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☆ The Year Big Tech Stocks Fell From Glory
▼ + stars: | 2023-01-01 | by ( Hannah Miao | ) www.wsj.com time to read: 1 min

The year 2022 turned many of the stock market’s former darlings into duds. For the better part of the previous decade, investors crowded into shares of fast-growing technology companies whose strong gains year after year reinforced bets that they had nowhere to go but up. Surging prices for such stocks as Facebook parent Meta Platforms Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google owner Alphabet Inc. propelled major indexes to dozens of new highs.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

The declines made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) the top decliners among major S&P 500 sectors, down more than 1.2% each. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 20% and the tech-heavy Nasdaq (.IXIC) nearly 34% this year. The S&P 500 growth index (.IGX) is down about 30% this year while the value index (.IVX) has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows.

SummarySummary Companies Wall St eyes first annual drop in four yearsU.S.-listed shares of Shaw Communications jumpFutures down: Dow 0.40%, S&P 0.59%, Nasdaq 0.94%Dec 30 (Reuters) - Wall Street was set to open lower on the final trading day of a roller-coaster year marked by aggressive interest-rate hikes to curb inflation, the Russia-Ukraine war and recession fears. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 19% and the tech-heavy Nasdaq (.IXIC) 33% this year. "(The) back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. ET, Dow e-minis were down 132 points, or 0.4%, S&P 500 e-minis were down 22.75 points, or 0.59%, and Nasdaq 100 e-minis were down 104 points, or 0.94%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ BC Partners to acquire account-based marketing firm Madison Logic
▼ + stars: | 2022-12-29 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 29 (Reuters) - Private equity firm BC Partners said on Thursday it has agreed to acquire a majority stake in Madison Logic, a provider of business-to-business digital marketing services. Terms of the deal were not disclosed, but a person familiar with the matter told Reuters the transaction valued Madison Logic at about $750 million. BC Partners is acquiring Madison Logic from Clarion Capital Partners, a New York-based private equity firm that had acquired the company in 2016. Madison Logic helps businesses track and target enterprise customers with digital marketing to generate sales. Spending on business-to-business digital marketing constitutes a small but growing part of the nearly $300 billion U.S. digital advertising market.

☆ Inflation, recession and earnings among factors to drive U.S. stocks in 2023
▼ + stars: | 2022-12-28 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 (.SPX) is down nearly 20% year-to-date with only a few trading days left in 2022, on pace for its biggest calendar-year drop since 2008. S&P 500 timeline in 2022Inflation, and the Fed's degree of aggressiveness in trying to contain it, will likely remain a critical factor driving equity performance as 2023 gets under way. Recessions tend to hit stocks hard, with the S&P 500 falling an average of 29% during recessions since World War Two, according to Truist Advisory Services. Investors are also concerned that corporate earnings estimates may not have fully factored in a potential slowdown, leaving more downside for stocks. Consensus analyst estimates project S&P 500 earnings to rise 4.4% in 2023, according to Refinitiv IBES.

☆ Top Marketers Are Turning Their Side Projects Into Legitimate Businesses
▼ + stars: | 2022-12-27 | by ( Patrick Coffee | ) www.wsj.com time to read: +7 min

Turning side projects into stand-alone businesses or full-time occupations can be difficult or even impossible for chief marketing officers, whose jobs have become increasingly demanding and complex. “I loved the idea of Paris, especially as a place that I might someday pluck up the courage to start the company,” said Ms. Howard. Dashlane was unaware that Ms. Howard was developing a new company until she announced her resignation, she said. Soon after he left the soft-drink giant, Mr. Cottrill received a call from industry veteran Gary Koepke. New ideas, new challengesWorking on side projects has helped marketers develop different skill-sets and, in some cases, explore new careers.

