|Day's range||148.70 - 148.70|
The coronavirus pandemic showed no signs of relenting on Thursday, with the U.S. marking a new record of over 50,000 cases in a day amid a surge of new cases in the Sun Belt.
The tech giant buys a struggling smart glass maker -- but it won’t necessarily launch a new version of Google Glass anytime soon.
There has been a lot of chatter recently about some secondary details Apple (NASDAQ: AAPL) is working out for the next iPhone in terms of pricing and accessories. The grapevine suggests that the next-generation device may come without an important accessory -- a power adapter -- and could also force buyers to invest in aftermarket (and potentially wireless) headphones as the box may be devoid of EarPods. At the same time, there are rumors of Apple pricing the base model of the alleged iPhone 12 at a mouth-watering $549.
(Bloomberg) -- With the U.S. Justice Department nearing a lawsuit against Alphabet Inc.’s Google for antitrust violations, a coalition of states that are conducting a parallel investigation are divided over the best strategy for taking on the internet giant, according to people familiar with the matter.While the multistate investigation into Google’s dominance of the digital advertising market is in its final stages, some state attorneys general are advocating to take more time to investigate Google’s conduct in other markets and potentially bring a broader case against the company, said the people, who asked not to be named discussing a confidential matter.The disagreement could affect whether states join a Justice Department complaint about Google. Like the states, federal antitrust enforcers have been investigating whether Google is thwarting competition in the digital advertising market, where it holds a commanding position.The Justice Department, which is coordinating with the states, wants to move quickly, two of the people said, and is on track to file a complaint this summer, another person said, though it wasn’t clear what conduct the complaint will ultimately target. The department declined to comment.“While we continue to engage with ongoing investigations, our focus is on creating free products that lower costs for small businesses and help Americans every day,” Google said in a statement.State attorneys general can play a pivotal role in enforcement cases against companies when they band together in group investigations. They joined the Justice Department in suing Microsoft Corp. in 1998 for antitrust violations. The case nearly led to the break-up of the company when a judge sided with the government. After an appeals court reversed the ruling, the Justice Department under the George W. Bush administration settled the case.Two people familiar with the states’ investigation said the split among the states reflects normal tension about the best litigation strategy. A broad complaint would cover more conduct but would take more time to complete.Texas Attorney General Ken Paxton is leading the investigation into Google’s conduct in the digital advertising market, which was announced in September on the steps of the Supreme Court. Other states, including Utah and Iowa, are focusing on internet search. Google dominates web search in the U.S., and rivals have complained that the company has prioritized its own services, such as travel and restaurant reviews, in results.Texas declined to comment. Representatives from Utah and Iowa didn’t immediately respond to requests for comment.The digital advertising part of the probe focuses on Google’s control of the tools that deliver display ads across the web. Google owns much of the technology used by publishers and advertisers to buy and sell advertising space. Google has been accused of using its dominance to siphon advertising dollars from publishers.Earlier: Google Antitrust Road Map Goes to DOJ With U.S. Suit LoomingTexas is in the later stages of its probe in advertising and could join the Justice Department’s case with some states, said two of the people. States are still waiting to get a full look into the federal complaint, one of the people said.The investigations are so complex that few among the enforcers have a sense of what the Justice Department and all the states are doing, two of the people said.The investigation into online search is not advanced as far as Texas’s probe into the digital ad market, and some states are pushing for more time to investigate, said the people. At one point, states were also looking the company’s mobile operating system, Bloomberg reported last year, though it wasn’t clear whether that is an active part of the investigation.The chief executive officer of Google search rival DuckDuckGo Inc. said last month that state and federal enforcers have asked detailed questions about how to limit Google’s power in the search market as recently as the spring.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.
The Dow's rally drove shares of Apple (NASDAQ: AAPL), McDonald's (NYSE: MCD), ExxonMobil (NYSE: XOM), and Boeing (NYSE: BA) higher despite mixed news. Apple and McDonald's pulled back on store reopening plans due to a surge in COVID-19 cases, Exxon disclosed that it would take a large earnings hit in the second quarter, and the FAA completed certification test flights for Boeing's 737 Max.
In the face of the sudden and sharp increases in coronavirus cases in the U.S., Apple (NASDAQ: AAPL) has elected to once again close many of its retail outlets. On Wednesday, Reuters reported that the tech titan said it was temporarily shuttering more than two dozen of its Apple Stores, located in Alabama, California, Georgia, Idaho, Louisiana, Nevada, and Oklahoma. Apple's policy is to evaluate the data and health regulations for every municipality in which it operates a store, mandating a closure where warranted.
