204.19 -0.31 (-0.15%)
After hours: 7:59PM EDT
|Bid||204.21 x 1100|
|Ask||204.30 x 900|
|Day's Range||203.50 - 206.11|
|52 Week Range||142.00 - 233.47|
|Beta (3Y Monthly)||1.09|
|PE Ratio (TTM)||17.20|
|Earnings Date||Jul 30, 2019|
|Forward Dividend & Yield||3.08 (1.50%)|
|1y Target Est||212.08|
2Q19 uncertainty is not stopping Wall Street experts from being optimistic with Netflix stock.
Leaders from Apple, Facebook, Google and Amazon all took turns publicly defending their companies during an antitrust hearing on Capitol Hill. They said their platforms all rely on a vibrant social ecosystem that encourages competition, but lawmakers voiced concerns about the growing power of big tech companies. CNET senior producer Dan Patterson joined "Red and Blue" with more.
Rep. David Cicilline, chairman of the House Judiciary antitrust subcommittee, has a lot of questions for Facebook as
Because I'm the editor of Engadget by day and a volunteer coach in my free time, I often get asked which GPS watch to buy. In honor of running season, I've been putting in the miles to test watches from a variety of brands, including at least one you might not have heard of. For my part, the best running watches are quick to lock in a GPS signal, offer accurate distance and pace tracking, last a long time on a charge, are comfortable to wear and easy to use.
(Bloomberg) -- Amazon.com Inc. was challenged by a top House lawmaker over whether the online retail giant is harming competition as the biggest tech companies faced their harshest antitrust scrutiny in years on Capitol Hill.Democratic Representative David Cicilline of Rhode Island, who chairs the House antitrust panel, put Amazon on the hot seat at a hearing Tuesday, suggesting its business model suffers from conflicts of interest and that it can use its control over data to thwart competition from third-party sellers on its platform.“You are selling your own products on a platform you control and they’re competing with products from other sellers,” Cicilline said.Amazon lawyer Nate Sutton denied the company uses data it collects on sales to favor its own products over third-party sellers. He also argued that it’s common in the retail industry for stores to sell their own brands that compete against others.Cicilline fired back: “The difference is Amazon is a trillion-dollar company that runs an online platform with real-time data on millions of purchases and billions in commerce and can manipulate algorithms on its platform and favor its own product -- that is not the same as a local retailer,” he said.The exchange, as Amazon’s Prime Day sales event extended into a second day, came at hearing where four of the biggest U.S. tech firms -- Amazon, Facebook Inc., Alphabet Inc.’s Google and Apple Inc. -- defended their businesses against criticism that they are too dominant. The session marked the first time the companies have faced grilling from Congress about whether they are hindering competition.Cicilline said his inquiry is still in the fact-gathering stage but the series will eventually lead to legislative steps that go beyond self-regulation.“I think it will absolutely require some action by Congress, either by way of regulation, new statutory enactments, new resources for antitrust agencies, more likely a combination of those three things,” he told reporters after the executives testified.Cicilline is bearing down on the companies as antitrust enforcers prepare their own scrutiny after a mostly hands-off approach to the industry.The Justice Department and the Federal Trade Commission, which share antitrust jurisdiction, have taken the first steps toward investigating conduct by the biggest companies by divvying up oversight with the Justice Department taking responsibility for Google and Apple, and FTC overseeing Facebook and Amazon.A report by the University of Chicago’s Stigler Center this year found that digital markets tend to be winner-take-all in which one firm comes to dominate. That creates an incentive for the companies to edge out new challengers that could threaten that dominance.Republican Jim Sensenbrenner of Wisconsin on Tuesday cautioned against calls for breaking up the big technology companies.“Just because a business is big doesn’t mean that it is bad,” he said. Antitrust laws “do not exist to punish businesses just because they are big.”All four companies repeatedly insisted that they face abundant competition, from one another and from other companies. Although Amazon controls about half of U.S. e-commerce sales, Sutton pointed out the company makes up just 4% of all retail sales, with competition from Walmart Inc. and Kroger Co., among others. Facebook’s Director of Public Policy Matt Perault pointed to competition from Apple, Amazon and Google, among others.That argument met with skepticism from lawmakers. Representative Joe Neguse, a Colorado Democrat, pointed out that Facebook has the most monthly active users worldwide of any social media platform, with its Instagram, Whatsapp, and Facebook messenger in the top six.“You can understand the skepticism because when a company owns four of the largest six entities measured by active users in the world in that industry, we have a word for that, and that’s monopoly – or at least monopoly power,” he said.\--With assistance from Daniel Stoller.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.com©2019 Bloomberg L.P.