☆ Meta to Pay $725 Million to Settle Cambridge Analytica Lawsuit
▼ + stars: | 2022-12-23 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

Meta had agreed in principle to settle the case in August, but no financial details had been disclosed. Facebook parent Meta Platforms Inc. has agreed to pay $725 million to settle a lawsuit that accused the company of allowing Cambridge Analytica and other third parties to access private information about millions of users. The proposed settlement would fund payouts to U.S.-based users of Facebook, in what plaintiffs say could be the largest U.S. class-action privacy settlement ever, according to a court filing late Thursday.

The news represents a small breakthrough for CBD product owners, which have long been blocked by some technology companies from advertising online. “The opportunity for businesses to connect with their customers, where they are, is long overdue.”The pilot comes in response to the prevalence and widespread availability of CBD products, a Google spokesman said. Many large digital advertising companies, including Amazon.com Inc. and Facebook and Instagram-owner Meta Platforms Inc., still prohibit ads promoting CBD and cannabis products. Google will consider user and advertiser feedback before considering expanding CBD advertising to locations outside of the three test markets, the spokesman said. Ore.-based compliance company, to certify merchants before they can advertise CBD products on Google.

Companies Meta Platforms Inc FollowDec 23 (Reuters) - Facebook owner Meta Platforms Inc (META.O) has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," Meta said. The users' lawyers alleged that Facebook misled them into thinking they could keep control over personal data, when in fact it let thousands of preferred outsiders gain access. Facebook argued its users have no legitimate privacy interest in information they shared with friends on social media. But U.S. District Judge Vince Chhabria called that view "so wrong" and in 2019 largely allowed the case to move forward.

Companies Meta Platforms Inc FollowDec 23 (Reuters) - Facebook owner Meta Platforms Inc (META.O) has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," Meta said. The ensuing Cambridge Analytica scandal fueled government investigations into its privacy practices, lawsuits and a high-profile U.S. congressional hearing where Meta Chief Executive Mark Zuckerberg was grilled by lawmakers. The users' lawyers alleged that Facebook misled them into thinking they could keep control over personal data, when in fact it let thousands of preferred outsiders gain access. Facebook argued its users have no legitimate privacy interest in information they shared with friends on social media.

☆ Cybersecurity Firms Cut Staff as Fears About Economy, Funding Mount
▼ + stars: | 2022-12-21 | by ( Belle Lin | James Rundle | ) www.wsj.com time to read: +5 min

Cybersecurity companies have laid off hundreds of workers in recent months, as concerns mount that an economic downturn will delay funding rounds, and squeeze the amounts investors are willing to commit. But cybersecurity companies often run through cash at high rates, analysts say. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. In August, email security firm Malwarebytes Inc. laid off around 125 people, or roughly 14% of its global workforce, a spokesperson confirmed. SHARE YOUR THOUGHTS How would a layoff at one of your cybersecurity providers affect your security strategy?

☆ Meta is building virtual world open to app makers, CEO tells antitrust court
▼ + stars: | 2022-12-20 | by ( Katie Paul | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +5 min

[1/5] Meta Platforms Chief Executive Mark Zuckerberg leaves federal court after attending the Facebook parent company's defense of its acquisition of virtual reality app developer Within Inc., in San Jose, California, U.S. December 20, 2022. REUTERS/Laure AndrillonSAN JOSE, Calif., Dec 20 (Reuters) - Meta Platforms Inc (META.O) boss Mark Zuckerberg defended his acquisition of a virtual reality fitness app to an antitrust judge on Tuesday, arguing that his company was helping to build a nascent virtual reality industry, not dominate it. On fitness apps, he said, "it's less important that we own the experiences than that they exist." Platform companies have built "the key apps, what they call the killer apps," Zuckerberg said, "but they're not the only apps available." Within developed Supernatural, a VR app it advertises as a "complete fitness service" with choreographed workouts.

