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☆ CNBC Daily Open: Red hot tech
▼ + stars: | 2023-07-12 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Energy stocks led Wall Street gainsU.S. stocks rose for a second session Tuesday, with energy stocks the leading advancers in the S&P 500 as WTI crude rose to its highest level since May 1. [PRO] Goldman's bullish on XpengGoldman Sachs initiated coverage of Xpeng with a buy rating, seeing nearly 30% upside for the Chinese electric-vehicle maker.

Persons: Warren, Temasek's, Lina Khan's, Recep Tayyip Erdoğan, Xpeng Goldman Sachs Organizations: New York Stock Exchange, CNBC, Energy, Wall Street, Traders, Dow Jones Industrial, Buffett, Temasek, Federal Trade, Microsoft, Activision Blizzard, NATO, EU Locations: New York City, Berkshire, U.S, Temasek, India, Southeast Asia, EU, Turkey, Sweden

A reckoning for Lina KhanA federal judge’s decision to let Microsoft close its $70 billion takeover of the video game maker Activision Blizzard didn’t just represent a win for the tech giant. Microsoft is close to clinching the deal. In her 53-page ruling, Judge Jacqueline Scott Corley wrote that the F.T.C. had failed to show that Microsoft buying the maker of Call of Duty would substantially reduce competition in the video game market. That means the Activision deal, the largest tech acquisition ever, could close as soon as next week.

Persons: Lina Khan, Jacqueline Scott Corley Organizations: Microsoft, Activision, Britain’s, Authority

Why the CMA blocked the Microsoft-Activision dealThe U.K. CMA efficiently blocked the acquisition in April, saying the deal raises competition concerns in the nascent cloud gaming market. Like other regulators, the CMA is concerned that Microsoft could take Activision games and make them exclusive to its own platforms. Cloud gaming is a technology that enables gamers to access games via remote servers — effectively streaming a game like you would a movie on Netflix. The CMA, Microsoft and Activision now look set to hash out a possible resolution to the regulator's concerns to get a deal over the line. watch nowMicrosoft has already offered concessions to the U.K. regulator which were rejected.

Persons: Redmond, Michael Ciaglo, Alex Haffner, Fladgate, It's, it's, Haffner, Microsoft Organizations: Activision, Markets, Federal, Microsoft, Activision Blizzard, CMA, Netflix, Warfare, Bloomberg, Getty, CNBC, FTC, Nintendo, European Union Locations: Denver , Colorado

☆ Activision Win Is Big for Microsoft—Smaller for Big Tech
▼ + stars: | 2023-07-11 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/activision-win-is-big-for-microsoftsmaller-for-big-tech-26d797e6

Persons: Dow Jones Organizations: activision

WASHINGTON, July 11 (Reuters) - A U.S. judge ruled on Tuesday that Microsoft may go forward with its planned acquisition of videogame maker Activision Blizzard, turning aside antitrust enforcers' request for a preliminary injunction to temporarily stop the $69 billion deal. The FTC had originally asked the judge to stop the proposed deal, arguing it would give Microsoft Corp (MSFT.O), maker of the Xbox gaming console, exclusive access to Activision (ATVI.O) games including the best-selling "Call of Duty." The deal would be the largest for Microsoft and the biggest in the history of the videogame business. The FTC's complaint had cited concerns about loss of competition in console gaming, as well as subscriptions and cloud gaming. And while much of the testimony in the recent trial focused on "Call of Duty," Activision produces other bestsellers like "World of Warcraft," "Diablo" and the mobile game "Candy Crush Saga."

