|Day's range||14.91 - 14.91|
Microsoft (MSFT) closed the most recent trading day at $208.35, moving +0.62% from the previous trading session.
(Bloomberg) -- Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.The Mountain View, California-based company has been discussing the investment in Jio Platforms Ltd., the digital arm of Ambani’s Reliance Industries Ltd., the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.Jio is at the center of the Indian tycoon’s ambition to transform his energy conglomerate into a homegrown technology behemoth akin to China’s Alibaba Group Holding Ltd. The venture has turned into a magnet for Silicon Valley investors, attracting almost $16 billion from Facebook to KKR & Co. in the past three months.Should the talks with Google result in a deal, that would further burnish Jio’s credentials in its push to upend online retail, content streaming, digital payments, education and health care in a market of more than a billion people.Global technology leaders from Facebook to Intel Corp. are looking for multiple ways to grab a slice of the Indian market, where millions of first-time internet users are added every month. Jio Platforms, which boasts almost 400 million customers through its wireless network, offers the largest base of such users who are increasingly buying consumer goods online and downloading music and video, using cheap smartphones and Jio’s own cut-price data services.Trade war politics have all but eliminated Google’s odds of returning to China. That leaves India as one of the remaining large digital markets where Google’s key business lines, Search and YouTube, have room to grow. It’s also a country where Google has made headway in more nascent efforts, such as payments and health care.Chetan Sharma, a tech industry consultant, said cloud-computing is the main reason Google is investing in Jio. The move would also support Google’s Android smartphone operating system and its mobile payments efforts in the country, he added.Telecom giants are turning to cloud-computing for their next wave of expansion. As a provider, Google has lagged behind competitors in this growing sector, Sharma said. “Google has been more reactive than proactive,” he said. “This gives them a leg in.”Last year, Reliance entered a 10-year deal with Microsoft Corp. for cloud services. The announcement did not describe the partnership as exclusive, and Google’s cloud strategy has centered on offering businesses ways to spend across multiple providers.Read more: Facebook Helps Asia’s Richest Man Shed Dependence on OilAn arm of Qualcomm Inc. is the latest in Jio’s growing list of high-profile investors, which also includes Intel Capital, Silver Lake Partners and Mubadala Investment Co. As of July 12, Reliance had sold 25.2% of Jio, valuing the venture at $65 billion.Google invests widely in companies, through its venture capital units as well as off its own balance sheet. A $4 billion investment would be the largest Google has made in a company outside of the U.S.Here’s a list of confirmed investors in Jio Platforms:Details of the potential deal with Google could change, and negotiations could still be delayed or fall apart, the people said. Reliance’s representatives didn’t immediately respond to requests for comment. A spokeswoman for Google in California declined to comment on Tuesday.The string of investments in Jio has spurred a rally in the shares of parent Reliance. The stock has more than doubled from its March 23 low, rewarding investors who will get to hear Ambani, 63, lay out his road map for the future of the group at the conglomerate’s annual shareholders meeting on Wednesday.The stock surge has also helped Ambani, Asia’s richest man, to break into the exclusive club of the world’s 10 wealthiest people. With a net worth of $72.4 billion, according to the Bloomberg Billionaires Index, the titan has rocketed past Elon Musk, Google co-founders Larry Page and Sergey Brin, as well as legendary investor Warren Buffett in the past few days to become sixth on the list.Just like Facebook, Google is expanding its presence in the Indian market. On Monday, the company said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in the country. The amount could be put into partnerships and equity investments among others, it said.Sundar Pichai, who was born in the country and is now chief executive officer of Google parent Alphabet Inc., said the coronavirus outbreak has made clear the importance of technology for conducting business and connecting with friends and family.Founded in 1998 in Silicon Valley, Google entered India six years later with offices in Bangalore and Hyderabad. The India business has since grown into one of the company’s most important. The country now has more than 500 million internet users, second only to China, with growth that has proved a lure to a raft of American technology giants.In the last decade, Google has successfully launched several products in India, including an Internet Saathi service to bring women in rural areas online and its Google Pay service.(Updates with Google strategy in sixth paragraph.)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.
Allscripts (MDRX) extends partnership with Microsoft that can help transform healthcare with smarter technology, thereby improving patient outcomes.
