|Bid||0.00 x 1200|
|Ask||0.00 x 800|
|Day's range||203.10 - 205.47|
|52-week range||123.02 - 218.62|
|Beta (3Y monthly)||1.30|
|PE ratio (TTM)||30.25|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Netflix will deliver its second-quarter financial results after the market close Wednesday.
Rep. David Cicilline, chairman of the House Judiciary antitrust subcommittee, has a lot of questions for Facebook as
Despite growing controversy over the crypto world’s latest big idea, some think Facebook's Libra might be a game-changer for the greater blockchain community.
Jul.16 -- Sen. Mark Warner, a Virginia Democrat, discusses Facebook Inc.'s plans for a new cryptocurrency with Bloomberg's Emily Chang on "Bloomberg Technology."
Jul.16 -- Joyce Lai, ConsenSys attorney, and Bloomberg's Kurt Wagner discuss the regulatory issues surrounding Facebook Inc.'s plans for a new cryptocurrency. They speak with Bloomberg's Emily Chang on "Bloomberg Technology."
Investing.com - Prices of Bitcoin and other major cryptocurrencies slumped on Wednesday in Asia as U.S. legislators slammed Facebook’s plan to launch its own digital coin Libra in the Senate.
(Bloomberg) -- Google’s chief executive officer told U.S. Senator Mark Warner that the company has ended some partnerships in China, the lawmaker said Tuesday on Bloomberg Television.The search giant’s ties to China were in the spotlight this week after technology investor Peter Thiel suggested on Sunday that the U.S. government probe Google’s “seemingly treasonous” work. President Donald Trump said he wanted the U.S. attorney general to look into the claims.Google pulled its search engine from mainland China in 2010. But the company began developing a separate prototype Chinese search service as early as 2016. Reports of the project, called Dragonfly, surfaced shortly after Google nixed a U.S. military contract, drawing criticism from the Pentagon and U.S. politicians from both parties. Earlier this year, Google said it had moved staff off of Dragonfly, and on Tuesday Karan Bhatia, Google’s policy chief, said the project was “terminated.”Warner, a Democrat from Virginia, didn’t specify what projects he discussed with Google CEO Sundar Pichai. A spokeswoman for the senator said they spoke about a “range of partnerships.”“I do think there’s some explaining that Google needs to make,” Warner said in an interview with Emily Chang on “Bloomberg Technology.” “I’ve met with the Google CEO. He said they are backing out of some of those partnerships, and they’re willing to work with the U.S. government.”A Google spokeswoman declined to comment on Warner’s interview.In January 2018, Google parent Alphabet Inc. signed a deal with Chinese tech giant Tencent Holdings Ltd. to cross-license technology and intellectual property. Google was also in talks with Tencent and several other Chinese firms about bringing its cloud services to China, Bloomberg News has reported. Google has a research partnership with Beijing’s Tsinghua University.In a speech on Sunday, Thiel, a Facebook Inc. board member, raised the question of whether Google’s management was “infiltrated” by foreign intelligence agencies. On Monday, the company said it has never worked with the Chinese military.“I think that Mr. Thiel and Mr. Trump’s statements are a little over the top,” Warner said.To contact the reporters on this story: Mark Bergen in San Francisco at email@example.com;Emily Chang in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- U.S. senators used a Congressional hearing on Tuesday to push the idea of overhauling a law that protects YouTube, Facebook and other internet services from being sued for the content users post.The Senate Judiciary subcommittee hearing, led by Senator Ted Cruz of Texas, featured accusations Republicans have been making for months: that Google manipulates search results and its YouTube video service to censor conservatives. Google policy chief Karan Bhatia denied this and said it would be bad for business if users didn’t trust the company to be impartial.What was new is that Cruz, fellow Republican Senator Josh Hawley and Democrat Richard Blumenthal attacked part of a 1996 law that helped internet companies thrive. Section 230 of the Communications Decency Act exempts online services from liability for user-generated content. There have been rising calls to re-examine this after Facebook, Twitter and YouTube failed to control harassment and other toxic content and behavior on their services.Section 230 was weakened last year for situations involving sex trafficking. Cruz said on Tuesday that the provision should not apply to internet companies that don’t remain politically neutral.Senator Mazie Hirono, a Democrat from Hawaii, told Bloomberg Government that Section 230 was put in place to protect smaller, developing internet services, not giant tech companies. "I don’t think they’re developing anymore so it probably could stand to be reviewed," she said.Bhatia said Google was doing all it could to take down offensive content on YouTube but that the sheer volume of videos it hosts means some offending material always slips through. He said Google never uses political ideology as a reason to block or take down videos on YouTube or remove information from search results.“You can’t simply unleash the monster and say it’s too big to control,” Blumenthal said while questioning Google’s Bhatia.Hawley also said that if Google was willing to censor search results in China, why wouldn’t it do the same in the U.S.? Google pulled out of China in 2010 because of pressure from the government to censor search results. A new initiative to go back into China, dubbed "Project Dragonfly," has been shelved after outcry from employees, activists and politicians.Bhatia’s two-hour grilling yielded little in terms of new information from Google. Some Senators chided him for evading questions and not having more information at hand.“You’re doing something remarkable,” Cruz said. “You’re managing to be less candid than Mark Zuckerberg.”Zuckerberg, the chief executive officer of Facebook Inc., testified in Congress last year.(Updates with comments from senator in fifth paragraph.)To contact the reporters on this story: Gerrit De Vynck in New York at firstname.lastname@example.org;Rebecca Kern in Washington at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(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.