Persons: Jacqueline Scott Corley, Douglas Farrar, we'll, Brad Smith, Bobby Kotick, Satya Nadella, Diane Bartz, Caitlin Webber Organizations: Microsoft, Activision, Britain's, Markets Authority, Federal Trade Commission, FTC, Microsoft Corp, Sony PlayStation, Nintendo, Sony Group, Activision Blizzard, PlayStation, Thomson Locations: U.S, San Francisco

New York Fed President John Williams in an interview with the Financial Times said the central bank is not done raising rates. Amazon.com (AMZN.O) outpaced megacap peers, up 0.8%, going into the "Prime Day" 48-hour shopping event, which falls on July 11-12. ET, the Dow Jones Industrial Average (.DJI) was up 150.60 points, or 0.44%, at 34,095.00, the S&P 500 (.SPX) was up 9.33 points, or 0.21%, at 4,418.86, and the Nasdaq Composite (.IXIC) was up 2.20 points, or 0.02%, at 13,683.19. Eight of the top 11 S&P 500 sectors advanced, with energy (.SPNY) leading gains by 1.9%. The S&P index recorded 40 new 52-week highs and one new low, while the Nasdaq recorded 71 new highs and 25 new lows.

Persons: Dow, Phil Blancato, Ladenburg, John Williams, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur, Maju Samuel Organizations: JPMorgan, Jefferies, Dow, Nasdaq, Fed, Asset Management, New York Fed, Financial Times, Dow Jones, Activision, Microsoft, Salesforce, Bank of America Global Research, JPMorgan Chase, NYSE, Thomson Locations: U.S, Bengaluru

☆ Microsoft Can Close Its $75 Billion Buy of Activision Blizzard, Judge Rules
▼ + stars: | 2023-07-11 | by ( Sarah E. Needleman | Dave Michaels | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/microsoft-activision-blizzard-deal-ftc-hearing-d42675f1

Persons: Dow Jones Organizations: microsoft, activision

☆ F.T.C.’s Court Loss Raises Fresh Questions About Its Chair’s Strategy
▼ + stars: | 2023-07-11 | by ( Cecilia Kang | More About Cecilia Kang | ) www.nytimes.com time to read: +1 min

Lina Khan became chair of the Federal Trade Commission two years ago on a promise to bring bold action against the biggest tech companies. For too long, Ms. Khan said at the time, the agency had been a weak cop and needed to challenge behemoths like Microsoft, Amazon, Meta and Google in the courts to stem their growing power. But on Tuesday, Ms. Khan suffered the biggest blow yet to her hallmark agenda. That followed a loss in February, when a judge rejected an F.T.C. Ms. Khan’s critics are more emboldened and are speaking out more loudly to poke holes in her take-it-to-the-courts strategy, saying the losses are not even partial wins — they’re just losses.

Persons: Lina Khan, Khan, wanes, — they’re Organizations: Federal Trade Commission, Microsoft, Google, Activision Locations: America

☆ Microsoft-Activision deal moves closer as judge denies FTC injunction request
▼ + stars: | 2023-07-11 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

A federal judge in San Francisco has denied the Federal Trade Commission's motion for a preliminary injunction to stop Microsoft from completing its acquisition of video game publisher Activision Blizzard. The judge was deciding whether to grant the FTC's request for an emergency injunction to prevent the deal from closing. Microsoft CEO Satya Nadella and Activision Blizzard CEO Bobby Kotick both testified, as did executives from Alphabet, Nvidia and Sony. Kotick said during the hearings that the Activision Blizzard board didn't see how the deal could continue if the judge were to grant the preliminary injunction. "After today's court decision in the U.S., our focus now turns back to the UK.

Persons: isn't, Jacqueline Scott Corley, Bobby Kotick, Brad Smith, we've, Satya Nadella, we'll, Kotick, Smith Organizations: Federal, Microsoft, Activision Blizzard, FTC, Competition, Markets Authority, Court, Activision, U.S, Northern, Northern District of, PlayStation, Nvidia, Sony, Federal Trade Commission, CMA Locations: San Francisco, United Kingdom, Northern District, Northern District of California, Europe, U.S

☆ UK regulator open to looking at Microsoft-Activision deal again
▼ + stars: | 2023-07-11 | by ( Paul Sandle | ) www.reuters.com time to read: +1 min

Microsoft responded by saying it was considering how the transaction might be modified to address concerns made by Britain's Competition and Markets Authority (CMA), the first regulator to block the deal. The deal to buy the "Call of Duty" maker is the largest ever for Microsoft and the biggest in videogame history. The CMA became the first major antitrust regulator to block the deal in April, citing concerns about competition in the nascent cloud gaming market. Both companies reacted furiously to the decision, with Microsoft saying it "had shaken confidence" in Britain as a destination for tech businesses. A U.S. judge ruled earlier on Tuesday that Microsoft could go ahead with the deal, rejecting antitrust enforcer FTC's request for a temporary stop.