(Bloomberg) -- An ambitious voter registration effort from Facebook Inc. has rankled President Donald Trump’s re-election campaign, which is complaining that the social network’s goal of registering 4 million voters in time for November’s election is an attempt to swing the election in favor of former Vice President Joe Biden.“With knowledge of every user’s political ideology, Facebook is officially in the business of political advocacy and their efforts to silence conservative voices should be seen as nothing less than an attempt to ultimately benefit Biden and the Democrat Party,” said Samantha Zager, a spokeswoman for the Trump campaign, when asked about Facebook’s voter registration plans. Her comments follow on other grumbling from Republican strategists, including a prediction that Gary Coby, Trump’s digital director, made last month on Twitter that Facebook’s effort would focus on swing state voters likely to favor Biden.Facebook rejected the campaign’s claims. Emily Dalton Smith, who is helping to lead the voter registration effort, said the company won’t use ad targeting to determine who sees prompts to register; the only personal data Facebook will use are age and location, to make sure it is reaching eligible voters and directing them towards relevant local election information. She described the effort as non-partisan. A spokesman for the Biden campaign did not return a request for comment.The reaction from the Trump campaign is an illustration that nothing Facebook does is ever viewed as politically neutral. Last week, Bloomberg News reported that Facebook was considering a blackout on political ads in the days before the election, a common practice in other countries. The move was immediately condemned by civil rights groups, which called it a distraction that could potentially exacerbate voter suppression.Facebook’s political dilemma took shape during the 2016 election, when conservatives stepped up accusations that it intentionally disfavored right-wing messages. The attacks have only increased, despite evidence that right-leaning content consistently spreads further than political posts that lean left. In response, Facebook has taken a more permissive stance than rival social networks on content posted by the president and his campaign, leading to criticism that it is too willing to bend its rules to maintain an important political relationship.Last week, an independent audit of Facebook recommended the company implement stronger policies to prevent voter suppression. Such a move would likely force it to confront the president’s attacks on the legitimacy of basic aspects of the electoral process, like mail-in voting. The authors of the audit said the company was unwilling to commit.Republicans have supported higher barriers to voting in various ways, which has increasingly turned the mechanics of voting into a partisan struggle. Republican lawmakers are more likely to oppose efforts like same-day registration, and Trump adamantly opposes the expansion of mail-in voting, which he has attacked baselessly as illegitimate.Still, both parties want to register voters. On its face, voter registration should be far less controversial than, say, Facebook’s policies on whether to take down certain politically-charged posts. It has run registration efforts with the goal of registering 2 million voters. In June, employees presented Zuckerberg with the choice or repeating those efforts, increasing them by 50%, or doubling the goal. He opted for the most ambitious option. After it went public with the initiative, Facebook bought advertisements in the Washington political press highlighting the efforts.The company plans to blanket its users across Facebook, Instagram and Facebook Messenger with prompts and posts encouraging them to register to vote, and is also working directly with state secretaries of state offices to coordinate its notifications to users about local elections. “We just really want to help as many people as possible participate in the election,” said Dalton Smith.Facebook has shown that even modest nudges on the social network can change voting behavior. In the 2010 midterm elections, researchers at the company studied the impact of using posts on Facebook to encourage people to vote. A study they published in the journal Nature showed that people were significantly more likely to vote if they saw a message from a close friend who had voted, in the form of a digital “I Voted” sticker. Providing the digital sticker, they wrote, led to 340,000 additional votes, the researchers wrote: “The results show that the messages directly influenced political self-expression, information seeking and real-world voting behavior of millions of people.”The design of Facebook’s program could impact its specific effects. In its first round of voter registration notifications, for instance, Facebook prompted users on its main app to register to vote, but it didn’t run a similar message on Facebook-owned Instagram. Most observers believe that Instagram, with its younger audience, is comparatively more likely to be the home to Democratic Party-inclined voters, while older suburban voters are more likely to use Facebook. (The company says it plans to include Instagram in other efforts this election season.)Online voter registration could have a particularly significant impact on this year’s election. Typically, state department of motor vehicles are the most common places for people to register. Some 25 million people registered this way in the most recent presidential election cycle. Every month, some 2 million people who normally would have registered are failing to do so because of the pandemic, according to National Voter Registration Day, a nonprofit organization.The unusual nature of this fall’s election will likely also require more forethought by voters. While many states allow voters to update their address in person on Election Day, people who vote by mail have to do so in advance in order to receive their ballot.Other technology companies, including Microsoft Corp. and Spotify Technology SA , are planning digital voter registration efforts. The messaging company Snap Inc. has built animations into its app meant to encourage people to share that they voted, a campaign that several voter registration experts say is some of the most innovative and high-engagement work this campaign season.But Facebook’s effort is huge compared to any other digital voter registration efforts. Acronym, a nonprofit aligned with the Democratic Party, has an affiliated voter registration arm that is spending $6 million to register 100,000 people this election cycle. If Facebook had to spend the same amount for each of its 4 million voter registrations, its effort would be worth $240 million, although the company will almost certainly spend far less.The world’s largest social network is in a uniquely influential position, according Ashley Spillane, a voter registration consultant and former head of Rock the Vote. “The amount of reach that the platform has is so significant that any call to action that helps people get to a voter registration form will have a sizable impact,” she said.(Updates third paragraph with additional information about Facebook's voter registration efforts.)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.
