Little love for libra. And how amazon plans to take on its new highend echo speaker. We begin with that fresh facebook news. The ftc has approved a privacy settlement with the social media giant, fining facebook about 5 billion. This marks the most significant axiom yet against facebook over a series and send the company reeling from one crisis to another. I want to bring in kurt waggoner, who covers facebook for us. He joins us on the phone. In washington we have naomi, who covers corporate influence. We know about the amount of the fine, tell us more about any other Additional Details that will be coming along in the settlement . That is the key. Facebook had said i believed it was in april they set aside 3 billion for this very purpose and the fine could be up to 5 billion. This was something the company was prepared to handle. They also made 56 billion in revenue. The additional will be the details on whether or not any agreement includes something that could limit the Data Collect
We need fed chief jay powell to listen to last nights big, bad Conference Call from csx thats a railroad. Or this mornings report from aerospace texron that showed a weakness in almost always Robust Aerospace sector or tonight, surprisingly not so hot guidance from united rentals, the Equipment Rental company at the same time, we need to innor ti ignore the bank Conference Calls from bank of america on the heels of the major bank stocks that have been good. Certainly happen we got lets hope he stays away from any Conference Call in the red hot airlines sector. Why . Because we have two economies and right now out of scn krrks nrks krrcn sync if you believe bank of america, j. P. Morgan, citi group, why not, consumers are spending but were taking down a little debt. Paying it off. Based on what is happening in the consumer economy, you could easily make the case for more rate hikes here but the Business Economy is a totally different story. That Conference Call, i have to describe it as
Host so scott kupor, what does a Venture Capitalist do . Guest so basically what we do is we provide money to companies that are trying to grow and hopefully become very Big Companies like facebook or google or apple someday. If were doing our jobs correctly we are helping them grow the company so we dont work in the businesses but hopefully we can provide introductions, help navigate new challenges as they go through the business. We like to think of ourselves as a money provider and hopefully a supporter. Host why cant a company such as the ones you describe just go to a bank and go through traditional avenues . Guest its a good question. Most of the businesses we invest in our very risky businesses that will lose money for a long time as Investment Business and banks are not in the business of doing that or taking risk of losing their capital. We are willing to take that risk. About half of what we invest in we will lose all our money in. Any bank of you that idea to would not be to
Accusing facebook of misleading investors as the doj launches this antitrust review. Corporate earnings going to be weighing on some stocks at least this morning boeing and caterpillar disappoint trade worries remain u. P. S. Shares sinking ahead of the open. Profits soaring more than 13 for the quarter. David abney joins us first on cnbc this hour facebook up first. Three different Government Agencies today, the ftc formally announcing that record 5 billion settlement with the company over privacy violations, imposing new requirement oz on Mark Zuckerberg and making structural changes to the board the s. E. C. Simultaneously announcing 100 million settlement accusing the company of misleading investors about the misuse of user data. And lastly, last night, the doj is opening a broad review of Tech Companies, that will scrutinize leading Online Market platforms. Didnt name any specific companies, but obviously facebook, amazon, alphabet are all in play. Of the alphabet soup, what is mo
Little love for libra. To take onzon plans its new highend echo speaker. Begin with that fresh facebook news. The ftc has approved a privacy settlement with the social media giant, fining facebook about 5 billion. This marks the most significant axiom yet against facebook over a series and send the company reeling from one crisis to another. I want to bring in kurt waggoner, who covers facebook for us. He joins us on the phone. In washington we have naomi, who covers corporate influence. We know about the amount of the fine, tell us more about any other Additional Details that will be coming along in the settlement . That is the key. Facebook had said i believed it was in april they set aside 3 billion for this very purpose and the fine could be up to 5 billion. This was something the company was prepared to handle. Made 56 billion in revenue. The additional will be the details on whether or not any agreement includes something that could limit the Data Collection the company has or an