Persons: Britain's, FTC's, Paul Sandle, William James, Kate Holton Organizations: Microsoft, Activision Blizzard, Britain's Competition, Markets Authority, CMA, European Union, Thomson Locations: Britain, U.S

☆ FTC would face tough appeal of Microsoft-Activision order -experts
▼ + stars: | 2023-07-11 | by ( Mike Scarcella | ) www.reuters.com time to read: +3 min

She gave the FTC until Friday to seek an order in the San Francisco-based 9th U.S. The FTC had no immediate comment on whether it would appeal and what arguments it might make before a three-judge panel. "The FTC may have difficulty on appeal establishing that fact - without which the case as they framed it goes away," Crane said. In her 53-page order, Corley said it was not enough for the FTC to argue that "a merger might lessen competition - the FTC must show the merger will probably substantially lessen competition." A trial before an administrative law judge at the FTC begins on Aug. 2.

Persons: Jacqueline Scott Corley, Corley, Daniel Crane, Crane, Luke Hasskamp, Robert Lande, Joseph Alioto, Alioto, Mike Scarcella, Matthew Lewis Organizations: U.S . Federal Trade Commission, Microsoft, Activision, Circuit, Appeals, FTC, University of Michigan Law School, University of Baltimore, Thomson Locations: U.S, San Francisco, Washington

☆ Options Action: Activision trader wins big on trade placed before FTC injunction denial
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Activision trader wins big on trade placed before FTC injunction denialMike Khouw, Optimize Advisors president, joins CNBC’s Melissa Lee and the Options Action traders on Activison's bid trading day.

Persons: Mike Khouw, Melissa Lee Organizations: Activision, Options

☆ Activision Blizzard stock surges 10% after judge rules on Microsoft deal
▼ + stars: | 2023-07-11 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shares of Activision Blizzard closed up 10% on Tuesday after a judge denied the Federal Trade Commission's motion for a preliminary injunction to stop Microsoft from acquiring the video game maker. Activision Blizzard's stock reached a 52-week high of $92.91 per share, and the move reflects the biggest jump for the video game publisher since the deal was first announced on Jan. 18, 2022. Activision Blizzard shares hit their highest close since July 2021. Microsoft agreed to buy Activision Blizzard for $68.7 billion, or $95 per share, but the acquisition has faced opposition in the U.S. and abroad over concerns that it could stifle competition. The FTC can now bring the decision to the U.S. Court of Appeals for the 9th Circuit, and Microsoft and Activision Blizzard must find a way forward to resolve opposition from the Competition and Markets Authority in the United Kingdom.

Persons: Jacqueline Scott Corley, Bobby Kotick, — CNBC's Jordan Novet Organizations: Activision Blizzard, Federal, Microsoft, Activision, Jan, U.S, Northern, Northern District of, Court, FTC, U.S ., Appeals, Circuit, Competition, Markets Authority Locations: U.S, Northern District, Northern District of California, United Kingdom

A federal judge on Tuesday ruled against the Federal Trade Commission’s attempt to delay Microsoft’s $70 billion acquisition of Activision Blizzard, setting the stage for the tech giant and the video game publisher to merge as soon as this month. In a 53-page decision, Judge Jacqueline Scott Corley of U.S. District Court for the Northern District of California said the F.T.C. had failed to show it was likely to prove that the merger was likely to result in a substantial reduction in competition that would harm consumers. The ruling is a significant blow to the F.T.C.’s efforts to police blockbuster tech mergers more aggressively. has sued Microsoft, Meta and Amazon, but it walked away from one of its cases against Meta and has had little to show for its efforts so far.