Microsoft's (NASDAQ:MSFT) stock is up by a considerable 19% over the past three months. Given that the market rewards...
Microsoft (NASDAQ: MSFT) announced on Monday that it would spin off its Xiaobing Chinese chatbot business into an independent company. In a news release posted in Chinese, the company said it would divest the artificial intelligence (AI)-based Xiaobing -- also called Xiaoice -- business into an independent concern. Microsoft will continue to hold an equity stake in the venture.
PepsiCo giant kicked off the week with solid earnings, and a major gambling market is set to reopen this week. It wasn't enough to keep stocks from turning down sharply at the end of the day as we head into earnings season.
(Bloomberg) -- Amazon.com Inc. shares rallied on Monday, and the advance lifted the company’s market capitalization above Microsoft Corp. for the first time in more than a year.The stock rose as much as 4.5% in its fourth straight daily advance, giving the e-commerce and cloud-computing company a valuation of about $1.66 trillion, or about $30 billion more than Microsoft’s market capitalization. According to an analysis of Bloomberg data, Amazon last exceeded Microsoft in size in February 2019.Recent gains in Amazon have come amid a growing consensus that it will be a major winner from the pandemic, which has accelerated a shift to online retail and fueled demand for cloud-computing services. Earlier, Cowen raised its price target to the highest on the Street, citing the continued “demand surge” from the pandemic, “in particular as the U.S. faces staggered and sometimes halted re-openings.”Among U.S. stocks, Amazon’s rally means it is second only to Apple Inc. in size; the iPhone maker’s market cap leads at $1.73 trillion. A rally in mega-cap tech and internet stocks has also resulted in Google-parent Alphabet Inc. eclipsing $1 trillion in market cap recently.Globally, the list is topped by Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about $1.78 trillion.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.
After a series of closed alpha tests, Microsoft's Xbox Game Studios and Asobo Studio today announced that the next-gen Microsoft Flight Simulator 2020 will launch on August 18. Pre-orders are now live and FS 2020 will come in three editions, standard ($59.99), deluxe ($89.99) and premium deluxe ($119.99), with the more expensive versions featuring more planes and handcrafted international airports. The last part may come as a bit of a surprise, given that Microsoft and Asobo are using assets from Bing Maps and some AI magic on Azure to essentially recreate the Earth -- and all of its airports -- in Flight Simulator 2020.
Tencent's (TCEHY) expansion strategy to take China-based gaming firm, Leyou Technologies Holdings Ltd. private is expected to stir up competition in the video gaming space.
