|Day's Range||8.27 - 9.75|
The huge surge in stocks like Tesla, Virgin Galactic and Stamps.com have brought back some trader memories of the heady days of the dot-com boom. But Robert Buckland, a global strategist at Citi, studied stock market distributions to show the market of now is not really that similar to that of the dot-com days.
Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. In his annual letter to Berkshire Hathaway Inc shareholders, Buffett said pay for outside directors has "soared" to levels that might threaten their independence, sometimes reaching $250,000 to $300,000 for two weeks work, while "generous" age limits ensure "fabulous" job security. Buffett said this can make even "independent" directors resist challenging bad decisions by CEOs, especially in takeovers.
The abandonment of a show as big as Mobile World Congress stings economically for the host city, mobile industry and entrepreneurs from across the globe who attend in hopes of doing deals. And it could just be the beginning.
(Bloomberg) -- Alphabet Inc.’s Google has reached a settlement with state attorneys general over the states’ use of consultants in their antitrust investigation of the internet search giant.Google in October went to court to restrict the Texas Attorney General’s office from disclosing sensitive information to consultants who have worked for competitors and other companies such as News Corp. and Microsoft Corp that have complained about Google to regulators.Both sides reached a settlement that places some restrictions on how the experts can access confidential business information, Google said on Friday.Google had raised concerns over Texas Attorney General Ken Paxton’s hiring of consultants including Cristina Caffarra, an economist with Charles River Associates. She has worked for Google adversaries News Corp. and Microsoft as well as Russia’s Yandex NV, according to court filings.“We remain concerned with the irregular way this investigation is proceeding, including unusual arrangements with advisers who work for our rivals and vocal critics,” Google said in a statement.Paxton later released a statement saying, “With this agreement, experts retained by the state will not be burdened with the unreasonable prohibitions sought by Google. They will be able to lend their important expertise to the state without fear of being frozen out of other employment within their field.”(Updates with Paxton statement, in final paragraph.)To contact the reporters on this story: David McLaughlin 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, John HarneyFor 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.
(Bloomberg) -- Amazon.com Inc. has asked a court to force the government to hand over documents related to Defense Secretary Mark Esper’s decision to recuse himself from making decisions on a $10 billion cloud-services contract.In a court filing made public on Friday, Amazon seeks a trove of documents to bolster its challenge of the Pentagon’s Joint Enterprise Defense Infrastructure, or JEDI, cloud contract that was awarded to Microsoft Corp. in October.Amazon Web Services, Amazon’s cloud unit, is also asking the U.S Court of Federal Claims to require the government to turn over materials that shed light on the role that Stacy Cummings, a deputy assistant secretary of defense, played in the procurement.Cummings communicated with the team evaluating JEDI bids and worked on preparations for JEDI-related meetings involving Esper, the lawsuit said. She recused herself from working on the procurement in September 2019, according to the lawsuit.In a previous filing, government lawyers argued that Amazon is “not entitled” to all materials relating to the recusals of Cummings and Esper. They added that Cummings had a conflict with Microsoft, that “did not impact the procurement.”Other files Amazon seeks include “informal notes” between the bid selection team members, JEDI-related content on digital channels and procurement documents that were presented to Esper and Deputy Secretary David Norquist.Representatives for the Defense Department and Microsoft didn’t immediately respond to requests for comment.Amazon filed a lawsuit in November in the U.S. Court of Federal Claims alleging that the Defense Department failed to fairly judge its bid because President Donald Trump viewed Amazon Chief Executive Officer Jeff Bezos as his “political enemy.”Amazon asked the court earlier this month to allow it to question Trump, Esper, former Defense Secretary James Mattis, and Dana Deasy, the Pentagon’s chief information officer.In August 2019, the newly confirmed Esper ordered a review of the procurement after Trump endorsed criticism that the Pentagon had given Amazon an unfair advantage with the contract’s design.The Pentagon announced in October that Esper would recuse himself from any decisions involving the contract to avoid the appearance of a conflict of interest. Esper’s son worked as a consultant for International Business Machines Corp., which along with Oracle Corp., had earlier been eliminated from the competition.Three days after Esper’s recusal, the Pentagon announced it had chosen Microsoft, an upset victory for the company that many in the industry viewed as a distant second to Amazon.“A complete factual record on the bases for these recusals is especially critical in light of the well-grounded allegations AWS has made about the troubling circumstances surrounding the recusals of DoD personnel,” the lawsuit said.The Pentagon’s JEDI project is designed to consolidate the department’s cloud computing infrastructure and modernize its technology systems. Earlier this month, a judge agreed to block Microsoft from working on the contract while Amazon’s lawsuit is being litigated.To contact the reporter on this story: Naomi Nix in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Paula DwyerFor 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.
Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury bond sliding to an all-time low. Cases of the disease have turned up in 26 countries and territories outside mainland China, killing 11 people, according to a Reuters tally. According to data, mainland China had 892 new confirmed cases and 118 deaths, with most of those in Hubei's provincial capital Wuhan, which remains under virtual lockdown.