Persons: Jacqueline Scott Corley, Lina Khan Organizations: Federal Trade, Activision Blizzard, U.S, Northern, Microsoft, Meta Locations: Northern District, California

The moves should bolster efficiency at both firms, amid an already-stellar year for the two Club holdings. Apple surpassed a $3 trillion market capitalization last month, but has since pulled back to a valuation of $2.94 trillion. Meanwhile, WedBush recently forecasted that Microsoft could also join the $3 trillion club by early 2024 on the back of its artificial intelligence capabilities. This round of Microsoft layoffs is much smaller than the cuts the company announced earlier this year, so it probably doesn't move the needle. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: WedBush, ChatGPT, Tencent, Jim Cramer's, Jim Cramer, Jim, RYU Organizations: Microsoft, Apple, Nasdaq, CNBC, Federal Trade Commission's, Activision, Getty, Visual China Locations: China, Washington, India, Seattle , Washington

☆ Dow jumps 300 points as US stocks rise ahead of important June inflation reading
▼ + stars: | 2023-07-11 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

US stocks closed higher on Tuesday as investors got ready for an important June CPI reading. The key inflation data will arrive Wednesday morning, ahead of the Fed's next policy meeting at the end of the month. Shares of Activision spiked in the session after a judge said Microsoft could buy the video game company. It comes ahead of the Federal Reserve's next policy meeting on July 25-26. Inflation has been falling steadily this year, and clocked in at a 4% year-over-year pace in May, the slowest rate in two years.

Persons: they're Organizations: Activision, Microsoft, Service, Federal, Activision Blizzard, Federal Trade Commission Locations: Wall, Silicon

☆ Judge denies FTC request for preliminary injunction to stop Microsoft-Activision deal
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJudge denies FTC request for preliminary injunction to stop Microsoft-Activision dealCNBC's Steve Kovach and David Faber join 'Squawk on the Street' to report on a judge denying the FTC's request for preliminary injunction to stop Microsoft-Activision deal.

Persons: Steve Kovach, David Faber Organizations: Microsoft, Activision

☆ Judge strikes down the FTC's effort to block Microsoft-Activision merger
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJudge strikes down the FTC's effort to block Microsoft-Activision mergerCNBC's Steve Kovach and David Faber join 'The Exchange' to discuss a Federal ruling against the FTC's request for a preliminary injunction of Microsoft- Activision deal, and Microsoft offering small divestiture to meet UK CMA objections.

Persons: Steve Kovach, David Faber Organizations: Microsoft, Activision, CMA

☆ Lucid, Activision, EA, Uber: Here's where Saudi Arabia's sovereign wealth fund has invested
▼ + stars: | 2023-07-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, is an active player in U.S. public and private markets. But among the documents disclosed in the recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund's top public equity holdings, valued at about $35.5 billion. The list, which was updated as of March 31, shows a $8.9 billion stake in electric automaker Lucid , constituting about 25% of PIF's equity holdings. PIF's second-largest stake, in Activision Blizzard , was valued at $3.3 billion and amounted to 9.1% of PIF's public equity holdings. Google accounts for 2.87% of the Nasdaq by weight but made up a mere 1.2% of the PIF's $35.51 billion public portfolio.

Persons: PIF, PIF's, Prince Mohammed bin Salman Organizations: Public Investment Fund, Activision Blizzard, Trade, Electronic Arts, Nasdaq, Meta, Booking Holdings Locations: Saudi, Saudi Arabia

☆ Microsoft can close its Activision merger, federal judge rules
▼ + stars: | 2023-07-11 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard, a defeat for US regulators who had asked for a temporary injunction while legal challenges to the merger unfold. Microsoft could potentially finalize the deal with Activision in a matter of days, ahead of a July 18 contractual deadline, or the parties could mutually seek to extend that timeframe. During a five-day hearing last month in federal court, Microsoft executives including CEO Satya Nadella testified that properties such as “Call of Duty” would not be restricted from competitors following the deal’s close. UK officials also previously moved to block the Activision merger in April, citing some of the same concerns the FTC raised in its case and triggering an appeal from Microsoft. “Microsoft and Activision have agreed with the CMA that a stay of the litigation in the UK would be in the public interest and the parties have made a joint submission … to this effect.”