Roku (ROKU) adds virtual fitness platform, Peloton App while streaming users increase in Health & Fitness category amid coronavirus.
Shares of Apple (NASDAQ: AAPL) rose 14.7% in June, according to data provided by S&P Global Market Intelligence. Apple held its annual Worldwide Developers Conference (WWDC) from June 22 to June 26 and showcased a wide variety of enhancements as well as a stunning announcement. For years, Apple has been using Intel's chips to power its personal computers such as the Mac.
(Bloomberg Opinion) -- If you’re concerned about the pervasive role in daily life of technology companies such as Alphabet Inc.’s Google, then its planned $2.1 billion acquisition of Fitbit Inc. is a worry.Google already owns the biggest search engine, the most popular video-streaming site (YouTube), the biggest mobile operating system (Android) and the dominant e-mail service (Gmail). All of these feed a digital-advertising business that generated $135 billion of sales last year. Do we really want to add Fitbit’s fitness tracking to its armory?A coalition of 20 organizations on Thursday urged antitrust authorities in the European Union, the U.S. and five other jurisdictions to scrutinize the takeover more closely. The EU plans to rule on the deal by July 20, although it may extend the probe if needed.The problem is that Google’s dominance in one market — digital advertising — isn’t necessarily enough, from an antitrust perspective, to block a deal in another sector. Google doesn’t currently make a health tracker or smartwatch. As such, it doesn’t compete with Fitbit. It isn’t trying to consolidate the market or cut the number of rivals. Indeed, a better capitalized Fitbit might improve competition in a smartwatch market dominated by Apple Inc.But this deal isn’t really about hardware sales: Fitbit’s $1 billion in expected 2020 revenue would represent just 0.7% of Alphabet’s total. The value from the acquisition is in the data that Fitbit is accumulating on all of its users. Knowing how far, how often and where people walk, run, cycle or swim every day could help advertisers, health insurers, city planners and plenty more besides. While Google is unlikely to sell that information directly to advertisers, it would help it build more complete advertising profiles of its users. In that sense, the fitness tracker market isn’t discrete from Google’s dominant ad-tech business. It could feed it, extending its dominance.With that in mind, regulators could impose restrictions while still clearing the deal. Aitor Ortiz, a Bloomberg Intelligence analyst, expects behavioral remedies will be imposed. That could mean Google promising not to merge Fitbit data with other user info without explicit consent. The tech giant takes a similar approach with Nest, a home automation company it acquired in 2014. Last year, it started encouraging users to merge their Nest data with their Google accounts.For those alarmed about Alphabet hoarding even more of our personal data, these promises probably won’t be enough. A stronger remedy would be to prohibit Google from ever extracting fitness information from a user’s devices. That’s how Apple treats fitness data from its Watch. Google insists that it wants Fitbit anyway, even without being able to farm its data. If that’s true, then it shouldn’t have any complaint about such a restriction. The purchase would still give it an entree to the smartwatch market, which will grow to $96 billion by 2027, according to Allied Market Research.Fitbit’s products also need to keep working with Apple’s mobile operating system as well as with Android. Otherwise, they would become a tool to force people to buy Android devices.This is an important test case that will be hard for regulators to get right. Past attempts at imposing behavioral remedies on the tech giants have failed: Facebook Inc. told Brussels back in 2014 that it wasn’t technically possible to merge its data with those of WhatsApp, but then it went ahead and did it anyway, accepting a paltry 110 million-euro ($124 million) fine from the European Commission for breaking its agreement. Google tends to be better behaved than Facebook, but its deep pockets give it a lot of power.Given the risks, the easiest solution might just be to block the Fitbit deal outright. But that would be legally harder to justify.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Apple's (NASDAQ: AAPL) stock is hovering near an all-time high after nearly tripling over the past five years, but Wedbush analyst Daniel Ives recently claimed the stock still has a "lot of gas left in the tank" and hiked his price target on the stock from $375 to $425. Furthermore, Ives believes Apple's stock could eventually hit $500 a share in a "bull case" scenario, buoyed by rebounding sales in China, pent-up demand for the iPhone 12 amid 5G upgrades, and the COVID-19 crisis bolstering its services segment. Investors should always take analysts' forecasts with a grain -- or maybe even a whole pillar -- of salt, but could Apple actually top $500 per share in the near future?
