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☆ Top Wall Street analysts are bullish on these five stocks
▼ + stars: | 2023-07-16 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Benoit Tessier | ReutersCava GroupFirst on this week's list is the Mediterranean restaurant chain Cava (CAVA), which made a blockbuster public debut last month. The rally in CAVA shares since its initial public offering reflects investors' optimism about the fast-casual restaurant chain's growth prospects. Stifel analyst Chris O'Cull initiated a buy rating on Cava with a price target of $48. The analyst estimates annual revenue growth of 20% during the next four years, driven by at least 15% growth in Cava's footprint. The survey revealed that Services' average revenue per user (ARPU) in the U.S. is $110, which is much higher than Daryanani's global estimate of $81.

Persons: Benoit Tessier, Chris O'Cull, O'Cull, TipRanks, Amit Daryanani, Daryanani, Ivan Feinseth, Feinseth, Goldman Sachs, Toshiya Hari, Hari Organizations: Meta, Inc, Viva Technology, Porte de, Reuters, Cava, Apple, Apple Services, Services, Tigress Financial, TipRanks, Nvidia Semiconductor, Nvidia, US Locations: Porte, Paris, France, Cava, CAVA, U.S, Midwest

July 14 (Reuters) - A U.S. appeals court on Friday temporarily blocked a lower court order that had sharply limited certain Biden administration officials' and agencies' contacts with social media companies. The 5th Circuit on Friday ruled that the administration's appeal of Doughty's order will be heard as soon as possible by a three-judge panel. Doughty's order itself was a temporary injunction, meant to remain in place while the judge considers the case more fully. The social media companies mentioned in the lawsuit include Facebook and Instagram parent Meta Platforms Inc (META.O), Twitter and Alphabet's (GOOGL.O) YouTube. Legal experts have said Doughty's order will likely face tough scrutiny on appeal, thanks to its breadth and the lack of clear precedents supporting it.

Persons: Terry Doughty, Doughty, Joe Biden, Donald Trump, Biden, Brendan Pierson, Rosalba O'Brien Organizations: Biden, New, Circuit, U.S, District, Democratic, Republican, Facebook, Inc, Twitter, YouTube, Department of Health, Human Services, FBI, Thomson Locations: New Orleans, Monroe , Louisiana, Louisiana, Missouri, New York

☆ Singapore's gig workers are its most financially stretched group, DBS study says
▼ + stars: | 2023-07-14 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +1 min

A DBS study conducted in May 2023 found that gig workers were the most financially stretched, with relatively less stable income flows and savings declining year on year to an "unhealthy range." High inflation and interest rates have diminished the purchasing power of Singaporeans — and gig workers and low-income individuals are the most affected. That's according to a new DBS study conducted in May 2023, which analyzed its database of about 1.2 million customers. In Singapore, gig workers are generally self-employed. The expense-to-income ratio of gig workers was 112% in May 2023 — "significantly higher" than the median customer's 57%, DBS said.

Persons: — Organizations: DBS, Central Provident Fund Locations: Singapore

☆ Stocks rise, but Cramer cautions investors to 'temper enthusiasm'
▼ + stars: | 2023-07-13 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks rise on inflation data Stick with Disney Watch Meta 1. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Walt Disney, Bob Iger, Jim, Cowen, Mark Zuckerberg's, —, TD Cowen, Jim Cramer's Organizations: CNBC, Disney Watch, U.S . Labor, Federal Reserve, Nasdaq, Disney, Inc, Meta

The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York

☆ Biden admin seeks emergency order halting ban on social media company contacts
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - The Biden administration on Thursday asked a federal appeals court for an emergency order halting a lower court ruling that bars some government agencies and officials from meeting and communicating with social media companies about moderating their content. Circuit Court of Appeals, the administration said the lower court ruling was "both sweeping in scope and vague in its terms," and likely to be overturned on appeal. The lower court order, issued by U.S. District Judge Terry Doughty in Louisiana, came in a lawsuit brought by Republican attorneys general in Louisiana and Missouri and by several individuals. They alleged that U.S. government officials effectively coerced social media companies to censor posts over concerns they would fuel vaccine hesitancy during the COVID-19 pandemic or upend elections. The social media companies mentioned in the lawsuit include Facebook and Instagram parent Meta Platforms Inc (META.O), Twitter and Alphabet's (GOOGL.O) YouTube.

