Meta has agreed to pay up to $18 billion over ten years and adopt new protections for teenage users as part of a landmark settlement with states over its social media platforms. The company was sued by 29 state attorneys general, including West Virginia Attorney General JB McCuskey, who says the deal provides a "blueprint" for pursuing TikTok, YouTube, and other platforms. He joins Ed Ludlow on "Bloomberg Tech."
Nvidia Corp.'s outlook for artificial intelligence spending and revenue will be the focus for investors and analysts in Wednesday's earnings results, according to Mizuho Securities analyst Vijay Rakesh. He speaks with Dani Burger and Yahaira Anand on "Bloomberg Open Interest."
CityPickle hosts the Major League Pickleball Championship finals at Wollman Rink in Central Park. CityPickle has been expanding rapidly this year, opening a flagship location in Times Square and another in Boca Raton, Florida, while serving more than 190,000 customers through its app. CityPickle Co-CEO Mary Cannon discusses the explosive growth of pickleball on Bloomberg Open Interest.
Meta Platforms Inc. said it agreed to pay up to $18 billion in landmark settlements to resolve allegations from multiple US states that the company deliberately designed Facebook and Instagram to encourage compulsive use among young users. Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst joins to discuss.
Abercrombie & Fitch Co. shares rallied after revenue topped estimates and the retailer raised its annual earnings guidance, suggesting the preppy apparel company is regaining some momentum even after another quarter of slow sales growth. Bloomberg's Mary Ross Gilbert joined Bloomberg Intelligence to discuss their earnings.
The US "economic D-Day" against Iran turned out to be less Normandy and more Grenada, with Scott Bessent providing few details on how the administration's new initiative would achieve any of Donald Trump's desired results, namely the full opening of the Strait of Hormuz. Dan Tannebaum, Global Anti-Financial Crime Practice Leader at Oliver Wyman, discusses the move from Bessent and how previous threats from the Trump Administration, particularly in the tariff space, compare.
Wall Street traders sent bonds lower and stocks wavered, with the latest economic reports doing little to alter bets the Federal Reserve will raise interest rates this year. Michael Purves, CEO and founder at Tallbacken Capital Advisors, discusses the 5% yield ceiling and the exceptional moment in US equities.
July's personal income and outlays report indicates the underlying pace of inflation increased relatively modestly. Real spending also came in soft. The weakness was exaggerated by temporary factors such as the earlier-than-usual Amazon Prime Day, but the concentration of spending in essentials suggests the underlying pace of spending has decelerated. Michael Ball, Macro Strategist with Bloomberg News, reacts to the PCE data.
On this episode of Stock Movers: - Intuit (INTU) shares are down after the tax-preparation software company gave a full-year forecast for both adjusted earnings and revenue that was weaker than expected. - Abercrombie & Fitch (ANF) is climbing as it raised its outlook for the year after logging higher second-quarter profit and sales, driven by improving demand across multiple geographies. - JM Smucker (SJM) shares are rising as it raised its full-year outlook for sales and profit, buoyed by growth in its Uncrustables sandwiches and coffee.
Vanguard CEO Salim Ramji and Altruist CEO Jason Wenk explain why they decided to combine assets. Speaking with Dani Burger on "Bloomberg Open Interest," Ramji and Wenk say they're focused on making financial advisors more accessible.
Meta Platforms has reached a $16.7 billion settlement in a high-profile case concerning harm caused to teens through its social media platforms. The settlement amount is significantly lower than Meta's worst-case scenario estimate of $1.4 trillion, which represented the maximum potential penalties if all accusations had been upheld at their severest levels. Ed Ludlow reports on "Bloomberg Open Interest."
Stephanie Roth, chief economist at Wolfe Research, expects to see cooler economic data ahead, giving the Federal Reserve cover to "credibly" avoid hiking interest rates in September.
