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☆ Here are Friday's biggest analyst calls: Apple, Tesla, Netflix, Marvell, Ollie's, Snowflake, Eli Lilly, Krispy Kreme & more
▼ + stars: | 2024-04-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are raising our YE'24 NFLX target price $65 to a street-high $765 driven primarily by a combo of higher '24 and beyond subscriber/ARPU forecasts." "We are upgrading Ollie's Bargain Outlet to a Buy from a Hold rating while raising our price target to $90 from $80, implying 26% upside from current levels." We cut our price target from $2 to $1, still giving ATUS the highest multiple in Cable as optionality. "We are raising our already Street High $330 YE'24 target price $60 to $390 driven primarily by higher premium and to a lesser extent ad supported ARPU forecasts." Jefferies adds Pepsi to the franchise picks list Jefferies said it sees opportunity internationally for Pepsi and raised its price target to $209 per share from $199.

Persons: Marvell, it's, Bernstein, Mizuho, Wells, Piper Sandler, Krispy, JPMorgan, Eli Lilly, LLY, Stifel, Rosenblatt, Snowflake, Jefferies, underperform KBW, Daiwa, Tesla, KBW, Monness Crespi Hardt Organizations: Netflix, Bank of America, Apple, Amazon Web Services, RBC, Eaton, Piper, JPMorgan, Technologies, Cable, Spotify, BMO, Royal Bank, Pepsi, Fox, Fox News, Digital, Citi, Express, American Express Locations: NY, McDonald's, USA, Toronto, Snowflake, U.S

☆ Stocks making the biggest moves midday: Altice, Tesla, Krispy Kreme, Cinemark and more
▼ + stars: | 2024-04-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Altice USA — The cable television firm tumbled more than 12% after Wells Fargo downgraded the stock to underweight from equal weight. Krispy Kreme — Shares jumped 6% after Piper Sandler upgraded the stock to overweight from neutral. Cinemark — The movie theater chain climbed 4.4% on the back of a double upgrade to overweight from underweight by Wells Fargo. Snowflake — The cloud company added 2.5% after Rosenblatt upgraded the stock to buy from a neutral rating, citing strong customer interest. Agilent Technologies — The life sciences applications stock rose nearly 3% after Stifel upgraded it to buy from hold.

Persons: Wells, Steven Cahall, Tesla, Elon Musk, Piper Sandler, McDonald's, Cinemark, Rosenblatt, Daniel Arias, Johnson, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Michelle Fox Organizations: USA, Reuters, EV, Investors, Energy, Citi, Technologies, Stifel, Shockwave, Johnson, Israel Locations: U.S, Wells Fargo

☆ Stocks making the biggest moves premarket: Krispy Kreme, Cinemark, Western Digital and more
▼ + stars: | 2024-04-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Shockwave Medical — The medical device stock rose 1.6% after Johnson & Johnson announced it would buy the company for $12.5 billion. Krispy Kreme — Shares of the doughnut chain surged 5% in premarket trading after Piper Sandler upgraded the stock to overweight from neutral. Fox Corporation Class A — The stock rose 1% following an upgrade to buy from neutral at Seaport Research. Western Digital — The semiconductor stock rose nearly 3.5% after an upgrade to buy from neutral by Rosenblatt Securities. Agilent Technologies — The life sciences applications company rose more than 1% after receiving an upgrade to buy from hold at Stifel.

Persons: Johnson, Piper Sandler, Krispy Kreme, McDonald's, Omar Mejias, Wells, Steven Cahall, Ollie's, Gro —, Rosenblatt, Daniel Arias, — CNBC's Michelle Fox, Hakyung Kim, Yun Li, Sarah Min, Jesse Pound Organizations: Johnson, USA, Scotts Miracle, Gro, Fox Corporation, Seaport Research, Rosenblatt Securities, Western, Technologies, Stifel Locations: Wells Fargo

☆ Altice USA shares spike 50% on report Charter is considering acquisition
▼ + stars: | 2024-02-26 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Altice USA shares spiked as much as about 50% on Monday following a report that Charter Communications is considering buying the broadband company. Charter is working with financial advisors as it considers whether it would make sense to buy Altice USA, Bloomberg reported Monday, citing people with knowledge of the matter. Charter declined to comment on the report, while Altice USA could not immediately be reached for comment. Altice USA shares had plunged more than 40% this year before their jump Monday, while Charter's stock has fallen about 25%. Altice USA owns brands led by broadband, TV and phone company Optimum.