(Bloomberg) -- U.S. technology giants are headed for their biggest antitrust showdown with Congress in 20 years as lawmakers and regulators demand to know whether companies like Alphabet Inc.’s Google and Facebook Inc. use their dominance to squelch innovation. The House Judiciary antitrust subcommittee is holding a hearing Tuesday on the market power of the largest tech companies. Executives from Apple Inc., Amazon.com Inc., Google and Facebook are testifying. Here’s the latest from the committee room:Facebook Denies Its Integration Plan Designed to Thwart Breakup (5:37 p.m.)Facebook’s Matt Perault denied that the company’s planned integration of its Messenger app, its WhatsApp chat service and its Instagram photo app was designed to thwart calls to break up the properties.“There are many services in the market that offer more privacy-protective services,” he told Democratic Representative Jamie Raskin of Maryland. “Our pivot toward privacy with respect to inter-operating our services was because of the competition that we faced in the market.”Raskin had suggested the announcement was a “ploy” and said it coincided with growing calls to break up Facebook by splitting off WhatsApp and Instagram.Democrat David Cicilline, who chairs the panel, also asked Amazon lawyer Nate Sutton about reports that the fees merchants must pay have been increasing in recent years.“Aren’t these steady fee hikes by Amazon a pure exercise of its outsize buyer power?” Cicilline asked.Sutton said that the estimates weren’t accurate.“The fees that are necessary to be paid in our store to sell items have actually been steady for a number of years and slightly declining,” Sutton told Cicilline.Heated Exchange Over Amazon’s Third-Party Sellers (4:32 p.m.)Democrat David Cicilline of Rhode Island, who is chairing the hearing, pressed Amazon on whether its business model suffers from a conflict of interest because it sells its own products that compete directly against those from third-party sellers. That is a complaint also raised by Democratic presidential candidate Elizabeth Warren.“You are selling your own products on a platform you control and they’re competing with products from other sellers,” Cicilline said.Amazon lawyer Nate Sutton said it’s common in retail for stores to sell their own brands that compete against others.Cicilline fired back: “The difference is Amazon is a trillion-dollar company that runs an online platform with real-time data on millions of purchases and billions of commerce and can manipulate algorithms on its platform and favor its own product -- that is not the same as a local retailer,” he said.Cicilline repeatedly pressed Sutton about whether the company uses data on the third-party sellers to advantage its own products. Sutton said Amazon ranks results by the same criteria and doesn’t use data to compete against sellers.“You do collect enormous data,” Cicilline said. “You’re saying you don’t use that in any way to promote Amazon products, and I remind you sir, you’re under oath.”Cicilline says companies have de facto ‘immunity’ (3:38 p.m.)Cicilline slammed the dominance of the tech companies, saying they are shielded from competitive threats because of barriers to rivals that could potentially take them on. They also use their resources to prevent startups from challenging them and pose a risk to small businesses, he said.Cicilline said the dominance of tech companies stems from policy choices. Antitrust enforcers haven’t challenged a single one of their acquisitions or sued them for anticompetitive conduct like they did with Microsoft Corp. 20 years ago, he said.“Congress and antitrust enforcers allowed these firms to regulate themselves with little oversight,” Cicilline said in his opening remarks. “As a result, the internet has become increasingly concentrated, less open, and growingly hostile to innovation and entrepreneurship.”