Big tech stocks add $250 billion in market value after grilling by congressional panel

Big tech stocks add $250 billion in market value after grilling by congressional panel

7/31/2020 9:03:00 AM

Big tech stocks add $250 billion in market value after grilling by congressional panel

Despite scrutiny from lawmakers, shares of Amazon.com Inc., Facebook Inc., Apple Inc. and Alphabet Inc. built on already-torrid rallies after each reported earnings or revenue that crushed analyst estimates.

in a congressional hearing over allegations that their power and influence is out of control, four of the biggest American tech companies saw their combined market value swell by $250 billion, thanks to earnings that shocked even Wall Street.Shares of Amazon.com Inc., Facebook Inc., Apple Inc. and Alphabet Inc. built on already-torrid rallies after each reported earnings or revenue that crushed analyst estimates. Combined, the companies put up sales of $200 billion in the three months that ended in June, with Amazon reporting a record quarter.

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The earnings served as further evidence to frenzied stock investors that the companies’ automated, algorithmically optimized businesses are not only weathering the COVID-19 pandemic but are thriving in it. Politically, they could reinforce suspicions that growth in U.S. technology providers has become unhinged. The firms are booming while Old Economy industries such as retailing and car-making falter, pushing scores of companies into insolvency and costing millions of Americans their jobs.

“I will tell you this, it’s good that these tech giants did their hearings yesterday and not tomorrow given all these results,” Wedbush analyst Dan Ives told Bloomberg Television.AdvertisementCombined, Apple, Amazon, Google and Facebook boast a market-cap of more than $5 trillion, about a fifth of the entire Standard & Poor’s 500 index. While the average S&P 500 stock is still down 7% in 2020, an index of FANG (Facebook, Amazon, Netflix Inc. and

Google) stocks is up 34%.The chief executives were forced to defend themselves from the sometimes withering criticism of lawmakers on the House Judiciary subcommittee who said they were abusing monopoly-like power to expand influence. Amazon’s Jeff Bezos was grilled on his company’s treatment of small merchants who use Amazon’s online marketplace, while Sundar Pichai, CEO of Alphabet, faced questions about whether its Google unit exploited its dominant position in advertising.

“These companies as they exist today have monopoly power,” said Representative David Cicilline (D-R.I.), who is leading a yearlong House investigation into the companies. “Some need to be broken up, all need to be heavily regulated.” Read more: Los Angeles Times »

You have Congresspersons and political parties tasked with overseeing their VIP donors. What do people expect is going to happen? Next let batters in baseball decide if pitches are balls or strikes. they made both political parties look like asshats this will go nowhere

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Stock market live updates: Stocks rise, Kodak rockets higher, Big Tech hearings and Fed aheadShares of Tesla jumped after Morgan Stanley raised its base case target on the stock to $1,050 and its bull case forecast to $2,500. $TSLA Follow along with the latest stock market updates here: lol lol lo GO Nice. I am curious to see where WKHS will end up this year. Especially if they can get the USPS contract. 🤣 can’t make this stuff up

Stock futures rise slightly after Fed rate decision, Big Tech earnings loomFutures rose following a session in which the major averages posted solid gains as the Fed pledged to maintain stimulative measures. Is anyone going to tell the financial press that a stimulus deal is not going to happen this week?

Stock market live updates: Dow slips 350, record GDP contraction, Big Tech earnings on deckStocks moved lower out of the gate today as investors digested the 32.9% drop in GDP during the second quarter. Follow along with the latest stock market updates here: 32.9% annualized. But anything to get Senile Joe elected right Meant, back at the ranch, Trump musing about delaying the election to stay in office longer. Covid raging GDP down 33% Race relations at its worst Unemployment at it’s highest Trump is insane. Holy shit. The GDP fell by 32.9% in the 2nd quarter. That is another record set by Trump. Trump is going to collapse the entire economy. Other countries didn't fall that far. But we have Trump.

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4 Big Tech CEOs Getting Heat From Congress on CompetitionFour Big Tech CEOs — Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple — are set to answer for their companies’ practices before Congress as a House panel caps its yearlong investigation of market dominance in the industry. Ari runs pop Viws my friends and I do without them via regular text messages or SMS