Tuesday, 1 Dec 2020

Justice Department Expected To File Antitrust Lawsuit Against Google

Paccar Inc. Bottom Line Drops In Q3

Paccar Inc. (PCAR) revealed earnings for third quarter that decreased from the same period last year.

The company’s bottom line totaled $385.5 million, or $1.11 per share. This compares with $607.9 million, or $1.75 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 24.3% to $4.54 billion from $6.00 billion last year.

Paccar Inc. earnings at a glance:

-Earnings (Q3): $385.5 Mln. vs. $607.9 Mln. last year.
-EPS (Q3): $1.11 vs. $1.75 last year.
-Analysts Estimate: $0.95
-Revenue (Q3): $4.54 Bln vs. $6.00 Bln last year.

Nintendo Switch Black Friday 2020: Best deals and bundles | The Sun UK

NINTENDO Switch fans will know that Black Friday brings an opportunity to save even more on the mobile console.

That's why we'll be keeping our eyes open to see what Nintendo Switch deals Black Friday 2020 has to offer.

Just because a product is in a Black Friday sale, doesn't mean you can’t find it, or something similar, cheaper elsewhere. Always shop around before you spend your money.

ProLogis Q3 adjusted earnings Beat Estimates

ProLogis (PLD) released a profit for third quarter that decreased from last year.

The company’s earnings totaled $298.70 million, or $0.40 per share. This compares with $450.64 million, or $0.71 per share, in last year’s third quarter.

Excluding items, ProLogis reported adjusted earnings of $688.74 million or $0.90 per share for the period.

Analysts had expected the company to earn $0.32 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.9% to $1.08 billion from $0.94 billion last year.

ProLogis earnings at a glance:

-Earnings (Q3): $688.74 Mln. vs. $632.38 Mln. last year.
-EPS (Q3): $0.90 vs. $0.97 last year.
-Analysts Estimate: $0.32
-Revenue (Q3): $1.08 Bln vs. $0.94 Bln last year.

-Guidance:
Full year EPS guidance: $2.20 to $2.24

Boris suffers crushing defeat over plan to break international law on Brexit

The Government has suffered defeat in the House of Lords over Brexit legislation that enables ministers to break international law.

Peers backed a ‘regret’ amendment, condemning disputed provisions in the UK Internal Market Bill, by 395 votes to 169, majority 226.

More follows.

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For more stories like this, check our news page.

U.S. Housing Market Index Climbs To New Record High In October

Homebuilder confidence in the U.S. climbed to another new record high in the month of October, according to a report released by the National Association of Home Builders on Monday.

The report said the NAHB/Wells Fargo Housing Market Index rose to 85 in October from 83 in September. Economists had expected the index to come in unchanged.

“Traffic remains high and record-low interest rates are keeping demand strong as the concept of ‘home’ has taken on renewed importance for work, study and other purposes in the Covid era,” said NAHB Chairman Chuck Fowke.

He added, “However, it is becoming increasingly challenging to build affordable homes as shortages of lots, labor, lumber and other key building materials are lengthening construction times.”

The unexpected increase by the housing market index came as all the HMI indices posted or matched their highest readings ever.

The index gauging current sales conditions rose two points to 90, the component measuring sales expectations in the next six months increased three points to 88 and the measure charting traffic of prospective buyers held steady at 74.

On Tuesday, the Commerce Department is scheduled to release its report on new residential construction in the month of September.

Justice Department Expected To File Antitrust Lawsuit Against Google

The Justice Department is expected to file an antitrust lawsuit on Tuesday against Google, claiming that the internet giant abused its market power in search and advertising.

The DOJ scheduled a call to brief reporters on Tuesday morning.

According to the Associated Press, the lawsuit will claim that it has used its dominance in search to harm consumers. The litigation also will claim that a Google practice of ensuring that it is a default browser on smart phones is anticompetitive.

The lawsuit is not a surprise. The DOJ announced last year that it was reviewing the competitive conduct of major tech platforms. Congress also has been investigating major internet companies, and the House Judiciary Committee released its findings earlier this month. They concluded that Google, Amazon, Apple and Facebook were showing preference for their own services at the expense of competitors and small businesses. They also called for new approaches to antitrust to reflect the shift to the online economy.

The DOJ lawsuit will be one of the biggest challenges to tech industry dominance since the Clinton-era DOJ challenged the market dominance of Microsoft in the late 1990s.

The entertainment industry has seized on the scrutiny of tech platforms by saying it reflects the need for Google and other internet giants to be more accountable, particularly when it comes to pirated content on their sites.

More to come.

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