(Bloomberg Opinion) -- The stock market has been on a tear for the past three months, and Big Tech gets much of the credit.But how can this possibly be when the coronavirus has inflicted so much damage on the U.S. economy, with the highest unemployment since the Great Depression and gross domestic product headed into a black hole? And anyway, it's not as if tech is untethered from the economy.Yet, maybe tech isn't all that dependent on growth in the U.S. Compared to the rest of the world, and for the first time in ages, many wealthy industrialized countries are doing better -- and in some cases, much better -- than the U.S. Nations such as Japan, South Korea and Germany not only have managed to contain the pandemic, but their economies are well ahead of the U.S.'s into their re-openings. For the past five years, a small group of tech stocks has had an outsized influence on U.S. markets. Two-thirds of the gains in the S&P500 have been driven by just six U.S. companies -- Facebook, Amazon, Apple, Netflix, Google (Alphabet) -- the so-called FAANG stocks -- and Microsoft. An index of those six stocks is up more than 62% since the March lows, while the S&P 500 is up about 40%.Overseas markets may very well be a key reason shares of the biggest U.S. tech companies are powering higher. These tech companies derive a surprisingly large share of their revenue from foreign markets. According to Standard & Poor's, companies in the S&P 500 derived 42.9% of their sales from overseas markets in 2018 (2019 data is not yet available).But this share is much higher for the big tech companies: Apple generated more that 55% of its revenue outside the U.S. in the year ended in September; in some quarters, overseas accounted for as much as 60% of revenue. International accounted for 54.5% and 53.8% of Facebook and Alphabet revenues, respectively. For Microsoft and Netflix, the split is about half domestic and half overseas (49.0% and 49.4%, respectively). Amazon is the Big Tech exception, generating a sizable majority of its revenue within the U.S.What make overseas so important, though, is because that's where the growth is. Netflix had revenue growth of 21% in 2019, but the domestic side was a laggard at just 7%. Facebook, meanwhile, now has more users in India than in the U.S., with Indonesia and Brazil growing fast. For Alphabet, Asia and Latin America have produced faster revenue growth than the U.S.It isn't a coincidence that these companies that are so reliant on the rest of the globe have seen their stock prices do well. The Covid-19 numbers suggest that much of the world is way ahead of the U.S. not only in terms of managing the pandemics, and that their economies are recovering faster.As of July 9, globally, there were more than 12 million confirmed cases of Covid-19 and almost 550,000 deaths. In the U.S. those figures were 3 million confirmed cases and 132,000 deaths. This data is a report card on how well the country is managing the pandemic: The U.S. has 4.2% of the world’s population, but 25% of the infections and 24% of the deaths.And yet, even this national incompetence has worked to the advantage of the Big Tech companies. All they require of their customers is a computing device and a network connection; users are not limited by geography -- either domestically or internationally. Nor do users need to have a physical presence at an office.Some companies are well positioned to survive the pandemic lockdown, thriving during an era of remote work and social distancing. Many of these same companies are well positioned to benefit from the rest of the world’s economic recovery. As it turns out, tech companies can profit both from the U.S.'s shutdown and a recovering Europe and Asia. It is a very effective one-two punch. It explains so much of the market’s gains.This 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 is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”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.
(Bloomberg) -- Type a query into the Google search bar on a smartphone and there's a good chance the results will be dominated by advertising.That stems from a decision in 2015 to test a fourth ad, rather than three, at the top of search results. Some employees opposed the move at the time, saying it could reduce the quality of Google’s responses, according to people familiar with the deliberations. But the company brushed aside those concerns because it was under pressure to meet Wall Street growth expectations, one of the people said.By 2016, the extra marketing slot was a regular feature. It’s one of the many ways the search leader has altered how it presents results since its early days. Another example is the pre-packaged information Google often displays in a box at the top of a page, rather than sending users to other websites. Phased in gradually over years, changes like these have gone largely unnoticed by legions of consumers who regularly turn to Google to call up information and hunt for bargains. The company says these changes support its mission to organize the world’s information and make it useful and accessible to everyone.But to many web publishers and other businesses that have historically relied on the internet giant to send users to their sites, Google's subtle tweaks have siphoned off vital traffic and made it harder -- and costlier -- to reach customers online. Debate over Google's influence is gathering intensity as U.S. regulators prepare an antitrust case against the company in what will be one of the biggest legal clashes between the government and a corporation since the U.S. sued Microsoft Corp. in 1998. Google controls about 85% of the U.S. search market, and the changes it’s made have piled pressure on businesses to pay more to appear at the top of search results. That’s already a focus of regulators. Last year, David Cicilline, head of the House Subcommittee on Antitrust, asked Google if a 2004 statement from co-founder Larry Page that the company wants to get users “out of Google and to the right place as fast as possible,” still described its approach. In a written response, Google simply skipped the question.The government is wading into a complex business with many competing interests that Google must balance. Users want the best answers. Web developers need eyeballs. Shareholders demand growth. From the beginning, websites have tried to trick Google’s algorithm into feeding them traffic, and they complain when the company cracks down. However, some web developers and advertisers say this balance has swung too far in Google’s favor. In the early 2000s, the company’s search engine offered a simple deal: Produce quality information and Google will send you traffic so you can make money showing ads. Reinvest some of that cash to make better experiences, and the web will grow, giving Google more territory to explore and organize.