Persons: Biden, Terry Doughty, Brendan Pierson, Alexia Garamfalvi, Daniel Wallis, Himani Organizations: New, Circuit, Appeals, U.S, District, Facebook, Inc, Twitter, YouTube, Department of Health, Human Services, FBI, Constitution, Thomson Locations: New Orleans, Louisiana, Missouri, U.S, New York

July 6 (Reuters) - A federal judge's order restricting Biden administration officials from contacting social media companies about moderating their content will face tough legal challenges on appeal, experts said. The Biden administration on Wednesday filed a notice with the New Orleans-based 5th U.S. THREAT OF HARMThe Biden administration has argued that there was no threat of harm because the lawsuit challenged communications that ended more than a year ago. It also said that while it urged social media companies to stop the spread of dangerous misinformation, the companies themselves - including Facebook and Instagram parent Meta Platforms Inc (META.O), YouTube owner Alphabet Inc (GOOGL.O) and Twitter Inc - ultimately made their own decisions. Burt Neuborne, a professor at New York University School of Law, was more skeptical of the free speech claims.

Persons: Terry Doughty, Biden, Jonathan Turley, Doughty's, Doughty, Jameel Jaffer, Jaffer, Mark MacCarthy, Burt Neuborne, I'm, You'd, Donald Trump, Joe Biden, Brendan Pierson, Andrew Goudsward, Kanishka Singh, Alexia Garamfalvi, Leslie Adler Organizations: Biden, U.S, District, New, Circuit, Appeals, George Washington University Law School, Department of Health, Human Services, Facebook, Inc, Twitter Inc, Meta, Columbia University, Brookings Institution, New York University School of Law, Republican, Democrat, Thomson Locations: Louisiana, New Orleans, Missouri, U.S, New York, Washington

☆ Chinese state media rebuke Mark Zuckerberg over reported plan to sell Quest headsets
▼ + stars: | 2023-07-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022. for a virtual future. A Chinese state-controlled media outlet published a harsh critique of Meta CEO Mark Zuckerberg on Wednesday, accusing the billionaire of essentially "shooting himself in the foot" when it came to the Chinese markets. The editorial, translated from Mandarin, said that Zuckerberg's past criticisms of Chinese companies, including ByteDance's TikTok, essentially amount to self-sabotage of his efforts to sell in China. Zuckerberg has been a critic of both specific China-based companies and widespread Chinese corporate espionage. "I think it's well documented that the Chinese government steals technology from American companies," Zuckerberg testified before Congress in 2020.

Persons: Mark Zuckerberg, Meta, Tencent, ByteDance's, Zuckerberg, Tim Cook, Elon Musk, Sen, Tom Cotton, Sundar Pichai, Apple's Cook, Pichai Organizations: Meta, Inc, Street Journal, Apple, Tesla, Google, Microsoft, Department of Justice, Department of Homeland Security Locations: New York, Beijing, China

☆ Cambodia bars Meta oversight board over PM's Facebook account suspension
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

July 4 (Reuters) - Cambodia said on Tuesday Meta Platforms Inc's (META.O) 22-member oversight board was unwelcome in the country, days after the panel recommended suspending Prime Minister Hun Sen's Facebook account over content violations. The board's recommendation was "political in nature", Cambodia's foreign affairs ministry said. Hun Sen's Facebook account went offline last week after the Oversight Board, which is funded by Meta but operates independently, said the platform had been wrong not to remove a video he published in January that breached rules against violent threats. Hun Sen, one of the world's longest-serving leaders with nearly four decades in power, last week declared ahead of his account suspension that he would switch to communicating with his people via Telegram. One Oversight Board member, veteran Indonesian journalist Endy Bayuni, said he was not aware if any colleagues were in Cambodia or had to leave.

