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☆ U.S. FTC asks judge to pause Meta deal for VR company Within
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 31 (Reuters) - The U.S. Federal Trade Commission on Tuesday asked a judge to put a hold on Meta Platforms Inc's (META.O) deal to buy virtual reality app maker Within Unlimited while the two sides await a decision from the court. The FTC sued the Facebook and Instagram owner in July to stop the Within deal and asked the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufacturer. The agency asked for the court to order Meta to refrain from closing its deal for Within until 11:59 p.m. Pacific time on the first business day after the judge rules on whether the deal may go forward. Or, the agency said in a court filing, the judge could extend the existing temporary restraining order for 7 days. The current restraining order expires at 11:59 Pacific time Tuesday night.

☆ Snap swings to quarterly net loss, expects lower Q1 rev; shares fall
▼ + stars: | 2023-01-31 | by ( Sheila Dang | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Snap Inc (SNAP.N) on Tuesday said current quarter revenue could decline by as much as 10%, sending its shares down 14% as the company struggles with weak advertising demand. Revenue for the fourth quarter ended Dec. 31 was $1.3 billion, flat from the prior-year and in line with analyst expectations. Snap's net loss was $288 million during the quarter, versus net income of $23 million the previous year. Daily active users on Snapchat rose 17% year-over-year to 375 million, beating analyst expectations of 374 million, according to IBES data from Refinitiv. Snap forecast daily active users in the first quarter between 382 million and 384 million.

☆ Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Wall Street's downbeat start to an action-packed week has set a bumpy course for Asian markets on Tuesday. The Bank of England and the European Central Bank are poised to follow the Fed by hiking crucial interest rates by a more aggressive 50 basis points. Meta Platforms Inc (META.O) waits in the wings on Wednesday, with Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Alphabet Inc (GOOGL.O) on deck for Thursday. Those policies have since been relaxed, sparking hopes of demand revival in China, which could take some of the sting of restrictive central bank policy.

☆ Facebook seeks to block $3.7 billion UK mass action over market dominance
▼ + stars: | 2023-01-30 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Meta Platforms Inc (META.O), the parent company of the Facebook group, is facing a mass action brought on behalf of around 45 million Facebook users in Britain. Her lawyers said users should get compensation for the economic value they would have received if Facebook was not in a dominant position in the market for social networks. Its lawyers said the claimed losses ignore the “economic value” Facebook provides. But lawyers representing Meta said the lawsuit wrongly assumes that any “excess profits” it might make equates to a financial loss suffered by individual Facebook users. This approach “takes no account whatsoever of the significant economic value of the service provided by Facebook”, Marie Demetriou said in court documents.

Money markets now see rates peaking at 4.9% in June, still below the 5% level expected by Fed policymakers. Analysts expect S&P 500 earnings during the fourth-quarter to decline 2.9%, compared with the 1.6% drop expected at the beginning of the year, according to Refinitiv data as of Friday. Wall Street is expected to end the month higher with the tech-inclined Nasdaq (.IXIC) and the benchmark S&P 500 (.SPX) recovering December losses. ET, Dow e-minis were down 157 points, or 0.46%, S&P 500 e-minis were down 32.5 points, or 0.8%, and Nasdaq 100 e-minis were down 138 points, or 1.13%. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Money markets now see rates peaking at 4.9% in June, still below the 5% level expected by Fed policymakers. Analysts expect S&P 500 earnings during the fourth-quarter to decline 3%, compared with the 1.6% drop expected at the beginning of the year, according to Refinitiv data. Wall Street is expected to end the month higher with the Nasdaq (.IXIC) and the S&P 500 Growth index (.IGX) recouping more than half their monthly losses from December. Five of the major 11 S&P 500 sector indexes fell with communication services (.SPLRCL) and technology (.SPLRCT) leading the fall. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 39 new highs and eight new lows.

☆ Morning Bid: Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

☆ Top Wall Street analysts like these stocks for maximum returns
▼ + stars: | 2023-01-29 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

To ease the process, here are five stocks chosen by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performances. Nonetheless, Monness, Crespi, Hardt, & Co. analyst Brian White expects the results to be in line with his expectations. (See Alphabet Blogger Opinions & Sentiment on TipRanks) White reiterated a buy rating on the stock with a price target of $135. Feinseth's convictions can be trusted, given his 185th position among nearly 8,300 analysts in the TipRanks database. This apart, his track of 63% profitable ratings, each rating delivering 12.1% average returns, is also worth considering.

☆ Amazon, Apple, Alphabet Headline Another Busy Earnings Week
▼ + stars: | 2023-01-28 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Amazon.com Inc.’s quarterly earnings report this coming week will provide insight on the health of online shopping. Apple Inc., Amazon .com Inc., Meta Platforms Inc. and Alphabet Inc. report earnings in the coming week, four of the many companies providing quarterly updates as layoffs and slowing growth hit the tech industry. Leaders across multiple industries—such as fossil-fuel giant Exxon Mobil Corp., pharmaceutical company Merck & Co., fast-food chain McDonald’s Corp. and construction-equipment giant Caterpillar Inc.—are also scheduled to report their financials in the coming week.