☆ Meta CEO Mark Zuckerberg Testifies in FTC Case to Block Virtual-Reality Deal
▼ + stars: | 2022-12-20 | by ( Salvador Rodriguez | ) www.wsj.com time to read: 1 min

Facebook parent Meta Platforms Inc. CEO Mark Zuckerberg took the witness stand Tuesday in a case in which the Federal Trade Commission is seeking to prevent the social-media company from acquiring a virtual-reality startup. The FTC is seeking an injunction blocking Meta’s planned acquisition of Within Unlimited Inc., the company behind the popular virtual-reality fitness game “Supernatural.” The legal move poses a direct challenge to Meta’s strategic focus on the metaverse, a term used to describe a platform where numerous online users work and play in virtual worlds.

[1/2] Facebook Chairman and CEO Mark Zuckerberg speaks during the annual Munich Security Conference in Germany, February 15, 2020. REUTERS/Andreas GebertCompanies Meta Platforms Inc FollowSAN JOSE/WASHINGTON, Dec 20 (Reuters) - Meta Platforms (META.O) boss Mark Zuckerberg said the company is focused on building communications apps and developer platforms, speaking on Tuesday at a high-profile trial over the future of its budding metaverse business. Wearing a blue suit, a white mask, and glasses, Zuckerberg appeared in federal court in San Jose, California, to defend Meta's acquisition of virtual reality app developer Within. The FTC sued the Facebook and Instagram owner in July to stop the deal, saying its "campaign to conquer VR (virtual reality)" began in 2014 when it acquired Oculus, a VR headset manufacturer. It has accused Meta of trying to buy its way to dominance in the metaverse.

OAKLAND, Calif., Dec 19 (Reuters) - Mark Zuckerberg considered saying in a 2017 speech that Facebook was looking into "organizations like Cambridge Analytica," according to details from a deposition of him by the U.S. Securities and Exchange Commission. Zuckerberg in the deposition also acknowledges asking colleagues in January 2017 to assess Cambridge's claims about its influence in elections. Media reports in March 2018 suggested that Cambridge kept leveraging Facebook data, prompting government investigations related to data protection practices that Facebook settled in the United States for at least $5.1 billion. In the draft obtained by the SEC, Zuckerberg proposed saying: "We are already looking into foreign actors including Russian intelligence, actors in other former Soviet states and organizations like Cambridge Analytica." Zamaan Qureshi, policy advisor for consumer advocacy group The Real Facebook Oversight Board, said the deposition should increase users' doubts of Meta.

☆ EU Charges Meta With Antitrust Violations Linked to Marketplace
▼ + stars: | 2022-12-19 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Meta could face a fine of up to 10% of its global annual revenue if it is found to have breached the EU’s antitrust rules. BRUSSELS—The European Union charged Facebook parent Meta Platforms Inc. with antitrust violations for allegedly distorting competition by tying its online classified ad service to its social network. The European Commission, the bloc’s antitrust enforcer, on Monday issued a charge sheet against Meta that said the U.S. tech company automatically gives Facebook users access to its Marketplace service, potentially pushing aside competitors. The commission said it is also concerned that Meta imposes unfair conditions on competing for online advertising services through its terms and conditions.

☆ Edgy Campaigns Are Out, TikTok Won’t Stop and Other 2023 Predictions for Marketers
▼ + stars: | 2022-12-19 | by ( Patrick Coffee | ) www.wsj.com time to read: +11 min

Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Most campaigns will focus on discounts to customers or showcase the usefulness of a company’s products, he said. Under this form of marketing, ad firms generally get paid upon completion of a desired end, such as a sale or download. In short, consumers should expect less “vacuous virtue-signaling” from marketers in the coming months, according to Mr. Proulx. But these platforms’ very struggles could result in ad bargains for marketers, said Mr. Solomon of Therabody.