Persons: — CNBC's Alex Sherman Organizations: Altice USA, Communications, Bloomberg, Altice Locations: USA, Altice USA

☆ Cheddar News, the business-focused startup, has been hollowed out. ‘It feels like the end,’ sources say
▼ + stars: | 2024-01-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

There is “literally no one there.”That’s because there is, effectively, no one working at Cheddar News, the once spirited financial news-focused streaming television network. “It feels like the end,” a person familiar with the matter candidly told me. By the time Archetype acquired Cheddar in December, only a couple dozen or so editorial staffers remained at the outlet, people familiar with the matter told me. Soon after signing those agreements, however, Archetype sent furlough notices to many of the remaining employees. “There is certainly a death happening as we speak,” one of the people familiar with the outlet’s state of affairs told me.

Persons: New York CNN —, ” I’m, Jon Steinberg, Bell ”, Kristen Scholer, I’m, Steinberg, ”, Kelly Facer, Stephanie Gildea, it’s Organizations: New, New York CNN, Cheddar News, CNBC, millennials, Altice USA, Associated Press, Altice, Business Locations: New York, Manhattan, Cheddar, ”

Cheddar News owner Altice USA announced Thursday it has sold the financial news streaming service to the media company Archetype, which is owned by private equity firm Regent LP. Altice USA will collect proceeds in the future if Cheddar meets certain performance targets. Those payments could amount to about $50 million based on internal projections, CNBC previously reported. Cheddar, founded in 2016 by Jon Steinberg, was bought by Altice USA in 2019 for $200 million. "We are incredibly proud of what Cheddar News has accomplished within the Altice USA portfolio, growing its distribution to reach new viewers with fresh and exciting need-to-know news content," said Keith Bowen, president of news, advertising and programming for Altice USA, in a statement.

Persons: Jon Steinberg, Keith Bowen Organizations: Cheddar News, Altice USA, CNBC, Sunset Magazine, Military Times, CNBC PRO Locations: Cheddar, Regent, USA

☆ Altice USA in talks to sell Cheddar News to private equity firm Regent
▼ + stars: | 2023-12-11 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Altice USA is in talks to sell the financial news streaming service Cheddar News to LA-based private equity firm Regent LP, according to people familiar with the matter. Instead, Altice USA would participate in Cheddar's future performance as part of a so-called "earn out" structure. Since then, Altice USA, the fourth-largest U.S. cable provider, behind Comcast , Charter and Cox, has looked to shed assets as its stock price has plummeted. Altice USA has also considered selling U.S. cable asset Suddenlink but dropped those plans in late 2022. The New York Times reported Altice USA was considering selling Cheddar earlier this year.

Persons: Jon Steinberg, Dexter Goei, Steinberg, Goei, Regent, Ralph Lauren, Regent didn't Organizations: USA, Regent, Altice, CNBC, Altice USA, Comcast, Cox, Sightline Media, Sunset Magazine, Time Inc, Club Monaco, New York Times Locations: LA, USA, Altice USA, U.S, Tegna

☆ Who is new interim OpenAI CEO Emmett Shear? All you need to know about the man replacing Sam Altman
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

After a weekend of rumor and speculation, Emmett Shear — former co-founder and CEO of Twitch — confirmed he will take the top job at probably the most high-profile AI company in the world. watch nowTwitch was acquired by Amazon for $1 billion in 2014 and Shear stepped down as CEO of Twitch last year. Before Shear started Twitch, he was the co-founder of Kiko Calendar, a calendar app he worked on through the 2005 Y Combinator program. As head of OpenAI, Shear will likely face pressure from regulators who have been heavily scrutinizing AI model companies given the risks the technology poses around misinformation and potential displacement of jobs. Earlier this month, the U.K. held a pivotal summit on AI safety, attended by major foundational AI companies, to discuss some of the most pressing issues in the field.