“Together, these enforcement decisions have created a de facto immunity for online platforms,” Cicilline added.Companies argue they face widespread competition (2:56 p.m.)The four tech giants tried to head off criticism that they dominate their respective markets, as executives in prepared testimony all cited intense competition they say they face from rivals.Nate Sutton, a lawyer for Amazon, which controls about half of U.S. e-commerce sales, told the House antitrust panel that the company makes up just 4% of U.S. retail sales, with competition from Walmart Inc. and Kroger Co.Facebook’s Director of Public Policy Matt Perault pointed to competition from Apple, Amazon and Google, among others, in his remarks.The companies also touted their development of innovative products that have won over consumers and their investment in research and development. Google’s director of economic policy, Adam Cohen, said the company spent $21.4 billion on R&D, three times more than in 2013.The hearing, led by Cicilline, started at about 3 p.m. Dozens of people were waiting in line to get into the hearing room.Here’s What Tech Faces in Washington:The hearing is one of a several that big tech companies face this week in Congress as Washington calls the giants to task for a range of concerns. President Donald Trump is pressuring the companies in Twitter barrages for issues including anti-conservative bias, while the Justice Department and the Federal Trade Commission have taken the first steps toward investigating their conduct. The Justice Department is taking responsibility for scrutiny of Google and Apple, as the FTC oversees Facebook and Amazon.Also on Tuesday, David Marcus, who leads Facebook’s Libra and block chain efforts, heard from disdainful Democrats at a Senate Banking Committee hearing on the company’s proposed cryptocurrency.Trump said Tuesday morning that his administration will look into allegations by billionaire Peter Thiel that Google’s work with China is “seemingly treasonous.”Trump has also said he wants gather tech executives at the White House.Google’s global public policy chief is scheduled to testify Tuesday before a Senate hearing focused on allegations the company engages in censorship.More on tech and antitrust: Did Big Tech Get Too Big? U.S. Joins Europe in Asking: QuickTakeTo contact the reporters on this story: David McLaughlin in Washington at firstname.lastname@example.org;Ben Brody in Washington at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Different situations call for different measures — literally. And this applies to the cup with handle, a very important chart pattern for growth investors as well.
The cable killer is on the loose and releasing earnings tomorrow. Netflix (NFLX) has been on a tear over the past 5 years. This stock has displayed returns close to 500% outpacing the rest of the FANG.
Tech’s day of reckoning Tuesday on Capitol Hill started with skepticism about Facebook Inc.’s proposed digital currency, and ended with a spirited debate over charges of anti-conservative bias on Alphabet Inc.’s Google search. In between, the industry’s big four took some body blows from both political parties.
Stock buybacks had a gangbusters 2018, with companies purchasing $223 billion worth of their own stock in the final quarter of last year. That trend dropped down to a mere $205 billion in the first quarter of this year, but overall analysts expect this to be the biggest year for repurchasers yet. CEOs are thrilled about this development. Critics, less so. Buy What Backs? In case you need a refresher, a buyback is when a company purchases its own stock using cash reserves or profit. As we recently explained, this has the effect of driving up stock price by creating rarity, as the less shares of a company there are available to purchase on the stock market, the higher the price. Since CEOs typically own company shares and have various stock plans, buybacks make them wealthier without increasing their salary. So you can see why people like them. Big Fans While most CEOS, like Apple’s Tim Cook, are buyback fans, Warren Buffett and Jamie Dimon are particularly outspoken in their support. Dimon calls them a “no-brainer” and “an important tool that businesses must have to reallocate excess capital." Bye Buy One of the main complaints buyback critics have is that companies will use their excess capital to further enrich CEOs and investors, instead of spending it on employee compensation, research and development and other long-term investments. Buybacks have caught the ire of Presidential candidate Bernie Sanders, who along with Senate Minority Leader Chuck Schumer plans to introduce a bill that would require companies to increase employee compensation before they can repurchase shares. -Michael Tedder Photo: Brendan McDermid / REUTERS
Tech’s grilling on Capitol Hill intensified Tuesday afternoon when a House Judiciary Committee took aim at four of its biggest players, whom chairman Rep. David Cicilline, D-R.I., called “powerful online gate keepers.”