(Bloomberg) -- Facebook wants to build the cryptocurrency of the future, but first it has to contend with its past.When U.S. senators gathered on Tuesday to ask questions about Libra, the proposed digital currency Facebook Inc. is developing, they took turns blasting the tech giant over years of missteps. Facebook’s failures around user privacy, the company’s immense power, and even its role in the 2016 elections were mentioned repeatedly by members of the Senate Banking Committee, whose statements reflected a near-unanimous refrain: Facebook shouldn’t be trusted to create a new global currency.“Facebook is dangerous,” said Senator Sherrod Brown, the committee’s ranking Democrat, who set the tone with his scathing opening remarks just minutes into the hearing. Brown described the company as a “toddler” with a book of matches. “Facebook has burned down the house over and over and called every arson a learning experience,” he said.Brown was joined by senators from both parties who expressed similar concerns. “Lots of people out there already think Facebook is too big and too powerful,” said Brian Schatz, a Democrat from Hawaii. “Why in the world should Facebook of all companies, given the last couple of years, do this?”The vision, according to Facebook, is to create a digital currency that will lower the cost of international money transfers and help bring more than a billion people without bank accounts onto the global financial system. But after the world’s largest social network announced the plan last month, it swiftly met skepticism from a broad coalition of U.S. officials, including Federal Reserve Chairman Jerome Powell and U.S. President Donald Trump. At the same time, the company is dealing with other lingering problems in Washington, including a privacy investigation by the Federal Trade Commission that is just now coming to a close.Answering that criticism on Tuesday was David Marcus, the executive who leads the company’s blockchain team and has so far served as the de-facto leader for Libra. Marcus spent his opening remarks trying to better explain what Libra is, and the company’s plan for how it could change the world of personal finance. He spent much of his time after that, though, defending his employer for its previous missteps, and trying to convince Congress that people will be able to use Libra without ever having to use Facebook.“We will have to make very strong commitments so that people trust us, and we will have to honor those commitments for a very long period of time to earn people’s trust,” he said, adding that users will be able to use the Libra currency with other digital wallets managed by Facebook competitors.Marcus also sounded a familiar theme for the company: if Facebook does not build the technology of the future, someone else will. Marcus mentioned multiple times that he believes the U.S. should be a leader in creating a new global currency -- something that other countries will try to do without U.S. input, he added.The company has stressed that it still has work to do on Libra, as critics have pointed out that the plans for the currency so far appear incomplete. In Marcus’s testimony, the former PayPal executive shed some light on questions about the Libra Association, saying that the proposed governing body of the new currency will elect a board and a managing director to essentially serve as a leader of Libra. Marcus also said that Facebook would institute consumer protections to prevent scams within its own digital wallet, called Calibra, including requiring a valid photo ID in order to set up an account.But those substantive exchanges were overshadowed by Facebook’s bigger issue: That its message about the benefits of a global cryptocurrency won’t hold water for regulators if the platform is fundamentally untrustworthy. Arizona Republican Martha McSally put it bluntly: “I don’t trust Facebook,” she said. “And I am not alone.”Marcus is set to take more questions about Libra on Wednesday, this time before the House Committee on Financial Services, where chairwoman Maxine Waters has been particularly disdainful about Facebook’s plans for Libra. Waters has called for the company to halt the project while Congress investigates.To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies. David Marcus, the company's top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. During the hearing, a U.S. senator said Facebook was "delusional" to believe people will trust it with their money.
A wave of quarterly reports from Netflix and other top-tier, high-growth companies starting on Wednesday will test Wall Street's willingness to extend a recent rally driven by expectations of lower interest rates. Facebook, Amazon and Google-owner Alphabet, all part of the so-called FANG group of widely held stocks, have jumped over 5% so far in July, with investors increasingly willing to bet on the volatile names thanks to expectations the Federal Reserve will cut rates later this month by as much as half a percentage point to support economic growth. The FANG companies, combined with investor favourites Apple and Microsoft, account for about 17% of the S&P 500's $26 trillion market capitalisation, making reaction to their quarterly results key to Wall Street sentiment.
A wave of quarterly reports from Netflix and other top-tier, high-growth companies starting on Wednesday will test Wall Street's willingness to extend a recent rally driven by expectations of lower interest rates. Facebook , Amazon and Google-owner Alphabet , all part of the so-called FANG group of widely held stocks, have jumped over 5% so far in July, with investors increasingly willing to bet on the volatile names thanks to expectations the Federal Reserve will cut rates later this month by as much as half a percentage point to support economic growth. The FANG companies, combined with investor favorites Apple and Microsoft , account for about 17% of the S&P 500's $26 trillion market capitalization, making reaction to their quarterly results key to Wall Street sentiment.
In prepared remarks for a congressional hearing, Facebook says Instagram and WhatsApp have had a greater chance to thrive after merging.
Bitcoin continued its downward spiral Tuesday as lawmakers added to regulatory fears by questioning the safety and legitimacy of cryptocurrency.