Persons: ”, “, Jacqueline Scott Corley, Corley, Satya Nadella, Tuesday’s, Microsoft’s, “ We’re, Brad Smith, we’ve, Bobby Kotick, Meta’s, ” Douglas Farrar, we’ll, ” Smith Organizations: CNN, Microsoft, Activision, US, Court, Northern, Northern District of, Sony PlayStation, Federal Trade Commission, FTC, Regulators, Nvidia, Nintendo, “, PlayStation, Appeals, Ninth Circuit, Markets, CMA Locations: Northern District, Northern District of California, ”, San Francisco

☆ Microsoft is really serious about getting Activision deal done by Monday: Jeffries' Andrew Uerkwitz
▼ + stars: | 2023-07-11 | 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 EmailMicrosoft is really serious about getting Activision deal done by Monday: Jeffries' Andrew UerkwitzAndrew Uerkwitz, Jefferies equity analyst, joins 'Closing Bell Overtime' to talk the latest news on the possible Microsoft-Activision merger and what it means for the gaming industry's future.

Persons: Jeffries, Andrew Uerkwitz Andrew Uerkwitz Organizations: Microsoft, Activision, Jefferies

☆ Factbox: What's next after US judge rules in favor of Microsoft-Activision deal?
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

With the first fight in federal court in California wrapped up, the agency and companies have decisions to make about what comes next. * Or the agency may choose to challenge Corley's ruling in a federal appeals court. An administrative law judge at the FTC is scheduled to hear arguments about the deal in August. The next stop after that would be a federal appeals court. * If the FTC wins, the companies can appeal to the commission to overturn the decision and, if needed, take the case to a federal appeals court.

Persons: Jacqueline Scott Corley, Corley's, Michael Chappell, Lina Khan, Chappell, Khan, Diane Bartz, Matthew Lewis, David Gregorio Our Organizations: Microsoft, Activision, U.S . Federal Trade Commission, Meta, FTC, Thomson Locations: California, Illumina's, Washington

☆ Microsoft-Activision ruling highlights Lina Khan's struggles to fight tech
▼ + stars: | 2023-07-11 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

Khan first emerged in antitrust circles for her critiques of how antitrust enforcement overlooked potential abuses by Amazon . The ruling means the parties are closer to being able to complete their merger by their July 18 deadline. "In the coming days we'll be announcing our next step to continue our fight to preserve competition and protect consumers." It's not the first time a judge has looked dubiously on the FTC's antitrust enforcement theories under Khan. WATCH: Judge denies FTC request for preliminary injunction to stop Microsoft-Activision deal

Persons: Lina Khan, Lina Khan's, Khan, Joe Biden, Jacqueline Scott Corley, Corley, Microsoft's, we'll, It's, Matt Stoller, Stoller, –, Microsoft — Organizations: Energy, Securities and Exchange Commission, Federal Trade, Microsoft, Activision Blizzard, FTC, Activision, PlayStation, Nintendo, U.K, Competition, American Economic Liberties, Twitter, Biden, CNBC, YouTube Locations: Rayburn

☆ Watch CNBC’s full interview with former FTC chairman William Kovacic on Microsoft-Activision ruling
▼ + stars: | 2023-07-11 | 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 EmailWatch CNBC’s full interview with former FTC chairman William Kovacic on Microsoft-Activision rulingWilliam Kovacic, former FTC chairman, joins 'Power Lunch' to discuss the latest on the Microsoft-Activision deal and what it means for future big tech deals.

Persons: William Kovacic Organizations: Microsoft, Activision

☆ Microsoft-Activision win is also a win for Amazon, says former FTC chair William Kovacic
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft-Activision win is also a win for Amazon, says former FTC chair William KovacicWilliam Kovacic, FMR. FTC chairman, joins 'Power Lunch' to discuss the latest on the Microsoft-Activision deal and what it means for future big tech deals.

Persons: William Kovacic William Kovacic Organizations: Microsoft, Activision, Amazon Locations: FMR

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