Microsoft (NASDAQ:MSFT) reports its Q4 earnings on July 18, and expectations are high. Its market cap of $1.06 trillion makes Microsoft the most valuable publicly traded U.S. company, and MSFT stock has been up 37% this year. Microsoft stock closed at an all-time high of $138.90 on Friday, repeating that performance on Monday -- after breaking $139 early in the day. Despite the record highs, many analysts think there is still room for growth, with some now calling for MSFT to hit $150. Here's what has investors excited about Microsoft.Source: Shutterstock MSFT Stock Continues Its Meteoric ClimbFor much of 2019, Microsoft news has been largely focused on the company's rise in value. Not that long ago, MSFT was dismissed as a tech dinosaur that completely bumbled the smartphone -- the most important device in the past decade, and the product that drove Apple's (NASDAQ:AAPL) rise to the top. The PC market has been on a long, slow slide and with it goes Microsoft's Windows and Office revenue, along with MSFT stock. At least that was the thinking…However, that hasn't been quite the way things have played out. 2019 has seen Microsoft stock continue its relentless growth. In April, the company's market cap hit $1 trillion for the first time ever, and with yet another all-time high close of $138.90 MSFT is currently worth $1.06 trillion. At the moment, it's the only American company in that lofty trillion dollar club, with Apple currently worth $944.19 billion and Amazon (NASDAQ:AMZN) at $995 billion.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip Many investors remain bullish on MSFT, despite its record high valuation. In fact on Thursday, Cowen gave Microsoft an outperform rating and set a price target of $150 for Microsoft stock. Bets on the Cloud and Professional Networking are Paying OffOne of the keys to Cowen's bullish outlook on MSFT is the company's investments in cloud computing. Microsoft's Azure cloud service posted 93% revenue growth in Q3, and the company has been steadily gaining market share in the cloud computing market. According to numbers from Canalys, MSFT Azure's global market share hit 16.5% in Q4 2018. Amazon Web Services continues to be the undisputed leader with a 32.3% share, but Azure's rate of growth is significantly higher at 75.9% for 2018 compared to 46.3% for AWS.That Azure investment doesn't just mean revenue for Microsoft, it also makes initiatives like the company's new gaming cloud division possible. That technology will see MSFT's xCloud streaming game service launch this fall.Analysts also see revenue growth potential in Microsoft's ownership of professional networking site LinkedIn. That division saw 27% revenue growth in Q3. And Teams -- Microsoft's answer to Slack (NYSE:WORK) team collaboration software -- overtook Slack in July, with over 13 million daily users. Gaming and Surface Continues to Grow, While Windows Keeps ChuggingWindows and Office seemed to be well past their best-before dates with the decline of PC sales. However, the computer market is still far from dead and the company is able to sell Windows licenses for legacy machines as well as new models hitting the market, and that resulted in Windows OEM revenue being up 9% in Q3. Pushing a subscription model for Office has also paid off, with Office commercial and consumer revenue both showing healthy growth.Microsoft's investment in Surface hardware has also helped to boost MSFT stock, with Q3 revenue growth of 21%. The company's gaming revenue has also been up this year, despite a relatively poor showing for the Xbox One compared to competing game consoles in this generation. With the xCloud streaming gaming service expected later this year, and the new Xbox Project Scarlett game console due to launch in 2020, that gaming division should see revenue growth ramp up considerably. * 8 Penny Stocks That Have Fallen From Grace We'll see in two days whether Microsoft has been able to maintain the momentum it's showed so far this year. If those Q4 results are as good as expected, Microsoft stock could very well be on the path to Cowen's $150.As of this writing, Brad Moon did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post Heading Into Q4 Earnings at All-Time Highs, Microsoft Stock Still Has Incredible Upside appeared first on InvestorPlace.