Persons: Emmett Shear, Eoin Noonan, It's, Sam Altman, Twitch —, Shear, Altman, ChatGPT, Emmett, Justin Kan, Michael Seibel, Kyle Vogt, Kan, Twitch, Y, Kiko Organizations: Web, Getty, Amazon, YouTube Locations: LISBON, PORTUGAL, Lisbon, Portugal, Silicon

☆ Here are Thursday's biggest analyst calls: Nvidia, Amazon, Target, DoorDash, Intel, Plug Power & more
▼ + stars: | 2023-11-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Roblox as buy Bank of America said the stock is becoming "more investable." Deutsche Bank initiates Wayfair as buy Deutsche said in its initiation of the stock that it's a "pure-play e-commerce leader." Deutsche Bank initiates DoorDash as buy Deutsche said in its initiation of the company that it has "superior unit economics." Bank of America initiates Gen Digital as buy Bank of America said it likes the cyber safety vendor. Goldman Sachs reiterates Amazon as buy Goldman said it sees an "underappreciated secular growth opportunity" for Amazon shares into next year. "

Persons: it's, Goldman Sachs, Goldman, 1QFY, Roblox, Price, Stifel, Baird, Catalent, 1HCY24, Piper Sandler, Piper, Philip Morris, Guggenheim, Wells, TD Cowen downgrades Organizations: UBS, Nvidia, Qs, Networks, Palo Alto Networks, 1QFY billings, billings, Bank of America, Products, Deutsche Bank, Deutsche, HSBC downgrades Altice, HSBC, Goodyear Tire, Goodyear, " Bank of America, ITT, of America, Aerospace & Defense, Digital, JPMorgan, Entertainment, Mizuho, Intel, AMD, Amazon, Citi, EV, TD Cowen downgrades Target Locations: HSBC downgrades Altice USA, China

☆ Liberty Media's John Malone on interest rates, media outlook and the streaming landscape
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLiberty Media's John Malone on interest rates, media outlook and the streaming landscapeLiberty Media Chairman John Malone joins 'Squawk on the Street' to discuss where investors should take advantage of opportunities, the distress surrounding Altice, and more.

Persons: Liberty Media's John Malone, John Malone Organizations: Liberty, Liberty Media

☆ Australian journalist Cheng Lei detained by China arrives home
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

CGTN anchor Cheng Lei speaking on stage at the Corporate Innovation Summit during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal. Australian journalist Cheng Lei, who had been detained on national security charges in Beijing for more than three years, returned home on Wednesday after being released, Australia's Prime Minister Anthony Albanese said. Cheng, who was tried in secret in March 2022, arrived in Melbourne and has been reunited with her two children and family, Albanese told a press conference. "(The) government has been seeking this for a long period of time and her return will be warmly welcomed not just by her family and friends but by all Australians," he said. Albanese said he expected to visit China this year.

Persons: Cheng Lei, Anthony Albanese, Cheng, Albanese Organizations: Corporate, Web, Australia's Locations: Lisbon, Portugal, Australian, Beijing, Melbourne, China

☆ Wells Fargo upgrades this telecom stock that can jump more than 20% from here
▼ + stars: | 2023-09-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Charter 's debt structure and growing sports segments should give it a leg up on competitors, according to Wells Fargo. The bank upgraded shares of the telecommunications company to overweight from overweight on Friday and lifted its price target to $550 from $450. While higher prices and the rising popularity of streaming services have plagued the cable industry in recent years, Charter's stock has rallied 31.8% this year. CHTR YTD mountain Charter ytd chart Charter's more favorable capital structure and its growing sports content – which should improve its streaming market share in the long term – are two reasons why analyst Steven Cahall prefers Charter stock over Comcast. "The worst of Cable is behind it, and CHTR is the clearest expression of the new normal," he wrote.

Persons: Altice, Steven Cahall, Cahall, — Michael Bloom Organizations: Comcast, Verizon, Cable, CNBC Locations: Wells Fargo, Cable

☆ Portugal's telecom watchdog working with operators to bar Huawei
▼ + stars: | 2023-09-18 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsLISBON, Sept 18 (Reuters) - Portugal's telecom watchdog said on Monday it is working with operators to implement a high-level resolution which effectively bars Huawei's equipment from the country's 5G mobile networks, despite legal objections from the Chinese company. Huawei filed a lawsuit with a Lisbon court against the resolution at the end of August, seeking "protection of its legitimate interests and legal rights under the law". Portugal's main operators, Altice, NOS (NOS.LS) and Vodafone (VOD.L) have already said they will not use Huawei equipment in 5G core networks, amid European and U.S. concerns that Chinese involvement in critical infrastructure could compromise security. "It is work that is ongoing and we hope that it will be carried out successfully. We can assure the Portuguese that we are also working together with the operators", he added.