“Our search results are the best we know how to produce. They are unbiased and objective,” Page and co-founder Sergey Brin wrote when the company went public in 2004. Ads would be few, helpful and unobtrusive, they said. This deal has been slowly changing, though. A turning point came in June 2019. That was when more than half of searches kept users on Google for the first time, rather than sending people to other sites through a free web link or an ad, according to data from digital marketing company Jumpshot.“We’ve passed a milestone in Google’s evolution from search engine to walled-garden,” said Rand Fishkin, who has advised businesses on how to work with Google’s search engine for nearly two decades. “They used to be the good guys.”On smartphones, the change has been more pronounced. From June 2016 to June 2019, the proportion of mobile searches that led to clicks on free web links dropped to 27% from 40%. No-click searches, which Fishkin says suggests the user found the information they needed on Google, rose to 62% from 56%. Meanwhile, clicks on ads more than tripled, Jumpshot data show. When the search engine can give straightforward answers and save users a click, it will do that, and some sites have embraced this as a new way to gain traffic, according to Danny Sullivan, public liaison for Google’s search team. The company knows “the best information is coming from the web” and it wants to support the ecosystem, he added. Google also argues that ads keep the search service free for users and are confined to the small percentage of queries that suggest someone is looking to buy something.In some cases, Google pays to summarize other companies’ content. Sports scores are one example, according to a May 20 blog post. The company is also planning to pay select media outlets in a news service later this year. But Google doesn’t think everyone’s content is worth paying for.Mike Moloney runs FilterGrade, a marketplace for custom filters photographers use to edit their work. He gets most of his traffic from articles on his website, such as lens reviews and camera-related top 10 lists. Recently, he noticed Google pulling photos and text straight off the site and showing it at the top of search results. There’s a link to Moloney’s company at the bottom of the section, but clicking on any of the photos brings the searcher to another Google page full of shopping ads for film stock. None of these ads are related to, or benefit, FilterGrade -- unless Moloney chooses to pay Google for placement.“They’re doing a good job of making it subtle, almost like it’s an accident half the time,” Moloney said.When Moloney tweeted his frustration in April, Google's Sullivan said the company would review the practice. Several months later, the situation remained the same.It's often unclear who owns content online, especially when it's relatively easy to scrape information from one site and re-purpose it quickly on a new web page. But even when ownership is not in dispute, Google's combination of direct answers and extra ads has pushed free links to sites further down the search results page. Fishkin’s former colleague, Pete Meyers, has been testing the same list of 10,000 search terms for years. On average, users now have to scroll down twice as far to find the first organic free link, compared with 2013. “This has been the slowest but most consistent march in tech,” venture capitalist Bill Gurley wrote on Twitter last year. “If you are still holding out hope for a SEO strategy you must be intentionally ignoring all of the data in front of you,” he added, referring to search engine optimization, a popular way of improving websites to rank higher in Google’s free results. While businesses struggle to adjust, Google’s revenue and profit have surged. In 2009, the company generated sales of $24 billion and profit of $6.5 billion. Last year, parent Alphabet Inc. reported $162 billion in revenue and $34 billion in net income. The Search business alone brought in almost $100 billion in sales.Much of that growth has come from adding more ads. On mobile phones, ads now take up the entire first screen for some searches. In 2015 and early 2016, when the company tested adding a fourth ad to the top of search results, there was push-back from some employees, according to people familiar with the situation who asked not to be identified discussing internal debates. The main concern was that the fourth ad was often lower quality than the first free web link right below, one of the people said. Google dismissed those worries and went ahead with the fourth ad slot because it was under pressure to keep revenue and profit growing to meet analysts’ expectations, this person added.Google said it removed an ad slot on the side of the page when it added the fourth ad on top, leading to a lower number of overall ads for “highly commercial queries.” Fewer than 2% of all searches result in four or more text ads on the first page, according to the company.Kevin Hickey, chief executive officer of Online Stores Inc., said these changes have forced him to spend more on Google search ads to keep traffic flowing to his e-commerce businesses. More than a decade ago, about two-thirds of Hickey’s Google traffic came from free, or organic, listings. But as Google increased ad slots to the top of results, that mix flipped. Organic results account for about 20% of visitors to his sites now, and he spends about 10% to 15% of his revenue on Google ads. He has raised prices, but his profit margins have shriveled. “The prices that consumers are paying are now higher because of Google’s business model,” Hickey said.Google doesn’t have a responsibility to pad the bottom lines of for-profit businesses. But one of the internet’s most beloved not-for-profit services has been caught up in this, too.Wikipedia pages were some of the first that Google mined to answer search queries directly. The company would often fail to credit the digital encyclopedia clearly, leaving Wikipedia managers wondering if they were Google partners or simply bystanders, according to a person familiar with the situation. The concern inside Wikipedia is that its relevance will slip away the more its content is read in other places. The thousands of volunteers who write and edit the site’s articles may stop contributing if they see their hard work benefiting a trillion-dollar corporation instead of a non-profit, this person said. They asked not to be identified to preserve their relationship with Google. “We regularly consider the impact of third-party use of Wikipedia’s information, especially as the public increasingly consumes content outside our sites,” a Wikipedia spokeswoman said. “We’ve worked with Google over the years to improve the way they credit content from Wikipedia in the knowledge panel so that the public clearly knows when they’re reading information from Wikipedia.” 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.