The Dow Jones Industrial Average is holding firm after last week's bullish gains. Apple is cooling off after a new breakout attempt. IPOs are rallying.
(Bloomberg) -- Apple Inc. plans to fund original podcasts that would be exclusive to its audio service, according to people familiar with the matter, increasing its investment in the industry to keep competitors Spotify and Stitcher at bay.Executives at the company have reached out to media companies and their representatives to discuss buying exclusive rights to podcasts, according to the people, who asked not to be identified because the conversations are preliminary. Apple has yet to outline a clear strategy, but has said it plans to pursue the kind of deals it didn’t make before.Apple all but invented the podcasting business with the creation of a network that collects thousands of podcasts from across the internet in a feed on people’s phones, smartwatches and computers. The Apple Podcast app still accounts for anywhere from 50% to 70% of listening for most podcasts, according to industry executives.The news sent shares of Spotify down as much as 2.7% to $150.09 in New York on Tuesday, marking the biggest intraday decline in three weeks. The stock had been up 36% this year through Monday’s close.After years without making substantial changes to its podcasting business, which first launched in 2005, Apple has recently focused on upgrading its app and has added new tools for podcast makers. Still, new entrants have encroached on Apple’s once-indomitable position, attracting new users by offering exclusive access to original podcasts.A representative for Cupertino, California-based Apple declined to comment.Podcasts AppApple launched Podcast Analytics last year, rolling out a service that gives podcast makers more insight into their listeners and performance. This year, Apple announced a dedicated Podcasts app for Mac computers and launched a web interface to expand the amount of people who can listen to podcasts through its service.Apple placed executive Oliver Schusser in charge of podcasts and music, with Ben Cave helping oversee the podcasting strategy.“You are nowhere in podcasting if you don’t have shows listed in Apple podcasts,” said Lex Friedman, the chief revenue officer of Art19, which provides services to podcast producers such as Wondery Media and Tribune. But given all of the recent activity by its competition, “it would surprise me if Apple didn’t do anything with exclusives.”Video ServiceApple has refrained from funding podcasts thus far to avoid the perception of playing favorites. But the tech giant has evinced an interest in funding some of the programming it distributes. The company is producing dozens of original TV shows and movies for a new video service called Apple TV+. The first of those series will debut later this year.Spotify Technology SA, already Apple’s largest rival in paid music streaming, has spent about $400 million acquiring podcast companies. It’s also funded original shows from comedian Amy Schumer, journalist Jemele Hill and hip-hop artist Joe Budden. Earlier this year, it announced a deal to host podcasts from a company founded by former President Barack Obama and his wife Michelle.These moves have established Spotify as the clear No. 2 player in podcasting, according to industry executives. The company has seized between 10% and 20% of listeners, and accounts for half of the audience on some shows. Other companies, including IHeartMedia, Stitcher, Pandora and Luminary, have also devoted more resources to the medium.Apple is in the midst of building a suite of media services across audio and video that tether people to its phones and other devices. Podcasting is still a small business compared with music or TV. Podcasting companies generated $479 million in advertising sales in the U.S. last year, according to the Interactive Advertising Bureau.Growing FastBut the industry has been growing. Sales have grown 65% a year for the past three years, according to the IAB, while the number of monthly listeners to podcasts has doubled over the past five years.Still, Apple doesn’t make its own money off of the Podcasts app. It doesn’t charge for the software or run its own advertising.However, growing the Podcasts app and adding exclusives could give some consumers another reason to stick to their iPhone or subscribe to complementary paid services like Apple Music. Apple also has an advertising division focused on ads in the App Store, which theoretically could eventually be applied to Podcasts if it continues to increase its user base.