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Amazon to Meet With FTC in Final Push to Avoid Antitrust Suit

 1 year ago
source link: https://finance.yahoo.com/news/amazon-meet-ftc-final-push-173411595.html
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Amazon to Meet With FTC in Final Push to Avoid Antitrust Suit

Leah Nylen
Tue, August 8, 2023, 2:34 AM GMT+9·1 min read
ca67fb909e3ffd5e797845da7db992e0

(Bloomberg) -- Amazon.com Inc. will meet with Federal Trade Commission Chair Lina Khan and the agency’s three other commissioners next week in a final push to avoid an antitrust lawsuit, according to people familiar with the matter.

Most Read from Bloomberg

The FTC, which has been investigating Amazon since 2019 over its online marketplace for third-party sellers, is finalizing a suit against the online retail giant. A meeting between the company and the FTC’s commissioners is often one of the last steps before either suit is filed or a settlement is reached.

The Biden administration has stepped up antitrust enforcement, seeking to reverse what it has viewed as decades of lax oversight over corporate consolidation and market power. Khan has long had Amazon in her sights — she wrote a seminal paper as a law student about rethinking antitrust laws due to the company’s dominance.

An Amazon spokesperson declined to comment. An FTC spokesman declined to comment.

The FTC, which has both antitrust and consumer protection mandates, has been investigating Amazon for potential anticompetitive conduct over several aspects of its business, including its marketplace, Prime subscription service and cloud computing. The agency opened a new investigation into Amazon Prime in 2021 focused on whether the service violates consumer protection laws by making it difficult for customers to cancel.

Amazon has pushed the FTC to recuse Khan from its case, citing her academic work and prior statements about the company. It has also accused the agency of harassing founder Jeff Bezos and Chief Executive Officer Andy Jassy with document and interview requests.

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    Lucid earnings: EV maker reports Q2 revenue, earnings miss; reiterates Gravity SUV on track

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    Wind Industry in Crisis as Problems Mount

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    TipRanks

    Insiders Pour Millions Into These 2 Stocks Under $10 — Here’s Why Wall Street Thinks They Could Double (or More)

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    Bloomberg

    Chinese Maker of 1,000 Kilometer EV Battery Plans IPO by 2025

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    What's in Store for Medical Properties (MPW) in Q2 Earnings?

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    Investor's Business Daily

    Dow Jones Jumps As Apple Stock Crumbles; These Warren Buffett Stocks Are Near Buy Points

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    Reuters

    Yuan loses core support as firms leave China

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    Bloomberg

    Vietnam’s Richest Man Poised to Briefly Triple Fortune on EV Bet

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    Bloomberg

    Palantir’s 135% AI Surge Set for Earnings Showdown

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    TipRanks

    Goldman Sachs Says Now Could Be the Best Time to Buy These 2 Stocks — Here’s Why They’re on the Conviction List

    This year started with a red-hot stock market, there is no question of that. Since the start of 2023, even accounting for losses last week, the S&P 500 shows a year-to-date gain of 17%, and the NASDAQ is up 33%. Currently, the gains are narrow, mainly relying on a handful of deep-pocketed, big-name tech firms, but there’s a likelihood that investor money will start spreading more widely. If the bull market does widen out, it will raise the question of which stocks to buy. This is where Goldman S

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    Yahoo Finance

    Tesla CFO Kirkhorn steps down, replaced by chief accounting officer Vaibhav Taneja

    Tesla's chief financial officer Zachary Kirkhorn has stepped down from the company as of August 4, according to a company filing. Kirkhorn will help serve the company through the end of the year.

    10h ago
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    Bloomberg

    Electric Vehicle Tech Maker Proterra Files for Bankruptcy

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    Zacks

    Drug, Biotech Stocks' Q2 Earnings on Aug 8: LLY, LGND & More

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    Why Earnings Season Could Be Great for Rivian Automotive (RIVN)

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    Yahoo Finance

    The AI stock bubble may be popping

    After driving a 2023 stock rally, AI isn't moving stocks during second quarter earnings.

    5h ago
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    Investor's Business Daily

    Dow Jones Surges 400 Points As Apple, Tesla Stock Slide; Palantir Rallies As AI Demand Grows

    Dow Jones futures: Apple and Tesla stock extended their losses Monday. Palantir plunged on earnings after the close.

    2h ago
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    The Wall Street Journal

    Tesla CFO Zach Kirkhorn Steps Down Ahead of Cybertruck Launch

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    AP Finance

    Tyson Foods closing 4 chicken processing plants in cost-cutting move

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    10h ago
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    Skyworks Solutions (SWKS) Tops Q3 Earnings and Revenue Estimates

    Skyworks (SWKS) delivered earnings and revenue surprises of 3.59% and 0.07%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?

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    Yahoo Finance

    'Barbie' crosses $1 billion as analysts turn bullish on box office rebound

    "Barbie" has surpassed the coveted $1 billion mark at the global box office — just 17 days after its release.

    6h ago
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    Barrons.com

    RingCentral CEO Steps Down. The Stock Is Tumbling.

    RingCentral posted solid second-quarter results that edged Wall Street estimates, but the cloud-based telecom provider left its full-year view mostly intact.

