1) Tech Fade? Apple, Google, Facebook, Amazon
Tech Fade: "We just don’t get as excited about tech as we used to"--enthusiasm about startups and embracing new things has been replaced by cynicism.
WWDC19 Keynote June 3, 2019, at 10 a.m. PDT Streamed LIVE:
Did The Tech Bubble Just Pop: Investors Balk At SoftBank's Attempt To Raise $100 Billion: "Something is not quite right with SoftBank."
2) Antitrust & $AAPL, $GOOGL, $FB, $AMZN
CNBC Television video above published Jun 5, 2019: discussion on antitrust and U.S. tech companies with CNBC's Josh Lipton and Joe Kernen, and the Fast Money traders, Pete Najarian, Tim Seymour, Karen Finerman and Guy Adami, and Antitrust Lawyer Gary Reback, Carr & Ferrell, on the government's antitrust case against Google.
- Google, Amazon, Facebook and Apple, worth nearly $3 trillion combined, reportedly under federal investigation.
- Google Should Be Afraid. Very Afraid--a new round of antitrust questions can’t go well for the company. The culture has turned against tech since Google skated free in 2013--bloomberg.com.
- Google has few political allies and a history of complaints, so an antitrust case may move quickly, say experts.
- FTC and DOJ agree on antitrust oversight of Google and Amazon, putting Amazon under FTC and Google under DOJ.
- The House Judiciary Committee is launching a bipartisan investigation into whether large tech companies such as Facebook, Google and Amazon are using their vast market power to suppress competition.
- A possible Apple probe is reportedly linked to the Google probe, and stems from meetings between the DOJ and the FTC.
The Week: NASDAQ Composite +3.9%| S&P 500 Index +4.4% | DJIA +4.7%
U.S. markets' best week of the year--Trump was right about the Fed.
Investor Notes: in the U.S. Q1 turned out much better than what many pundits predicted:Despite investor concerns about #tradewars causing a slowdown in the economy, the Fed’s latest #BeigeBook yesterday showed it has yet to dent growth materially. Fed Funds Futures still don’t care… odds here continue to forecast three rate cuts by the end of this year. $SPY $IVV— DataTrek Research (@DataTrekMB) June 6, 2019
and Despite Tariff Concerns, Analysts Making Smaller Cuts Than Average To EPS Estimates For Q2 | FactSet.com. Also: History Points To A Recovery in US Stocks--DatatrekResearch.com May 31, 2019--"data shows upside ahead despite a rocky May."76% of $SPX companies have beaten EPS estimates for Q1 to date, above the 5-year average of 72%. https://t.co/wb9IWRDULj #earnings pic.twitter.com/jn1EOyyMaT— FactSet (@FactSet) June 1, 2019
EU: The eurozone economy is stumbling and risks to financial stability are rising, says the European Central Bank (ECB). Italy Is Threatening to Repeat the Greek Debt Crisis—But With Higher Stakes | Fortune.com. Italy's GDP per capita remains stagnant at the same level as 18 years ago--Is The Sinking Italian Economy Just The Tip Of The Iceberg?--SeekingAlpha.com.
China: Chinese Bank With $105 BN In Assets On Verge Of Collapse. China’s stock market hit by the biggest outflow of foreign capital on record in April and May as trade war with the US and worry about the stability of the RMB weighed on investors, reported the Financial Times. China services PMI Plunges As Output Expectations Hit 7 Year Lows--zerohedge.com. Also: Pentagon report slams China for “eroding the values and principles of the rules-based order”--bloomberg.com.
4) ICYMI Tech News:
Huawei is selling off its undersea telecom cable business, its first major asset sale since the U.S. Government's accusations against the company. Facebook suspends app pre-installs on Huawei phones.
Amazon says 10 million items are now available for one-day shipping; while Walmart's recently launched 'next-day shipping' has only about 200,000 items available.
Amazon said it would open pop-up shops in the UK to give more than 100 small online businesses an opportunity to sell on the 'high street' for the first time. “Clicks and Mortar” stores will sell homeware, health and beauty, food and drink, and electronics.
Food-Delivery Rivals DoorDash, Grubhub, Uber Eats and Postmates Risk Capital Destruction--a problem in the 'valuations.'
Boeing 737 Max: fatal flaws can be traced to a breakdown late in the plane’s development, when test pilots, engineers and regulators were left in the dark about a change that would ultimately play a role in two crashes--NYTimes.com.
IBM: 5% Yield And Nearing Dividend Aristocrat Status?
Google To Buy Data Analytics Startup Looker for $2.6B.
Personal tech: FCC votes unanimously (pdf) to let carriers block robocalls by default and advances proposed rule for carriers to adopt SHAKEN/STIR caller ID system.
-- John Poole, Editor, Domain Mondo
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