Persons: Hun, Meta, Hun Sen, Endy Bayuni, Kanupriya Kapoor, Fanny Potkin, Devika Organizations: Facebook, Meta, Cambodian People's Party, Reuters, Thomson Locations: Cambodia, Indonesian

☆ China's youth unemployment is so dire that it's inspired recent college grads to post pictures of themselves sprawled on the ground in 'zombie-style' poses
▼ + stars: | 2023-07-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's youth unemployment rate hit a record high of 20.8% in May. On June 13, the Radii media outlet tweeted a photo collage of some of these graduating students donning black or purple graduation gowns in various poses. While this particular pose is trending this year, this graduation season's posts were often accompanied by other happier pictures of the graduating students. It also isn't the first time graduates in China have taken unusual graduation photos, according to posts seen by Insider on Xiaohongshu. These trending poses of despondence come as China's youth unemployment rate hit a record high of 20.8% in May, according to official statistics.

Persons: —, despondence, Nomura, Brenda Lu, Lu Organizations: Service, CNBC, Washington Post Locations: China

July 3 (Reuters) - Elon Musk's move to temporarily cap how many posts Twitter users can read on the social media site could undermine efforts by the company's new Chief Executive Linda Yaccarino to attract advertisers, marketing industry professionals said. Under the new cap, unverified accounts were initially limited to 600 posts a day with new unverified accounts limited to 300. Verified accounts could read 6,000 posts a day, Musk said in a post on the site. Hours later, he said the cap was raised to 10,000 posts per day for verified users, 1,000 per day for unverified and 500 posts per day for new unverified users. Kai-Cheng Yang, researcher at Indiana University in Bloomington, said that the limits appeared to be effective in blocking third parties, including search engines, from scraping Twitter data like before.

Persons: Elon Musk's, Linda Yaccarino, Musk, Yaccarino, Mike Proulx, Forrester, Lou Paskalis, Jasmine Enberg, Kai, Cheng Yang, Jody Godoy, Sheila Dang, Akash Sriram, Burton Frierson, Nick Zieminski Organizations: Financial Times, AJL Advisory, Bank of America, Twitter, Insider Intelligence, Indiana University, Thomson Locations: Bloomington, New York, Dallas, Bengaluru

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

June 30 (Reuters) - Apple Inc's (AAPL.O) stock market value ended a trading session above $3 trillion for the first time on Friday, lifted by signs of improving inflation and bets that the iPhone maker will successfully expand into new markets. Shares of the world's most valuable company jumped 2.3% to $193.97, giving it a market capitalization of $3.05 trillion, Refinitiv data showed. Reuters Graphics Reuters GraphicsThe Cupertino, California company's market capitalization briefly peaked above $3 trillion in intraday trading on Jan. 3, 2022 before closing the session just below that mark. Apple's $3 trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago. Four other U.S. companies have valuations of more than $1 trillion - Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O), Nvidia and Microsoft Corp (MSFT.O), which follows Apple with a market value of $2.5 trillion.

Persons: Hogan, Riley, Tiyashi Datta, Noel Randewich, Anil D'Silva, Richard Chang Organizations: Apple, Reuters Graphics Reuters, Nvidia Corp, Tesla Inc, Commerce Department, Amazon.com Inc, Nvidia, Microsoft Corp, Tesla, Inc, Thomson Locations: Cupertino , California, Apple's, Bengaluru, Oakland, Calif

☆ Google to block news in Canada over law on paying publishers
▼ + stars: | 2023-06-29 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

REUTERS/Paresh Dave/File PhotoOTTAWA, June 29 (Reuters) - Google said on Thursday it plans to block Canadian news on its platform in Canada, joining Facebook in escalating a campaign against a new law requiring payments to local news publishers. Alphabet-owned (GOOGL.O) Google will remove links to Canadian news from search results and other products in Canada when the law takes effect in about six months. Google will also end a voluntary news program in Canada operated under agreements with 150 news publications across the country. The law forces online platforms to negotiate with news publishers and pay for their content. A similar law passed in Australia in 2021 prompted threats from Google and Facebook to curtail their services.

