouTube.The unit of Alphabet Inc.’s Google has touted its role as a promotional channel for pop-music stardom. Many artists and record labels would pay to run debut songs as YouTube ads, boosting viewership and the odds of topping the site’s closely watched charts. YouTube executives began rethinking its record tallies recently, Bloomberg News reported earlier.Indian rapper Badshah seemed to break YouTube’s one-day record in July, netting more than 75 million views with his hit “Paagal,” but the site didn’t give him the official honor. Badshah acknowledged paying for ads to promote the clip.In a blog post on Friday, YouTube said it was adjusting its policy to “provide more transparency to the industry” and be more consistent with the companies, such as Nielsen, whose popularity tallies determine the royalties record labels and artists receive. YouTube said it wouldn’t retroactively change past record holders.\--With assistance from Lucas Shaw.To contact the reporter on this story: Mark Bergen in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, John J. Edwards III, Lisa WolfsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A House panel conducting a broad antitrust investigation of the technology sector is demanding that companies turn over a trove of internal records about their business practices as it ramps up scrutiny of the industry.Rhode Island Democrat David Cicilline, who is leading the House antitrust subcommittee’s inquiry into large internet companies, said it is sending letters Friday to Google parent Alphabet Inc., Amazon.com Inc., Facebook Inc. and Apple Inc. asking for detailed information about acquisitions, business practices, executive communications, previous probes and lawsuits.The letters, which were addressed to the top executives of each company, mark the most aggressive demands by the House panel since June, when it began a bipartisan investigation into whether large tech platforms are harming competition.“We made it clear when we launched this bipartisan investigation that we plan to get all the facts we need to diagnose the problems in the digital marketplace,” Cicilline said in a statement. “Today’s document requests are an important milestone in this investigation as we work to obtain the information that our members need to make this determination.”The letters were also signed by the top Republican on the subcommittee, Jim Sensenbrenner of Wisconsin, as well as the top Democrat and the top Republican on the House Judiciary Committee, of which the antitrust panel is a part.The requests come as the technology giants find themselves swamped by antitrust inquiries by the federal government as well as state attorneys general, which announced probes of Google and Facebook this week.The lawmakers also requested executive communications about prior government probes and lawsuits and said they would not recognize attorney-client privilege as a reason for the companies to refuse to provide requested records.The panel asked Facebook about its purchases of the WhatsApp chat platform and the Instagram photo app, which were both approved by federal antitrust regulators. They asked to see communications from Chief Executive Officer Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, former general counsel Colin Stretch and policy chief Kevin Martin.The committee wants to know whether Google is shutting out rivals on its platforms or imposing restrictions that could harm competition. It asked for discussions by executives about whether non-Google companies with competing ad technology can participate in Google ad auctions or place ads on YouTube. The lawmakers also asked for discussions about any agreements between Android and smartphone manufacturers that give Google exclusive rights to collect data from devices.The lawmakers asked about 24 Google products and services, including its mobile operating system Android, Gmail, the Google Play store, YouTube and its mapping service Waze. The letter seeks information on executives’ discussions of major acquisitions including ad technology company DoubleClick, YouTube and Android.Asked about the request, Google pointed to a Sept. 6 blog post by top lawyer Kent Walker, who said the company’s “services help people, create more choice, and support thousands of jobs and small businesses across the United States.”The other companies didn’t immediately respond to requests for comment.The panel asked for details about 12 of Apple’s products and services, including its App Store, Apple Watch, iPhone, Mac and Siri. It wants to see communications to and from Apple Chief Executive Officer Tim Cook and 13 other executives about policies and decisions involving the company’s App Store, such as the algorithm that determines the search ranking of apps and whether to allow other app stores on the iPhone. They also requested records about Apple’s offer to replace ailing iPhone batteries.The lawmakers’ request to Amazon focuses on the company’s online marketplace, including how it handles proprietary data of third-party sellers on its platform and how its product search algorithm works. They demand answers about Amazon’s 2018 deal to sell new Apple devices on its website, which has also attracted questions from the Federal Trade Commission.The lawmakers seek information about acquisitions by Amazon, including audio book company Audible, upscale grocery store chain Whole Foods, and pharmacy delivery company PillPack.The antitrust panel has already held a hearing on the effect of digital platforms such as Google and Facebook on the news industry, as well as a session on innovation and entrepreneurship in July that featured appearances by executives from Google, Facebook, Apple and Amazon.(Updates with Google response in 11th paragraph)\--With assistance from David McLaughlin.To contact the reporters on this story: Naomi Nix in Washington at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Mark Niquette, Kathleen HunterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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A U.S. House of Representatives panel on Friday demanded internal emails, detailed financial information and other company records from top executives of Amazon.com Inc., Facebook Inc, Apple Inc, and Alphabet Inc's Google, widening the antitrust probe of Big Tech. The letters seek by Oct. 14 internal emails over the last decade from Apple CEO Tim Cook, Amazon CEO Jeff Bezos, Facebook CEO Mark Zuckerberg and Alphabet CEO Larry Page, among others, about acquisitions.
September 13 was China's Mid-Autumn Festival. Some investors may be expressing gratitude for the recent trade war decisions made by Jinping and Trump.
Wall Street's eyes next week will be focused on Washington. Federal Reserve policy makers are expected to cut interest rates by a quarter percentage point after their meeting ends on Wednesday. That'll be the second rate cut since 2008. Fed Chair Jerome Powell finds himself in a tight spot. The U.S.-China trade war and a global slowdown have begun to pinch business spending and manufacturing output, but on the other hand, American consumers continue to spend, wages are rising, and employers keep adding jobs. Also on Wednesday: grilling in store for Google, Facebook, and Twitter. Executives from the tech giants testify before a Senate panel about removing violent content from online platforms. The hearing comes as Congress grows increasingly concerned about the use of social media by people committing mass shootings and other violent acts. Over on Wall Street, investors have begun rotating away from momentum-driven growth stocks like Google's parent Alphabet and towards beaten-down value stocks.
Congress is ramping up the pressure on big tech, demanding a trove of documents from Facebook, Amazon, Alphabet and Apple as part of an anti-trust probe. House lawmakers on Friday sent letters asking the four companies to turn over internal emails from CEOs Tim Cook, Jeff Bezos, Mark Zuckerberg and Larry Page - related to acquisitions. Also requested: information from the executives on market share, their competitors and documents from other investigations. SOUNDBITE (ENGLISH) LOUISIANA ATTORNEY GENERAL JEFFREY LAND, SAYING: "We are here because there is an absolutely existential threat in our virtual marketplace." The letters come days after 50 attorneys general representing U.S states and territories banned together to officially launch a probe into whether search giant Google is abusing power as a monopoly. Apple and Facebook did not immediately respond to a request for comment, while Amazon did not immediately comment. Google pointed to a blog post issued this week that said its services "create choice for consumers."