Persons: Benoit Tessier, Joao Cadete de Matos, Matos, Mario Campolargo, Sergio Goncalves, Alexander Smith Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, Rights, Portugal's, Huawei, Vodafone, Reuters, Thomson Locations: Porte, Paris, France, Rights LISBON, Portuguese, Lisbon, Beijing

An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. The review by the banks, including Lazard, BNP Paribas, Morgan Stanley and Goldman Sachs, will involve some of Altice's major assets in the region, including SFR, France's second-biggest telecoms group, the person said. Altice, Morgan Stanley and BNP declined to comment, while spokespeople for Lazard and Goldman Sachs weren't immediately available for comment. Drahi told investors in August he felt "shocked" and "betrayed" by the ongoing corruption probe in Portugal, which led to the suspension of fifteen employees in Portugal, France and the United States and dozens of suppliers. Altice is already close to a deal to sell its data centres in France to Morgan Stanley Infrastructure Partners, French newspaper Les Echos reported on Wednesday.

Persons: Rafael Marchante, Altice, Lazard, Morgan Stanley, Goldman Sachs, France's, Goldman Sachs weren't, Patrick Drahi, Armando Pereira, Drahi, Les Echos, Mathieu Rosemain, Sharon Singleton Organizations: REUTERS, Rights, BNP, Lazard, Altice, Morgan Stanley Infrastructure Partners, Thomson Locations: Lisbon, Portugal, Dominican Republic, Altice France, France, United States

A guest speaks on a mobile phone as she arrives for the French telecoms operator Iliad's media conference in Milan, Italy, May 29, 2018. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsAug 30 (Reuters) - French telecom provider Iliad reported a more than 4% rise in half-year core profit on Wednesday, supported by gains across markets and the expansion of its activities in Italy. Telecommunications companies across Europe have been hit by rising energy prices, infrastructure costs to deploy fibre and 5G coverage, and a slowdown in subscriber growth. The group remains on the lookout for potential acquisitions in Italy after its 2022 Vodafone bid was rejected, he said. ($1 = 0.9204 euros)Reporting by Stéphanie Hamel and Victor Goury-Laffont in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Thomas Raynaud, Raynaud, Stéphanie Hamel, Victor Goury, Milla Nissi Organizations: REUTERS, French, Orange, Telecommunications, Free Mobile, U.S, Telecom Italia's, Vodafone, Thomson Locations: Milan, Italy, France, Poland, Europe, Laffont, Gdansk

☆ Altice’s beaten-up debt is only a bet for the bold
▼ + stars: | 2023-08-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +6 min

REUTERS/Violeta Santos MouraLONDON, Aug 8 (Reuters Breakingviews) - Altice’s debt is a bet for the bold. Patrick Drahi’s telecoms group is sitting on a $60 billion debt burden, and faces rising borrowing costs and a corruption investigation. Drahi will therefore need to sell assets to cut debt, which starts to come due in 2025. Both Altice France and Altice International are trying to sell their data centre businesses, which could raise some 700 million euros, bankers say. Yet Altice France alone has some $19 billion of debt coming due by 2029.

Persons: Patrick Drahi, Violeta Santos Moura, Patrick Drahi’s, Drahi –, Armando Pereira, Altice, Drahi, “, ”, Pereira, Xavier Niel’s, Manuel Magalhaes e Silva, Altice International’s, Alexandre Fonseca, Neil Unmack, Oliver Taslic Organizations: French, REUTERS, Violeta Santos Moura LONDON, Reuters, Altice USA, Altice, Bouygues Telecom, Banco Espírito Santo, Public, Thomson Locations: Paris, France, Moroccan, Europe, United States, Portugal, Israel, Dominican Republic, Orange, Altice France, Banco Espírito, Portuguese, New York, London

Assets will be sold within Altice France or outside France to repay debt, Drahi told investors on a conference call. "(The aims is) to raise, one way or another, 3 billion (euros) of equity, plus or minus," Drahi said. Altice France's net leverage ratio at end of June was 6.3 times its yearly core operating profits. Altice France's net debt was close to 24 billion euros at the end of June, up from 23.6 billion at end of March, the group said. Total earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 1.02 billion euros from 1.08 billion euros a year earlier.