Persons: Paresh Dave, Bill C, Pablo Rodriguez, Justin Trudeau, Rodriguez, Kent Walker, Walker, Ismail Shakil, Steve Scherer, Richard Chang Organizations: Google, REUTERS, OTTAWA, Facebook, Meta, Inc, Heritage, Thomson Locations: New York City , New York, U.S, Canada, Australia, Europe, Ottawa

REUTERS/Dado Ruvic/Illustration/File PhotoJune 28 (Reuters) - Mercenary hackers increasingly are targeting law firms in a bid to steal data that could tip the balance in legal cases, French and British authorities say, echoing a Reuters investigation that uncovered the phenomenon last year. In a pair of reports published over the past week, the cyber watchdog agencies of France and the United Kingdom cataloged an array of digital challenges faced by law firms, including threats posed by ransomware and malicious insiders. Both also highlighted the dangers posed by mercenary hackers hired by litigants to filch sensitive information from courtroom opponents. France’s cyber watchdog, known as ANSSI, said in its report released Tuesday that “mercenaries with offensive cyber capacities” were increasingly targeting the legal sector. ANSSI cited Reuters reporting last year on how mercenary hackers based out of India were being drafted to help sway high-profile cases in the United States, Europe and elsewhere.

Persons: Dado Ruvic, ANSSI, Britain's, ANSSI didn't, Raphael Satter Organizations: REUTERS, Mercenary, Cyber Security, Reuters, Google, Facebook, Meta, Inc, Thomson Locations: France, United Kingdom, London, India, United States, Europe, U.S

June 27 (Reuters) - U.S. stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes. While the economic data was encouraging, Rhys Williams, chief strategist at Spouting Rock Asset Management, said the market also rose on seasonal factors. "You'd a bad week in the stock market last week and a bad day on Monday. According to preliminary data, the S&P 500 (.SPX) gained 49.25 points, or 1.14%, to end at 4,378.07 points, while the Nasdaq Composite (.IXIC) gained 219.71 points, or 1.65%, to 13,555.49. Signs of U.S. economic resilience also boosted the Dow Transports index (.DJT) and small-cap Russell 2000 index (.RUT).

Persons: Rhys Williams, It's, Williams, Russell, Jerome Powell's, hawkish, Dow, Sinéad Carew, Sruthi Shankar, Johann M, Terence Gabriel, Shinjini Ganguli, Richard Chang Organizations: Federal, Management, Dow, Nasdaq, Dow Jones, Dow Transports, Traders, bps, European Central Bank, Microsoft Corp, Apple Inc, Amazon.com Inc, Tesla Inc, Nvidia Corp, Inc, Citigroup, Nvidia, Walgreens Boots Alliance, CVS Health Corp, Rite Aid Corp, Lordstown Motors Corp, U.S, Thomson Locations: Sintra , Portugal, U.S, New York, Bengaluru

Adding to uncertainty was the start of the second quarter's final week on Monday, weeks ahead of the financial reporting season. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. But Carnival (CCL.N) slumped 7.6% after the cruise operator forecast third-quarter earnings below Wall Street expectations. The S&P 500 posted 18 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 154 new lows. On U.S. exchanges 9.28 billion shares changed hands compared with the 11.62 billion average for the last 20 sessions.