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    Investopedia

    Top CDs Today: National Rate Leader Holds at 5.75% But Best 3-Year Rate Dips

    Today's top three nationwide CD rates are 5.75% APY from Andrews Federal Credit Union, 5.60% APY from Northern Bank Direct, and 5.55% APY from Sallie Mae Bank.

    2h ago
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    Zacks

    MannKind (MNKD) Reports Break-Even Earnings for Q2

    MannKind (MNKD) delivered earnings and revenue surprises of 100% and 15.65%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?

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    The Zacks Analyst Blog Highlights BlackRock, Charles Schwab, HIVE, Block and CME Group

    BlackRock, Charles Schwab, HIVE, Block and CME Group are included in this Analyst Blog.

    15h ago
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    Yahoo Finance

    Biden’s green energy law is turning out to be huge

    The green energy bill Biden signed a year ago is turning out to be more transformative than first imagined.

    3h ago
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    Zacks

    CRISPR Therapeutics AG (CRSP) Reports Q2 Loss, Tops Revenue Estimates

    CRISPR Therapeutics AG (CRSP) delivered earnings and revenue surprises of 55.05% and 2,085.45%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?

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    FreightWaves

    1st peek at Pilot’s finances after Berkshire Hathaway ownership grows

    The quarterly earnings report from Berkshire Hathaway was the first with a full set of financial numbers from Pilot. The post 1st peek at Pilot’s finances after Berkshire Hathaway ownership grows appeared first on FreightWaves.

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    Barrons.com

    Eli Lilly to Report Earnings as Hope Soars for Weight-Loss Drug Mounjaro

    Things couldn't be going much better for the drugmaker. The stock is up about 50% over the past 12 months and nearly 25% so far this year.

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    Business Insider

    China's economy is trapped in a downward spiral that authoritarian regimes are doomed to repeat

    Like other authoritarian regimes, China's economic development is following a predictable pattern, said the Peterson Institute's Adam Posen.

    1d ago
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    Barrons.com

    Intel CEO Pat Gelsinger Just Bought More Stock

    Shares of the chip company Intel have gained about 35% so far this year as they gain ground lost in last year’s rout. The CEO just bought $250,000 of stock.

    7h ago
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    American City Business Journals

    CVS Health prepares for Medicare-induced headwinds

    Medicare Advantage patients are seeking more outpatient care than expected, driving down segment profits, CVS executives said.

    5h ago
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    Zacks

    Under Armour (UAA) Queued Up for Q1 Earnings: Factors to Note

    Under Armour's (UAA) first-quarter fiscal 2024 results are likely to reflect supply-chain impacts and adverse currency fluctuations.

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    SmartAsset

    Ask an Advisor: Should I Cash Out My Annuities?

    I have a significant sum invested in several annuities. I would like to switch that money into index funds and pay taxes as the money is withdrawn. Is this recommended? How would I do this? -Vlad Transferring any amount of … Continue reading → The post Ask an Advisor: Should I Cash Out My Annuities? appeared first on SmartAsset Blog.

    10h ago
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    Zacks

    Should You Buy Twilio (TWLO) Ahead of Earnings?

    Twilio (TWLO) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

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    American City Business Journals

    Chevron merger deal rewarded departing PDC Energy execs with more than $100 million

    The executive team of PDC Energy leaves with the deal's Monday closure. Here how much they're projected to make in the $7.6 billion the transaction.

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    Zacks

    Is a Surprise Coming for Celsius Holdings (CELH) This Earnings Season?

    Celsius Holdings (CELH) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

    11h ago
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    American City Business Journals

    Atlanta company Veritiv to go private in $2.3 billion deal

    Veritiv, the 19th-largest public company in Georgia, maintains its headquarters in Sandy Springs. The New York private equity firm that would acquire Veritiv has a portfolio that includes David's Bridal.

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    Bloomberg

    Teamsters Deny Yellow’s Claim That Union Caused Trucking Firm’s Bankruptcy

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    Barrons.com

    Tesla CFO Resigns and Stock Falls. Investors Recall Other Management Volatility.

    Zachary Kirkhorn, who some watchers of the EV company have said could take on an expanded role if CEO Elon Musk wanted to do less, is stepping down.

    2h ago
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    Zacks

    Novo Nordisk (NVO) to Report Q2 Earnings: What's in the Cards?

    Novo Nordisk's (NVO) Diabetes and Obesity Care products are expected to have boosted sales in the second quarter of 2023 amid severe competition and pricing pressure in the United States.

    8h ago
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    Investor's Business Daily

    Dow Jones Chip Giant Intel, 3 Other Top Stocks To Buy And Watch

    Dow Jones chip giant Intel, along with MercadoLibre and Lennar, are top stocks to buy and watch in today's stock market action.

    4h ago
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    Barrons.com

    Why Berkshire Hathaway Reports Earnings on Saturdays

    Berkshire Hathaway historically reports its quarterly financial results on weekends, and CEO Warren Buffet has a simple reason why. Berkshire (ticker: BRK.A, BRK.B) reported second-quarter earnings Saturday morning. Many other public companies, however, release their earnings results during the trading week, either before the market opens or after the closing bell.

    11h ago
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    Investor's Business Daily

    Li Auto Stock On Cusp Of Record High, Tesla Rival Eyes First $3 Billion Quarter

    Booming sales should boost Li Auto earnings but delivery outlook will be key. LI stock has more than doubled in 2023 and is on the verge of an all-time high.

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