Persons: Patrick Drahi, Philippe Wojazer, Drahi, Dennis Okhuijsen, Altice, Portugal Altice's, Armando Pereira, Pereira, Mathieu Rosemain, Ingrid Melander, Silvia Aloisi, Mark Potter Organizations: Altice Group, REUTERS, Altice, Thomson Locations: Franco, Israeli, Paris, France, PARIS, Altice France, Portugal

Fifteen employees have been put on leave in Portugal, France and the United States since news broke about the probe, which is currently limited to Portugal, said Drahi. Pressed by analysts on the call to lay out the role and extent of Pereira's involvement within the Altice group, Drahi said Pereira, whom he hired in 2003, had not held any stake in any Altice entity since 2005. Altice International, the entity that owns telecoms firm PT Portugal, is owned by Drahi's personal holding Next. The other two entities are Altice USA and Altice France, home to France's second biggest telecoms firm SFR. The debt has come under further pressure since Pereira's July detention, with longer-term debt issued by Altice France trading around 80 cents to the euro while those of Altice France Holding trade around 40 cents to the euro.

Persons: Patrick Drahi, Violeta Santos Moura, Drahi, Armando Pereira, Pereira, Altice, Mathieu Rosemain, Yoruk Bahceli, Ingrid Melander, Silvia Aloisi, Conor Humphries Organizations: French, REUTERS, Altice, PT Portugal, Altice International, Thomson Locations: Paris, France, Portugal, United States, Altice France

☆ Factbox: Patrick Drahi, the telco tycoon facing debt woes, arrest of aide
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +3 min

* Drahi, who lives between Switzerland, the United States and Israel, controls France's second-biggest telecoms firm SFR on top of the most-watched news channel in the country, BFM TV. He also owns the largest telecoms firm in Portugal. * To ease investor concerns about the sustainability of the business, Drahi spun off the U.S. division, restructured debt and took the European arm private. * By 2023, Altice's combined debt, including its three units of Altice France, Altice International and Altice USA stood at around $60 billion. Altice's debt prices trade at stressed levels, having come under further pressure since Pereira's detention in July.

Persons: Patrick Drahi, Violeta Santos Moura, Altice, Drahi, Altice's, Armando Pereira, Pereira, Silvia Aloisi, Ingrid Melander, Sharon Singleton, Louise Heavens Organizations: French, REUTERS, Polytechnique, SFR, U.S ., Altice, Altice USA, BT, Thomson Locations: Paris, France, French, Israeli, Morocco, Drahi, Amsterdam, Belgium, Portugal, Israel, United States, Dominican Republic, Switzerland, London, New York

☆ New BT boss’s biggest test is investor relations
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters Breakingviews) - BT’s (BT.L) board faced the challenge of hiring a new CEO willing to implement a turnaround strategy decided by their predecessor. It has solved that problem by appointing one of its own members, Allison Kirkby, to the post vacated by outgoing Philip Jansen. Shares in the Swedish telco sank 4% on news of her departure, suggesting Telia’s loss is a gain for BT. Kirkby won’t take over until January 2024 but, having sat on BT’s board for more than four years, she should be able to hit the road running. Keeping these two investors on her side will be the real test for Kirkby at BT.

Persons: Allison Kirkby, Philip Jansen ., Swedish telco, Kirkby won’t, Patrick Drahi’s, Jansen, Pierre Briançon, Liam Proud, Oliver Taslic Organizations: Reuters, Telia Company, BT, Kirkby, Deutsche Telekom, Twitter, Soaring, of Japan, Thomson Locations: Swedish, Kirkby

☆ Portugal won't compensate telcos for replacing "high-risk" equipment
▼ + stars: | 2023-07-26 | by ( Sergio Goncalves | ) www.reuters.com time to read: +3 min

Europe and the U.S. have concerns that Chinese involvement in critical infrastructure could compromise security. The Security Assessment Commission created within the scope of the CSSC has over the past nine months assessed the security aspects of all existing equipment in Portugal, regardless of "technology, merit or quality", and applied the criteria of the EU 5G security toolbox. "Because there is this balance between security and the operators' return on investment, Portugal does not consider compensating them for replacing equipment," he said. Asked if the deliberation was aimed at Chinese suppliers such as Huawei, he said: "Of course not". Portugal's main operators, Altice, NOS (NOS.LS) and Vodafone (VOD.L) have already said they would not use Huawei's equipment in 5G core networks.