☆ The F-22 is headed for retirement, but it's getting some major upgrades first
▼ + stars: | 2022-12-19 | by ( Alex Hollings | Sandboxx News | ) www.businessinsider.com time to read: +4 min

That means the Raptor will be need some upgrades in order to maintain its aerial advantage. Among them were new stealthy underwing fuel tanks and associated pylons, missiles, and what could be new electronic warfare or infrared search-and-track (IRST) pods. Today, the Raptor has 600-gallon fuel tanks it can carry underwing, but these tanks reduce its observability to a degree. The new fuel tanks intended for the F-22 are meant to offset some of that reduction. An F-22 Raptor over McEntire Joint National Guard Base in November 2017.

ETMeta up on J.P. Morgan rating upgradeDigital World Acquisition down on CFO exitFutures down: Dow 1.16%, S&P 1.05%, Nasdaq 0.60%Dec 16 (Reuters) - Wall Street's main stock indexes were set to extend losses on Friday as fears of a looming recession, sparked by the Federal Reserve's relentless battle against inflation, hammered sentiment. The Bank of England and the European Central Bank were the latest ones to indicate an extended rate-hike cycle on Thursday. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. ET, Dow e-minis were down 384 points, or 1.16%, S&P 500 e-minis were down 41.25 points, or 1.05%, and Nasdaq 100 e-minis were down 68.5 points, or 0.6%. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

☆ Meta halts construction of two data centres in Denmark
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Facebook-owner Meta already has two large data centres in Odense, but only one of the three other centres currently under development there will be completed. Last month, Meta said it would cut 11,000 jobs, the first in the company's 18-year history, after disappointing results in several quarters. The company's traditional data centres house servers for apps such as Facebook and Instagram. But the calculations needed for AI require a new generation of data centres, Münster said. Construction on the two halted data centres in Odense began in August.

☆ Australia takes aim at Apple, Microsoft over child protection online
▼ + stars: | 2022-12-15 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

The disclosure confirms gaps in the child protection measures of some of the world's biggest tech firms, building public pressure on them to do more, according to the commissioner. Meta Platforms Inc, (META.O) which owns Facebook, Instagram and WhatsApp, and Snapchat owner Snap Inc (SNAP.N) also got demands for information. The responses overall were "alarming" and raised concerns of "clearly inadequate and inconsistent use of widely available technology to detect child abuse material and grooming", commissioner Julie Inman Grant said in a statement. Microsoft and Apple "do not even attempt to proactively detect previously confirmed child abuse material" on their storage services, although a Microsoft-developed detection product is used by law enforcement agencies. An Apple announcement a week ago that it would stop scanning iCloud accounts for child abuse, following pressure from privacy advocates, was "a major step backwards from their responsibilities to help keep children safe" Inman Grant said.

☆ Meta oversight board's policy footprint increases in third quarter
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File PhotoDec 14 (Reuters) - Facebook parent Meta Platforms Inc (META.O) implemented more recommendations from its oversight board in the third quarter than the second, the independent body said on Wednesday. The oversight board received more than a quarter of a million appeals from Facebook and Instagram users around the world during the quarter ended Sept. 30. The oversight board said 27% of its recommendations were fully or partially implemented by Meta during the third quarter, compared with 21% in the previous quarter. read moreMeta in July also sought the opinion of the oversight board on changes to its current approach given the improvement in authentic information sources and general awareness around COVID-19.

☆ Fentanyl Awareness Campaign Urges Parents to ‘Drop the F-Bomb’ With Their Kids
▼ + stars: | 2022-12-13 | by ( Megan Graham | ) www.wsj.com time to read: +2 min

A new campaign from the Ad Council and Meta Platforms Inc. is encouraging parents of teen and young-adult children to speak to them about the dangers of fentanyl. The campaign aimed at parents follows a previous effort speaking to kids directly about fentanyl. The campaign, which is set to roll out Wednesday, includes videos of parents having conversations with children about the risks of fentanyl. The Ad Council also aims to expand the campaign beyond Meta platforms, including with digital display ads on other websites. Next, the Ad Council plans to educate 18-to-24-year-olds about the benefits of carrying naloxone.

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