Subscribe to Foundering on Apple Podcasts Subscribe to Foundering on Spotify Subscribe to Foundering on Pocket Cast(Bloomberg) -- To many of its employees, WeWork was much more than a job. Adam Neumann, the co-founder and former chief executive officer, kept workers motivated by invoking a higher calling to community-building and promising a once-in-a-lifetime opportunity.“None of us want to look back and say, ‘I could have done more,’” Neumann said in a 2016 staff meeting, captured in hours of tape obtained by Bloomberg. “That’s not acceptable. You do not get a chance like this again.”In this episode of Foundering, a former WeWork executive assistant, Cody Quinn, describes the tumultuous experience working inside WeWork’s New York headquarters. According to Quinn, most employees worked until near-burnout, then were rewarded with trips to Summer Camp and Summit, WeWork’s famously raucous companywide parties. And she details the strange things she saw at the office: an executive smashing a printer on the floor, 2 a.m. meetings with Neumann and an elaborate technique designed to lure investors called “activating the space.”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.
(Bloomberg) -- Covid-19’s fracturing of supply chains has left businesses and governments questioning the prudence of networks that crisscross the planet. Pandemic recovery plans talk of developing “strategic autonomy” in key sectors, and suggest that executives should bring production closer to home. But on the ground, companies say it’s not so easy. Host Stephanie Flanders hears from Frankfurt-based Bloomberg reporter Piotr Skolimowski and a German pharmaceutical executive about why it’s so hard for Europe to extract itself from Chinese supply chains. She also speaks with World Trade Organization Chief Economist Robert Koopman and Renaissance Capital’s Global Chief Economist Charles Robertson on the future of global trade and investment. They discuss what trade might look like in a post-coronavirus world, whether so-called reshoring is actually a good idea, and why emerging market economies might ultimately benefit from Covid-19.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.
(Bloomberg) -- A top Democratic lawmaker wants to empower the U.S. Federal Trade Commission to take action against Alphabet Inc.’s Google and Facebook Inc., among other technology platforms, if they fail to remove content that violates their terms of service and community standards.Democratic Representative Jan Schakowsky of Illinois, who chairs a subcommittee on consumer protection, told Bloomberg in an interview that she plans to introduce a bill in the coming days that would clarify that if technology companies fail to fulfill the “assurances” made to users in terms and conditions, community standards, advertising rules and content moderation policies, they could face enforcement from the FTC.The initiative falls into a flurry of measures that aim to limit a much-cherished liability shield for user content under Section 230 of the Communications Decency Act. Many of the initiatives are coming from Republicans, including President Donald Trump, as a way to address their claims that social media sites silence conservative voices.“Irrespective of what Trump is saying, we’re going to move ahead in a bipartisan way to do what we need to do to protect consumers,” Schakowsky said.The FTC already polices businesses under its authority to enforce against “unfair or deceptive acts or practices.” Schakowsky’s bill would clarify that Section 230 can’t be used as a defense in those cases.The idea behind the bill would be to treat Facebook’s failure to block a post advocating, say, white supremacy or Google’s inability to stop an ad for medical masks, both of which are banned, the same way the FTC treats broken promises by companies to deliver cures or cybersecurity protection. The agency can seek injunctions, consent decrees and fines for repeat offenders.Facebook and Google have extensive bans on certain kinds of content, including Covid-19 scams, medical misinformation, posts inciting violence, terrorist content, harassment, hate speech, illegal drug sales and violent and graphic content.Facebook and Instagram have also taken action to ban white-nationalist content on their social-media platforms as well, while Google bans counterfeit goods and dangerous products and says that it protects advertisers “from invalid activity and advertising fraud.”A Google representative declined to comment. Facebook representatives could not be reached for comment after business hours on Wednesday.Schakowsky’s concern, which some of her GOP colleagues share, is that technology companies will try to duck any FTC enforcement of their content-moderation policies by invoking Section 230. The provision exempts them from liability for third-party posts, but has been interpreted by courts to free companies from much scrutiny over what content they leave up or take down.