Persons: Tesla, Aston Martin, Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Brendan McDermid, Powell, Goldman Sachs, UK's Aston Martin, decliners, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Pfizer, Aston, Dow, Nasdaq, Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, BMO, Investors, Independent, Alliance, Dow Jones, New York Stock Exchange, REUTERS, University of, Pfizer Inc, UBS, Ares Management, NYSE, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, New York City, U.S, New York, Bengaluru

June 26 (Reuters) - U.S. stocks closed lower on Monday, as investors were wary of making riskier bets after Russia's aborted weekend mutiny. Investors were uncertain about the implications of the rebellion by Russian mercenaries that raised questions about President Vladimir Putin's future. Growth stocks weighed the most on the main indexes, with Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O) falling sharply. With this uncertainty in mind Schleif noted that investors were taking some profits in growth stocks that had advanced sharply this year. But Carnival (CCL.N) slumped after the cruise operator forecast third-quarter earnings below Wall Street expectations.

Persons: Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Goldman Sachs, UK's Aston Martin, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, Nasdaq, BMO, Independent, Alliance, Dow Jones, University of, Pfizer Inc, UBS, Ares Management, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, U.S, New York, Bengaluru

☆ EU official visits Twitter headquarters to ‘stress test’ its ability to handle content moderation
▼ + stars: | 2023-06-23 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

On Thursday, EU Commissioner Thierry Breton and a team of staff descended on Twitter’s headquarters in San Francisco to perform a “stress test” of the company’s ability to moderate online content. Josh Edelson/AFP/Getty ImagesBreton did not say whether he believes Twitter passed its stress test, but described the session as a “constructive dialogue” that Twitter voluntarily agreed to undertake. “Europe is very important to Twitter and we’re focused on our continued partnership.”In a speech Thursday, Breton said Twitter is not the only company that will be receiving a stress test. “Compliance with European rules is not a punishment. Concerns about Twitter’s ability to handle hate speech, misinformation and other challenges have grown since Musk’s purchase of the company last year.

Persons: Thierry Breton, “, ” Breton, Elon Musk, Josh Edelson, Breton, Twitter, ”, Linda Yaccarino, we’re, Sundar Pichai, Mark Zuckerberg, Sam Altman, Jensen Huang Organizations: CNN, European Union, Twitter, Facebook, Digital Services, DSA, Internal, Getty, ”, “, Nvidia Locations: San Francisco, San Francisco , California, AFP, “ Europe, Europe

The lawyers said in the filing that the $725 million settlement is the largest data-privacy recovery in history and the largest private settlement Facebook has ever agreed to. Meta and an outside lawyer for the company from Gibson, Dunn & Crutcher did not immediately respond to requests for comment on the fee request on Thursday. While a 25% fee amounts to $181,250,000, the fees paid from the settlement fund would be about $180,449,782, the lawyers wrote. The company and its outside law firm, Gibson Dunn, already paid about $800,217 in sanctions, which can be deducted from the total fees, they wrote. The company did not admit wrongdoing as part of the settlement, which the judge granted preliminary approval of in March.

Persons: Keller Rohrback, Fonti, Auld, Derek Loeser, Lesley Weaver, Bleichmar Fonti, Dunn, Crutcher, Gibson Dunn, Vince Chhabria, Meta, Read, Sara Merken, Leigh Jones Organizations: San, Facebook, Meta, Gibson, U.S, Cambridge, Thomson Locations: San Francisco federal

☆ Facebook to end news access in Canada over incoming law on paying publishers
▼ + stars: | 2023-06-22 | by ( ) edition.cnn.com time to read: +3 min

CNN —Meta Platforms Inc plans to end access to news on Facebook and Instagram for all users in Canada once a parliament-approved legislation requiring internet giants to pay news publishers comes into effect, the company said on Thursday. “Today, we are confirming that news availability will be ended on Facebook and Instagram for all users in Canada prior to the Online News Act taking effect,” Meta said in a statement. Earlier this month, Prime Minister Justin Trudeau said Meta and Google were using “bullying tactics” as they campaign against the legislation. Google and Facebook had also threatened to curtail their services in Australia when similar rules were passed into law. The heritage ministry has had meetings with Facebook and Google this week, and it looks forward to further discussions, a government spokesperson said.