Microsoft is shedding its empathetic chatbot Xiaoice into an independent entity, the U.S. software behemoth said (in Chinese) Monday, confirming an earlier report by the Chinese news site Chuhaipost in June. The announcement came several months after Microsoft announced late last year it would close down its voice assistant app Cortana in China among other countries. Xiaoice has over the years enlisted some of the best minds in artificial intelligence and ventured beyond China into countries like Japan and Indonesia.
Nokia (NYSE: NOK) was once one of the world's top mobile phone makers, but it sold its handset unit to Microsoft (NASDAQ: MSFT) in 2014. The Finnish company subsequently focused on growing its Nokia Networks business, which sells telecom equipment to carriers. Nokia bought its rival Alcatel-Lucent in 2016 to expand that business and become the world's second-largest telecom equipment company.
Investing in these diverse technology companies will allow you to benefit from hot trends while getting paid along the way.
FedEx (NYSE: FDX), Lululemon (NASDAQ: LULU), and Intel (NASDAQ: INTC) are all quietly making moves that set them up nicely for the future. Interestingly, FedEx and Lululemon have been able to adapt to COVID-19 realities and increase business, while Intel works behind the scenes to deliver advanced technology today. In 2019, FedEx cut ties with Amazon (NASDAQ: AMZN), causing many on Wall Street to shake their heads.
(Bloomberg) -- Microsoft Corp.’s LinkedIn programmed its iPhone and iPad applications to divert sensitive information without users’ knowledge, according to a class-action lawsuit.The apps use Apple’s Universal Clipboard to read and siphon the data, and can draw information from other Apple devices, according to the complaint filed Friday in San Francisco federal court. The privacy violations were exposed by Apple and independent program developers, according to the suit.Developers and testers of Apple’s most recent mobile operating system, iOS 14, found LinkedIn’s application was secretly reading users’ clipboards “a lot,” according to the complaint. “Constantly, even.” Apple’s clipboard often contains sensitive information users cut or copy to paste, including photos, texts, emails or medical records.“LinkedIn has not only been spying on its users, it has been spying on their nearby computers and other devices, and it has been circumventing” Apple’s clipboard timeout, which removes the information after 120 seconds, according to the suit.LinkedIn spokesman Greg Snapper said the company is reviewing the lawsuit. Erran Berger, head of engineering at LinkedIn, said in a July 2 tweet that the company had traced the problem to a code path that performs an “equality check” between contents on the clipboard and typed text. “We don’t store or transmit the clipboard contents,” he added.The lawsuit was filed on behalf of Adam Bauer of New York City, who says he routinely used the LinkedIn App on his iPhone and iPad.The suit seeks to represent a class of users based on alleged violations of federal and California privacy laws and a breach of contract claim.LinkedIn’s information collecting was reported earlier this month by outlets including the Verge and Forbes.The case is Bauer v. LinkedIn Corp., 20-cv-04599, U.S. District Court, Northern District of California (San Francisco).(Updates with LinkedIn spokesman in fifth paragraph.)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.
Strong growth in several massive markets will help drive NVIDIA's (NASDAQ: NVDA) share price to $500. So says Rosenblatt Securities analyst Hans Mosesmann. On Friday, Mosesmann reiterated his buy rating on NVIDIA's stock and boosted his target price from $400 to $500.
The Zacks Analyst Blog Highlights: Apple, Microsoft, TMobile US, Goldman Sachs and Cigna