☆ India's Gen Z grapples with Modi's dark past in clashes over new documentary
▼ + stars: | 2023-01-28 | by ( Yashraj Sharma | ) www.nbcnews.com time to read: +8 min

Modi denies being complicit in the attacks, and India’s Supreme Court upheld a ruling last year that he should be cleared of all charges. The first part of the documentary is about Modi’s political career before he became prime minister. The second half of the BBC documentary, which aired in Britain this week, focuses on his leadership since then. Critics say Modi has promoted discrimination against India’s Muslim minority and quashed dissent, especially since his re-election in 2019. Students at Jamia Millia Islamia defied university warnings not to screen the BBC film.

☆ Meta Embraces AI as Facebook, Instagram Help Drive a Rebound
▼ + stars: | 2023-01-27 | by ( Jeff Horwitz | Salvador Rodriguez | ) www.wsj.com time to read: 1 min

Days before Meta Platforms Inc.’s first ever mass layoffs in November, a senior executive shared some good news. The company’s short-form video product, Reels, was getting traction with users, and the threat posed by rival TikTok appeared to be easing. “Facebook engagement is stronger than people expected,” Tom Alison, head of Facebook, wrote in a memo to his staff. “Our internal data indicates that Meta has grown to a meaningful share of short-form video.”

[1/2] The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. The complaint filed Tuesday in a Virginia federal court by the U.S. Department of Justice Antitrust Division attempts to compel Google to sell part of its advertising technology unit. The suit mirrors allegations in another antitrust case brought against Google in New York federal court by a Texas-led coalition of 17 states in 2020. In the states' case, a New York federal judge in September rejected Google’s bid to dismiss it entirely. Google also faces two largely parallel antitrust lawsuits by states and the federal government alleging unlawful dominance in online searching.

☆ Facebook’s Trump Gift to Democrats
▼ + stars: | 2023-01-27 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Meta Platforms Inc. is letting Donald Trump back on its social-media sites, and the question is who is happier: Mr. Trump, or Democrats? Our guess is the latter, as they are eager to see the former President back at the center of Republican politics. Nick Clegg , Meta’s president for global affairs, wrote Wednesday that Mr. Trump’s Facebook and Instagram accounts will soon be reinstated. “The public should be able to hear what their politicians are saying—the good, the bad and the ugly—so that they can make informed choices at the ballot box,” Mr. Clegg wrote in a blog post.

☆ U.S. securities regulator probes investment advisers over crypto custody -sources
▼ + stars: | 2023-01-27 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 26 (Reuters) - The U.S. Securities and Exchange Commission is probing registered investment advisers over whether they are meeting rules around custody of client crypto assets, three sources with knowledge of the inquiry told Reuters. SEC enforcement staff are asking investment advisers for details around what the firms did to assess custody for platforms including FTX, one of the sources said. By law, investment advisers cannot have custody of client funds or securities if they do not meet certain requirements to protect the assets. "This is an obvious compliance issue for investment advisers. Under Democratic leadership, the SEC has made crypto a priority area for enforcement, nearly doubling the size of its crypto team last year.

☆ Apple developing software to help users build apps for upcoming headset - The Information
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Apple Inc (AAPL.O) is developing software to help users of its upcoming mixed-reality (MR) headset build their own augmented reality apps, the Information reported on Friday, citing four people who worked on the headset. According to a Bloomberg News report, the company was in talks with about half a dozen media partners including Walt Disney Co (DIS.N) to develop virtual reality content for its MR headset. An MR headset could allow the wearer to use a real-world object to trigger a virtual-world reaction. The iPhone maker's MR headset is set to launch in this year's spring event and will cost around $3,000, according to a separate Bloomberg News report. That would be twice as much as Meta Platforms Inc's (META.O) Quest Pro virtual and mixed reality headset, which was launched late last year for $1,500.

☆ Australia regulator to probe social media influencers for false endorsements
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Jan 27 (Reuters) - Australia's competition regulator said on Friday it would check whether influencers on social media platforms had failed to disclose their affiliation with the brands they were promoting. The Australian Competition and Consumer Commission (ACCC) said it would look at more than 100 influencers after several consumers informed the regulator about some endorsements and testimonials which they said were misleading. The probe will target influencers in fashion, cosmetics, food and beverage, travel, fitness, parenting, gaming and technology. It will also check if advertisers, marketers, brands and social media platforms are facilitating any misconduct. The ACCC has been conducting a series of investigations as part of a broader Digital Platform Services Inquiry, focused on the provision of social media services, including sponsored posts and influencer advertising on social media platforms.

☆ BuzzFeed soars on reports of Meta deal, plans to use OpenAI
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Shares of BuzzFeed Inc (BZFD.O) jumped on Thursday on reports of a deal with Meta Platforms Inc (META.O) and plans to use artificial intelligence to personalize and enhance the digital media firm's online quizzes and content. Buzzfeed, in an emailed response to Reuters, said "we are not using ChatGPT - we are using OpenAI's publicly available API (application programming interface)." Earlier in the day, the stock had jumped 50% on a separate report by the Journal that said Meta was paying BuzzFeed millions of dollars to bring more creators to Facebook and Instagram. Indicating interest from retail traders, BuzzFeed shares were among the top three orders on Fidelity's platform on Thursday. Its third-quarter net loss had widened to $27 million from $3.6 million a year ago.