U.S. stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in U.S. business activity in February fueled investors' fears about economic growth. Declines were led by the technology sector for a second straight session. Tech-related heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc were the biggest drags on the S&P 500.
The Dow Jones Industrial Average dropped again on Friday—and yields on long-term Treasury debt fell to record lows—but investors can’t simply blame the coronavirus outbreak in China this time. A key U.S. economic indicator registered its weakest reading since 2013. The Markit Services PMI, or purchasing manager index, came in under 50—the level that divides growth from contraction.
Microsoft and Apple took heat in the Dow Jones today, while more weakness in semiconductor stocks weighed on the Nasdaq composite.
U.S. stocks sold off on Friday as a spike in new coronavirus cases in China and other countries and as data showing U.S. business activity stalled in February fueled investors' fears about the economy. Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day. Chipmakers, with strong ties to China for revenue, also fell sharply, with the Philadelphia Semiconductor index falling 3%.
(Bloomberg) -- The U.S. Justice Department has sought outside legal help to bolster its antitrust investigations of large technology platforms, according to two people familiar with the matter, in a sign that the government may be preparing a lawsuit against one or more of the companies.The department approached at least one law firm about working on the government’s behalf, said the people. That firm -- Kellogg Hansen Todd Figel & Frederick PLLC -- declined to take on the assignment because of a conflict, according to one of the people, who asked not to be named because the investigation is confidential.The agency has opened investigations into Alphabet Inc.’s Google and Facebook Inc., following a July announcement of a broad probe into whether tech platforms are stifling competition. It wasn’t clear which case the department was seeking help for, or whether it will ultimately go through with hiring an outside firm.The move, however, may be a sign the Justice Department is preparing for litigation against the tech companies. Attorney General William Barr said in December that the probe was moving “very quickly” and that he wanted to complete it some time this year.A nationwide coalition of states is also investigating the companies and is working with the Justice Department.The Justice Department declined to comment. Michael Kellogg, one of the founding partners of Kellogg Hansen, where Supreme Court Justice Neil Gorsuch once worked, didn’t respond to a request seeking comment.Earlier: DOJ Plans ‘Expeditious’ Antitrust Probe Into Big Tech PracticesWhile the hiring of outside lawyers is rare, it’s not unheard of. The department in the past has turned to private counsel to take on high-profile litigation, most notably when it hired David Boies to spearhead the landmark antitrust case against Microsoft Corp. two decades ago.In 2012, the Federal Trade Commission similarly hired a top Washington litigator, Beth Wilkinson, then a partner with Paul, Weiss, Rifkind, Wharton & Garrison LLP, to help with its antitrust investigation of Google. The agency ultimately closed that investigation without taking action.An outside firm would enhance the department’s resources if it decided to sue. Litigation against one of the tech giants could be a monumental, years-long undertaking. The Justice Department’s case against Microsoft started in 1998 and ended in 2002, when a court approved a settlement.To contact the reporter on this story: David McLaughlin in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Paula DwyerFor 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.
The IBD Live Team discussed stocks to buy and watch during Friday's IBD Live. Among stocks on the move, the Team analyzed a 3% pullback in Microsoft stock.
DOW UPDATE Shares of Microsoft and Nike are trading lower Friday afternoon, dragging the Dow Jones Industrial Average into negative territory. Shares of Microsoft (MSFT) and Nike (NKE) are contributing to the index's intraday decline, as the Dow (DJIA) was most recently trading 257 points lower (-0.
U.S. stock indexes fell on Friday after data showed U.S. business activity stalled in February, while a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day.
Stocks today showed weakness in Microsoft and other leaders in the all-important software sector. Small caps fell in lock step with large caps.
DOW UPDATE The Dow Jones Industrial Average is declining Friday morning with shares of Nike and Microsoft seeing the biggest declines for the blue-chip average. Shares of Nike (NKE) and Microsoft (MSFT) have contributed to the blue-chip gauge's intraday decline, as the Dow (DJIA) was most recently trading 185 points (0.
U.S. stock indexes fell on Friday after data showed U.S. business activity stalled in February, and a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. The manufacturing sector also clocked its lowest reading since August. Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day.
The Zacks Analyst Blog Highlights: Microsoft, Netflix, Adobe, International Business Machines and Apple
Zacks.com featured highlights include: Microsoft, Ruth???s Hospitality, ResMed, Ross Stores and Maxim Integrated Products
U.S. stock index futures edged lower on Friday as a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. The risk-off mood was exacerbated by data showing Japan's factory activity suffered its steepest contraction in seven years in February, underlining the risk of a recession in the world's third-largest economy as the outbreak takes a toll on global growth. With massive disruptions in supplies from China, parts shortages are hitting businesses as far away as the United States.
This week, stocks sold off after Apple, Walmart and multiple other U.S. companies warned that revenue will be lower than expected for Q1 2020 due to the China coronavirus outbreak. Actionable stocks making moves on IBD Live included Nvidia, Netflix, Domino's Pizza, Microsoft and more.