(Updates with Spotify shares in fourth paragraph.)To contact the reporters on this story: Lucas Shaw in Los Angeles at email@example.com;Mark Gurman in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Nick Turner at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Leading the Apple (NASDAQ:AAPL) rumor mill today is news of the company's payment card. Today, we'll look at that and other Apple Rumors for Tuesday.Source: Shutterstock Apple Card: A new rumor claims that the Apple Card is going to launch soon, reports 9to5Mac. The rumor says that the Card may launch as early as this week. Other reports have also set the release window for the card as this summer. The exact release date isn't something that AAPL has been willing to reveal yet. If the rumors are true, it won't be long before customers are able to sign up for the tech company's new payment card.Store Down: The online Apple Store was down earlier on Tuesday, MacRumors notes. This may just be a typical event where there were problems that resulted in the store going down temporarily. However, AAPL also takes the store down when it is preparing to launch a new product. We don't know which is the case, but it's worth keeping an eye out for any announcements from the company.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNew Beta: There's a new beta of macOS 10.15 Catalina available for download, reports AppleInsider. This new beta comes out roughly two weeks after the previous beta was sent out. It is also only available for developers, but there's likely to be a public version coming soon. The update is available from the company's Developer Center. It can also be obtained via an over-the-air update.Subscribe to Apple Rumors As of this writing, William White did not hold a position in any of the aforementioned securities.The post Tuesday Apple Rumors: Apple Card Coming Soon appeared first on InvestorPlace.
There have been three trade war truces since the US-China trade war erupted last year. Will the current trade talks be successful?
Executives from tech giants Apple Inc, Amazon.com Inc, Facebook Inc and Alphabet's Google go before the House Judiciary Committee's antitrust panel Tuesday to discuss competition in online markets. The committee is likely to discuss antitrust probes of the four companies under way at the Justice Department and Federal Trade Commission, as well as allegations that the companies seek to thwart nascent competitors. Democrats, in particular, are expected to press Facebook about a proposed $5 billion settlement between the company and the FTC to resolve allegations that the company violated a 2011 consent agreement by inappropriately sharing information on 87 million users with the now-defunct British political consulting firm Cambridge Analytica.
Citigroup surveyed 1,000 consumers in the two countries, and raised its forecasts for phone sales in both 2020 and 2021 as a result.
(Bloomberg Opinion) -- The venture-capital business is one marked by a fundamental asymmetry, says Scott Kupor, managing partner at VC firm Andreessen Horowitz and this week's guest on Masters in Business: The average venture capitalist has done hundreds or maybe even thousands of deals; the typical entrepreneur is raising capital for the first time.This information and experience asymmetry creates issues, not only for the entrepreneur, who doesn't want to be taken advantage of, but also for the VC, who is concerned with finding and funding quality deals. Kupor, author of the new book "Secrets of Sand Hill Road: Venture Capital and How to Get It," describes the road map for startups that want to better understand the nature of venture capital. He explains the advantages that accrue to any founder who knows how to successfully navigate the perils and pitfalls of the capital-raising process.Kupor explains why Y Combinator and other seed funds were such game changers for start-ups. As entrepreneurs became more educated, the deal funnel and gate-keeper relationship that was previously controlled by a handful of connected VCs was altered. These changes were quite significant: Since 2005, Y Combinator has backed more than 2,000 startups with a combined valuation of more than $100 billion.The influence of venture capital on the U.S. economy is hard to overstate. Venture-backed companies now spend 44% of the entire research-and-development budget for public companies, and the 656 publicly traded businesses that were VC backed make up 20% of the total market capitalization of all public companies.Kupor's favorite books are here.You can stream/download the full conversation, including the podcast extras on Apple iTunes, Bloomberg, Spotify, Google Podcasts, Overcast, Castbox, and Stitcher. All of our earlier podcasts on your favorite hosts can be found here.Next week, we speak with Allison Schrager, co-founder of LifeCycle Finance Partners and author of “An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk.”To contact the author of this story: Barry Ritholtz at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.