☆ Home Depot Canada found sharing customer personal data with Meta - privacy regulator
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Home Depot Inc's (HD.N) Canadian arm was found to be sharing details from e-receipts related to in-store purchases with Facebook owner Meta Platforms Inc (META.O) without the knowledge or consent of its customers, according to Canada's privacy regulator. An investigation by the Office of the Privacy Commissioner of Canada (OPC) found that by participating in Meta's offline conversions program Home Depot shared the e-receipts that included encoded email addresses and purchase information. The regulator added that the home goods chain stopped sharing customer information with Meta in October 2022, which was among the recommendations made by OPC, until the company is able to implement measures to ensure valid consent. Home Depot and Meta did not immediately respond to Reuters requests for comment. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Meta to Reinstate Donald Trump’s Facebook, Instagram Accounts
▼ + stars: | 2023-01-26 | by ( Meghan Bobrowsky | Jeff Horwitz | ) www.wsj.com time to read: 1 min

Facebook parent Meta Platforms Inc. said it would reinstate former President Donald Trump‘s Facebook and Instagram accounts, more than two years after they were suspended in the wake of the Jan. 6 Capitol riot. Meta said Wednesday that the accounts would be reinstated “in the coming weeks.” It added, “The public should be able to hear what politicians are saying so they can make informed choices.”

☆ SAP to Cut 3,000 Jobs After Profit Plunges
▼ + stars: | 2023-01-26 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN—Software company SAP SE joined the ranks of tech companies announcing job cuts this year, saying it would shed up to 3,000 positions after a steep profit drop in late 2022. After growing rapidly at the height of the Covid-19 pandemic, technology companies have been laying off workers mainly in the U.S., with large employers such as Facebook parent Meta Platforms Inc. and Amazon.com Inc. shedding thousands of jobs last year.

☆ Meta Pays BuzzFeed Millions to Generate Creator Content for Facebook and Instagram
▼ + stars: | 2023-01-26 | by ( Jessica Toonkel | Alexandra Bruell | ) www.wsj.com time to read: 1 min

The deal between Meta and BuzzFeed was reached last year and is said to be valued at close to $10 million. Facebook parent Meta Platforms Inc. is paying BuzzFeed Inc. millions of dollars as part of an effort to bring more creators to the social-media giant’s platforms, according to people familiar with the situation. The partnership comes as both companies are embracing the creator economy, in which individuals build large social-media audiences by posting videos and other content, and often make money on advertising or brand sponsorships.

☆ Meta's social media apps back up after brief outage, Downdetector says
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Meta Platforms Inc's (META.O) social media apps appeared to be back up after facing a brief disruption in the United States on Wednesday, data on outage tracking website Downdetector.com showed. At the peak of the outage, more than 17,000 user reports had indicated issues with Instagram in the United States, as of 2352 GMT. Over 13,000 incidents were reported for the Facebook app and outage reports also briefly spiked for WhatsApp and Facebook Messenger around the same time. Downdetector tracks outages by collating status reports from several sources including user-submitted errors on its platform. Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu Sahu and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

[1/2] A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit TessierJan 25 (Reuters) - Former U.S. President Donald Trump's potential return to Meta Platform's (META.O) Facebook and Instagram is unlikely to change how advertisers spend money with the world's second-largest digital ad company, ad agency executives said. In a blog post on Wednesday announcing Trump's reinstatement, Meta said he will face "heightened penalties for repeat offenses." Trump's reinstatement, however, reinforces long-standing concerns about how social media platforms can ensure that ads don't appear next to content that marketers consider unsuitable, D'Altorio said. Ad spending on Twitter slumped in the last two months of 2022, according to Standard Media Index, which measures ad spending based on data from ad agencies.

Jan 25 (Reuters) - Meta Platforms Inc (META.O) said Wednesday it will reinstate former U.S. President Donald Trump's Facebook and Instagram accounts in the coming weeks, following a two-year suspension after the deadly Capitol Hill riot on January 6, 2021. He has 34 million followers on Facebook and 23 million on Instagram, platforms that are key vehicles for political outreach and fundraising. "I worry about Facebook's capacity to understand the real world harm that Trump poses: Facebook has been too slow to act." Whether, and how, Trump will seize upon the opportunity to return to Facebook and Instagram is unclear. He did not indicate if or when he would begin posting on Meta platforms again.

☆ Facebook to Reinstate Donald Trump’s Account Suspended After Capitol Riot
▼ + stars: | 2023-01-26 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

Facebook has reinstated former President Donald Trump‘s account, more than two years after it was suspended in the wake of the Jan. 6 Capitol riot. Facebook parent Meta Platforms Inc. said Wednesday that “we will be ending the suspension of Mr. Trump’s Facebook and Instagram accounts in the coming weeks.” It added, “The public should be able to hear what politicians are saying so they can make informed choices.”

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