Persons: ” Meta, ”, Justin Trudeau, Meta, Pablo Rodriguez, ” Rodriguez, Danielle Coffey, “, ” Coffey Organizations: CNN, Inc, Facebook, “, Google, Heritage, News Media Alliance, Big Tech Locations: Canada, Australia, Europe, United States

☆ Meta to end access to news on Facebook, Instagram in Canada
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, June 22 (Reuters) - Meta Platforms Inc (META.O) said on Thursday it would end access to news on Facebook and Instagram for all users in Canada after parliament approved legislation designed to compel internet giants to pay publishers for news. The legislation, known as the "Online News Act," was approved by the Senate upper chamber earlier on Thursday and is expected to be formally adopted shortly. "Today, we are confirming that news availability will be ended on Facebook and Instagram for all users in Canada prior to the Online News Act taking effect," the company said in a statement. Earlier this month, Prime Minister Justin Trudeau said Meta and Google were using "bullying tactics" as they campaign against the legislation. Reporting by Ismail Shakil and David Ljunggren in Ottawa; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Justin Trudeau, Meta, Ismail Shakil, David Ljunggren, Daniel Wallis Organizations: OTTAWA, Inc, Facebook, Google, Thomson Locations: Canada, Australia, Europe, Ottawa

☆ Meta Platforms' return to growth index highlights annual Russell refresh
▼ + stars: | 2023-06-21 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +6 min

REUTERS/Peter DaSilvaNEW YORK, June 21 (Reuters) - Meta Platforms (META.O) will return to its former status as a full growth stock after financial data provider FTSE Russell finishes its annual shakeup of its stock index components on Friday. Every year, FTSE Russell reconstitutes, or refreshes, the components across its indexes, such as the Russell 2000 (.RUT) index of small cap stocks and Russell 1000 (.RUI) index of large-cap names. There are also style indexes such as the Russell 1000 Growth (.RLG) and Russell 2000 Value (.RUJ). FTSE Russell says about $12.1 trillion is currently benchmarked to the Russell US equity indexes. "The growth indexes look more like growth benchmarks and the value indexes look more like cyclical value indices," said Steven DeSanctis, equity analyst at Jefferies in New York.

Persons: Peter DaSilva, Russell, FTSE Russell reconstitutes, RUI, Goldman Sachs, Stocks, Goldman, Bryant VanCronkhite, VanCronkhite, Catherine Yoshimoto, Steven DeSanctis, You've, Thomas Martin, Chuck Mikolajczak, Alden Bentley, Matthew Lewis Organizations: Facebook, Meta, REUTERS, Russell, FTSE, FTSE Russell, London Stock Exchange, Allspring Global Investments, Walmart, Jefferies, Nasdaq, New York Stock Exchange, Globalt Investments, Thomson Locations: Mountain View , California, U.S, Menomonee Falls , Wisconsin, New York, Atlanta

The Chinese e-commerce giant saw sales rise 6-8% over the 618 festival period that ran from late May through to Sunday evening, according to a client note from Citi analysts. The festival, named after the founding date of JD.com but embraced by all e-commerce platforms, is a key barometer of Chinese consumer spending. JD.com has said it will not release its GMV for the festival period this year, only noting that sales hit a record - a milestone which was expected. Alibaba has also stopped releasing GMV figures for the so-called Singles Day shopping festival period in November in the face of slowing sales. Goldman Sachs analysts said in a client note that JD.com sales during 618 "slightly" exceeded expectations, while Jefferies analysts said the event "surpassed expectations and set new records."

Persons: brokerages, Syntun, Alibaba, JD.com, Goldman Sachs, Jefferies, Casey, Sophie Yu, Edwina Gibbs, Susan Fenton Organizations: HK, Citi, Alibaba, PDD Holdings, Casey Hall, Thomson Locations: SHANGHAI, Shanghai, Beijing

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