Persons: Mario Campolargo, Campolargo, Sergio Goncalves, David Evans Organizations: Huawei, Reuters, Union, U.S, EU, NATO, OECD, Vodafone, Thomson Locations: LISBON, Portugal, digitalisation, Europe, Beijing, EU

☆ Cheddar News was meant to be a digital-media darling that could rival Bloomberg and CNBC. Now it's reportedly considering a sale — here's how the network was pushed to the brink.
▼ + stars: | 2023-07-24 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

The owner of embattled network Cheddar News is reportedly considering selling the seven-year-old startup. NYT's DealBook reported on Monday that Altice USA tapped Goldman Sachs to explore a possible sale. NYT reporters Lauren Hirsch and Ben Mullin noted a sale isn't a foregone conclusion and Altice USA could decide not to proceed. Spokespersons for Altice USA did not immediately respond to Insider's request for comment on Monday morning and a spokesperson for Goldman Sachs had no comment. Check out Insider's exclusive coverage of the chaos at Cheddar News:Are you a Cheddar News or Altice USA insider?

Persons: DealBook, Goldman Sachs, Lauren Hirsch, Ben Mullin, Altice, —, I'd, Baker Machado, Chloe Aiello, Read, I've, Jon Steinberg, Steinberg, Reed Alexander Organizations: News, Telecom, Altice USA, Cheddar News, New York Times, USA, Insiders, Mail, Cheddar Locations: USA, Cheddar, Portugal

July 24 (Reuters) - Alphabet's Google (GOOGL.O) violated a software developer's patent rights with its remote-streaming technology and must pay $338.7 million in damages, a federal jury in Waco, Texas decided on Friday. The jury found that Google's Chromecast and other devices infringe patents owned by Touchstream Technologies related to streaming videos from one screen to another, a court representative said on Monday. According to the complaint, Google met with Touchstream about its technology in December 2011 but said it was not interested two months later. Touchstream said that Google's Chromecast copied its innovations and infringed three of its patents. It also said its patents were infringed by Google's Home and Nest smart speakers and third-party televisions and speakers with Chromecast capabilities.

Persons: Jose Castaneda, Touchstream, David Strober, Blake Brittain, David Bario, Grant McCool Organizations: Google, Touchstream Technologies, New, Google's, Comcast, Thomson Locations: Waco , Texas, New York, Altice, Texas, Washington

The cable company Altice USA is said to be weighing a potential sale of Cheddar News, the network once billed as “CNBC for millennials,” less than five years after buying the company. Altice USA has hired Goldman Sachs to help explore strategic alternatives for Cheddar News, according to three people with knowledge of the matter who spoke on condition of anonymity. They cautioned that Altice was still weighing its options and could decide against a sale. Representatives for Altice USA and Goldman declined to comment. Among them: Gas Station TV (which, yes, plays at the pump) and MTV’s college campus network (which Cheddar bought in 2018).

Persons: Goldman Sachs, Altice, Goldman, Patrick Drahi, Jon Steinberg Organizations: Cheddar News, CNBC, millennials, Altice USA, New York Stock Exchange, Gas Locations: USA, Altice, French, Cheddar

☆ Illumina hit with record $476 million fine for closing Grail deal without EU approval
▼ + stars: | 2023-07-12 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

European Union regulators on Wednesday fined Illumina a record 432 million euros ($476 million) for closing its acquisition of cancer test developer Grail without first securing regulatory approval. The fine from the European Commission, the EU's executive body, amounts to 10% of San Diego-based Illumina's turnover. The Illumina fine exceeds the commission's previous largest merger regulation fine of $125 million, or 1% of annual turnover, imposed on telecommunications company Altice in 2018. Illumina has already put aside $453 million to cover a potential maximum fine of 10% of turnover, according to a regulatory filing from earlier this year. "This is a very serious infringement, which requires the imposition of a proportionate fine, with the aim of deterring such conduct," the European Commission continued.

Persons: Illumina Organizations: European Commission, EU, Altice Locations: San Diego, Menlo Park , California

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