Thursday’s Headlines: Google’s FitBit Venture Could Be In Jeopardy
1. Google parent Alphabet’s stock rose nearly 1% on Wednesday due to a Justice Department investigation into its purchase of smart-watch manufacturer Fitbit. The merger could be in jeopardy following a state investigation that had concerns about the deal creating a state-wide data monopoly issue. Several privacy and consumer rights groups have urged the government to block Google’s Fitbit acquisition. The deal could help Google compete with Apple in the wearable computing market. Get the full story here.
2. Ski resort company Vail Resorts saw its stock rise nearly 3% on the back of a very positive earnings report for its fiscal first quarter. This is thanks to its losses per share of -$2.64 for the quarter. That beats out Wall Street’s estimate of -$2.98 per share. Revenue of $267.77 million is also above analysts’ estimates of $255.68 million. That’s an almost 1% improvement over its net loss of -$110.73 million in the fiscal first quarter of the previous year. Get the full report here.
3. Disney+ has been downloaded to mobile devices 22 million times since its launch in November, according to mobile app research firm Apptopia. The entertainment giant’s stock rose more than 1% on the back of its streaming services' success, having reported more than 10 million subscribers after its first day back in November. Google’s annual search trends list reported Wednesday that Disney+ was the top trending search in the U.S. in 2019, another sign the service is growing quickly. For an in-depth look at the report, read here.