Dragon Claws
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U.S. considers breakup of Google in landmark antitrust case. (00:22) Boeing withdraws pay offer to striking workers as negotiations reach stalemate. (01:45) The Las Vegas Strip says goodbye to the iconic Tropicana property tonight. (02:34)
This is an abridged transcript of the podcast.
The U.S. Department of Justice late on Tuesday indicated that it was considering a possible breakup of Google's (NASDAQ:GOOG) (NASDAQ:GOOGL) units like the Chrome browser and Android operating system, as an antitrust remedy.
The department said in a filing that the remedies necessary to “prevent and restrain monopoly maintenance could include contract requirements and prohibitions; non-discrimination product requirements; data and interoperability requirements; and structural requirements.”
The DOJ was also “considering behavioral and structural remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and Google search-related products and features — including emerging search access points and features, such as artificial intelligence — over rivals or new entrants.”
The DOJ’s recommendations come after a judge found in August that Google (GOOG), which processes 90% of U.S. internet searches, had built an illegal monopoly.
In a blog post published Tuesday, Google’s vice president of regulatory affairs, Lee-Anne Mulholland said, “we are concerned the DOJ is already signaling requests that go far beyond the specific legal issues in this case.”
She further argued that splitting off Chrome or Android "would break them — and many other things."
Boeing (NYSE:BA) Tuesday evening said that it had withdrawn an offer to around 33,000 striking employees, noting the International Association of Machinists and Aerospace Workers did not seriously consider its proposal.
In a communication to employees, Boeing Commercial Airplanes CEO Stephanie Pope said that the union's demands were "not negotiable" and additional negotiations "do not make sense at this point," Reuters reported.
The union confirmed that Boeing had withdrawn its Sept. 23 offer, adding that a poll of members found an overwhelming number were not happy with it.
The union is asking for a 40% pay raise over four years and the return of a defined-benefit pension plan. Boeing has offered a 30% raise plus a performance bonus.
What would the Las Vegas Strip be without the Tropicana?
We’re about to find out!
The Las Vegas Strip will see the first implosion of a major resort property since 2016 when three Riviera hotel towers were brought down.
By the time you listen to this The Tropicana Las Vegas will be no more.
It is scheduled to be imploded at 2:30 a.m. Pacific Time to clear ground for a $1.5 billion 30,000-seat baseball stadium.
The Oakland A’s major league baseball team is set to move to Las Vegas in 2028. The stadium is expected to be ready for that season.
The site will also be a "world-class" entertainment resort destination that is being created in partnership with Bally’s Corporation (NYSE:BALY).
The Tropicana Las Vegas opened in 1957.
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Catalyst watch:
Vista Outdoor (VSTO) will hold a special meeting to vote on the CSG transaction.
Zoom Video (ZM) will hold its Zoomtopia Americas event. CEO Eric Yuan and Smita Hashim will give keynote talks.
Notable investor events include Myriad Genetics' (MYGN) investor meeting, Alkermes' (ALKS) event to review the company's orexin portfolio and development strategy, and Globalstar (GSAT) tech talk event at MWC Las Vegas.
Illumina (ILMN) will hold an innovation technology event.
Costco (COST) will release its September sales report postmarket.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.8% at $74/barrel. Bitcoin is down 0.6% at $62,000.
In the world markets, the FTSE 100 is up 0.4% and the DAX is flat.
The biggest movers for the day premarket: The Shanghai Composite dropped 6.62% to close at 3,259 on Wednesday, snapping a ten-day winning streak due to a fading rally driven by Beijing's stimulus measures.
On today’s economic calendar:
9:15 am Dallas Federal Reserve Bank President Lorie Logan speaks on the current state of the economy before the Future of Global Energy Conference presented by Shell USA, Inc. and co-hosted by the Greater Houston Partnership.
2:00 pm FOMC Minutes
6:00 pm San Francisco Federal Reserve Bank President Mary Daly participates in moderated conversation on monetary policy and the economic outlook at Boise State University.