“Bottom line, we want to clarify that there is no doubt that 230 is not going to be the escape hatch,” Schakowsky said.By example, Schakowsky pointed to an effort by Airbnb Inc. to escape local regulation of short-term rental listing by invoking the provision, though a federal court rebuffed the effort.An FTC spokesperson didn’t comment on the bill, but said the agency “is committed to robust enforcement of consumer protection and competition laws, including with respect to social media platforms, and consistent with our jurisdictional authority and constitutional limitations.”While the companies have stepped up enforcement in recent years, Schakowsky said that the bill is necessary because of the spread of election misinformation targeting Black voters, scams involving stimulus checks and other content that proliferates despite being banned.Schakowsky’s effort follows a bill from five Republican senators led by tech critic Josh Hawley of Missouri that would expose the platforms to customer lawsuits if they engage in “intentionally selective enforcement” of their terms and standards.And a sweeping proposal by Trump’s Justice Department would clarify that Section 230 doesn’t stop federal civil enforcement. Trump’s May executive order also aimed to expose companies to FTC enforcement, as well as to user lawsuits if the platforms “use their power over a vital means of communication to engage in deceptive or pretextual actions stifling free and open debate by censoring certain viewpoints.”Schakowsky agreed with criticism of the White House order, which came after Twitter Inc. slapped a fact-check on one of Trump’s tweets, as an assault on the platform’s constitutional right. Her bill would focus more narrowly on FTC enforcement, rather than exposing companies to potentially thousands of user lawsuits.Promises, PromisesWhile many tech critics have urged companies to more strongly enforce their terms of service, ad policies, community standards and other documents, some have suggested that the companies might scale those back to avoid making promises they can’t deliver and that could draw FTC scrutiny.Others suggest that the company statements don’t represent promises at all and are merely rules that users must follow.“Proving deception from community standards language is probably pretty difficult because it’s couched in best efforts rather than a promise,” said Neil Chilson, a former FTC official who defends Section 230.Schakowsky said that FTC officials have told her they welcome her attempt to clarify the agency’s authority in an area that remains little-tested. “We need to empower them,” she 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.
Two days after India blocked 59 apps developed by Chinese firms, Google and Apple have started to comply with New Delhi's order and are preventing users in the world's second-largest internet market from accessing those apps. UC Browser, Shareit, and Club Factory and other apps that India has blocked are no longer listed on Apple's App Store and Google Play Store.
(Bloomberg) -- Apple Inc. said it will close more stores again after recent spikes in Covid-19 cases in the U.S.The company is closing several stores on Thursday in the Los Angeles area, along with locations in Las Vegas, Alabama, Idaho, Oklahoma, Georgia and Louisiana. It earlier shut stores in Florida, Mississippi, Texas and Utah. That brings the total to 77. Earlier this year, Apple reopened more than 200 of its U.S. stores.“Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas,” an Apple spokesman said in a statement Wednesday. “We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible.”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.
Apple is facing mass production delays for its 5G iPhones, and Boeing's mistakes were laid out in a government report.
The Federal Reserve recently released the results of 2020 bank stress tests, and while no banks are in serious danger, some would see capital levels fall a bit too low for comfort in a prolonged and deep COVID-19 recession. As a result, the Fed issued a formula to govern bank dividends, and there's a real chance bank investors could see dividend cuts from some major financial institutions. In this episode of Industry Focus: Financials, host Jason Moser and Fool.com contributor Matt Frankel, CFP, discuss the news and what it could mean for bank investors.
Marketing veteran and entrepreneur Gary Vaynerchuk weighs in on the controversy swirling around Facebook.
With that in mind, we asked five Motley Fool contributors to share their best picks for investors in this unusual July. Here's why they think these stocks could put fireworks in your portfolio this month.
Holding a stock over a very long period of time allows us to look past the day-to-day volatility of the market and allow a company to grow into what it can be years or decades from now. With that time horizon in mind, Disney (NYSE: DIS), Apple (NASDAQ: AAPL), Verizon (NYSE: VZ), Visa (NYSE: V), and Axon (NASDAQ: AAXN) are my buy-and-hold-forever stocks. Cable has been disrupted by streaming, and new entrants like Netflix (NASDAQ: NFLX) and Amazon (NASDAQ: AMZN) are now among the strongest players in the industry.
Roughly nine months after launch, Apple (NASDAQ: AAPL) is now reportedly looking to mix up its strategy for Apple Arcade. Apple has never disclosed how many Apple Arcade subscribers it has, but the strategic pivot could imply that retention is weak. This week, Bloomberg reported that Apple is now trying to focus on games that have higher levels of engagement.