Connect with us

Stock Markets

Tinder owner Match sues Google in ‘last resort’ to avoid app-store booting

Published

on

2/2

© Reuters. FILE PHOTO: Match Group logo and their app brands are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration

2/2

By Paresh Dave

OAKLAND, Calif. (Reuters) -Dating apps maker Match Group Inc (NASDAQ:MTCH) sued Alphabet (NASDAQ:GOOGL) Inc’s Google on Monday, calling the action a “last resort” to prevent Tinder and its other apps from being booted off the Play store for refusing to share up to 30% of their sales.

Match’s lawsuit follows ongoing cases brought by “Fortnite” maker Epic Games, dozens of U.S. state attorneys general and others in targeting Google’s allegedly anticompetitive conduct with the Play store.

Google said Match was attempting to dodge paying for the significant value it receives.

“Like any business, we charge for our services, and like any responsible platform, we protect users against fraud,” Google said. It has said its payment tool helps deter scams.

Match’s lawsuit, which was filed in federal court in California, accuses Google of violating federal and state antitrust laws and seeks to bar such behavior.

It is notable because some of Match’s apps have been exempted from Google policies for about the past decade. Now, Google says it will block downloads of those apps by June 1 unless they solely offer its payment system and share revenue, the lawsuit states.

“This lawsuit is a measure of last resort,” Match Chief Executive Shar Dubey said. “We tried, in good faith, to resolve these concerns with Google, but their insistence and threats has left us no choice.”

At stake for Match is what it describes as hundreds of millions of dollars in revenue that would have to be paid to Google.

The majority of users on Match’s most popular app, Tinder, prefer its payment system, which allows for installment plans, bank transfers and other features not provided by Google, according to the lawsuit.

Google said that developers can bypass the Play store and that it has lowered fees and created other programs to address concerns.

Dubey said that going around Play was unviable.

“It’s like saying, ‘you don’t have to take the elevator to get to the 60th floor of a building, you can always scale the outside wall,'” she said.

Stock Markets

Lattice Semiconductor Upgraded by Susquehanna on ‘Perfect Roadmap’

Published

on


© Reuters. Lattice Semiconductor Upgraded By Susquehanna On ‘Perfect Roadmap’

By Sam Boughedda

Lattice Semiconductor Corporation (NASDAQ:LSCC) was upgraded from Neutral to Positive by Susquehanna analyst Christopher Rolland on Tuesday.

The analyst, who also raised the firm’s price target on Lattice from $58 to $65, said that with the company’s shares down -35% for the year-to-date, they are using any macro weakness to selectively upgrade its third semiconductor company this year.

“While we downgraded shares of LSCC last April, both revenue outperformance and margin expansion have significantly bested our expectations, allowing share to grow into a reasonable valuation,” wrote Rolland.

“Looking forward, we believe the growth and margin story should continue to upside, helped by the company’s long-term product roadmap and the upcoming midrange Avant product launch,” he added.

Rolland stated that the company’s new midrange product Avant is a “potential game-changer” and will double their addressable market to $6 billion.

Other factors which influenced the analyst’s rating change included recent insider buying from Chief Strategy and Marketing Officer Esam Elashmawi, and Lattice’s balance sheet being “pristine into a potential downturn.”

Lattice stock is down 2.5% in early trading Tuesday.

Continue Reading

Stock Markets

Tesla loses bid to move sexual harassment lawsuit to arbitration

Published

on


© Reuters. FILE PHOTO: A Tesla vehicle drives past Tesla’s primary vehicle factory after CEO Elon Musk announced he was defying local officials’ coronavirus disease (COVID-19) restrictions by reopening the plant in Fremont, California, U.S. May 11, 2020. REUTERS/Ste

By Daniel Wiessner

(Reuters) – A California state judge has rejected Tesla (NASDAQ:TSLA) Inc’s bid to send a lawsuit alleging widespread sexual harassment at the company’s flagship assembly plant to private arbitration, allowing it to move forward in court.

California Superior Court Judge Stephen Kaus in Oakland denied Tesla’s motion to compel arbitration in a brief order without explanation on Monday.

Lawyers for the plaintiff, Jessica Barraza, had argued that an arbitration agreement she signed was invalid because it improperly required her to bring legal claims in confidential proceedings while still allowing Tesla to sue in open court.

Barraza in the lawsuit filed in November claims workers and supervisors at the Fremont, California plant routinely made lewd comments and gestures to female employees, and that the company failed to address complaints.

The lawsuit is one of at least seven pending in California state court to make similar claims against Tesla. Kaus is presiding over five more of those cases.

Tesla did not immediately respond to a request for comment on Tuesday. Nor did a lawyer for Barraza.

Along with the pending sexual harassment claims, Tesla is facing separate lawsuits accusing it of tolerating widespread race discrimination at its plants. A California judge last month awarded $15 million to a Black former factory worker who said he was subjected to racist slurs and graffiti from coworkers.

Tesla has said it does not tolerate harassment and has disciplined and fired workers who engaged in misconduct.

Continue Reading

Stock Markets

Moderna CEO to Exercise Options, Donate Hundreds of Millions to Charity

Published

on


© Reuters Moderna (MRNA) CEO to Exercise Options, Donate Hundreds of Millions to Charity

By Senad Karaahmetovic

Moderna (NASDAQ:MRNA) CEO Stéphane Bancel announced his plan to donate to charity all of the after-tax proceeds of the original stock options he received upon joining the biotechnology company in 2013.

The donation is expected to amount to about $355 million (assuming the stock is priced at around $140 per share), and after $280 million in tax payments.

Bancel, who received the original stock option grant (due to expire in August 2023) in 2013, said he has never exercised a single stock option since joining the company 11 years ago.

He added that he offloaded Moderna stock under 10b5-1 plans and gifted the shares to charity, all of which were purchased using his family’s savings before Moderna went public.

Bancel said the stock option “will expire and be worthless” if not exercised now and it presents an opportunity “to create a positive change in the world.”

In an effort to prevent a high number of shares from flooding the market at once and potentially affecting the company’s stock price, Bancel has set up a 10b5-1 plan through which he plans to exercise 40,000 shares on Wednesday and 40,000 on Thursday each week, starting May 25, until fully exercised.

“My family also has our investment entity OCHA LLC, which, under another 10b5-1 plan, sells 10,000 shares each Thursday. These proceeds are invested in private companies trying to have a positive impact on the world: healthcare companies and companies focused on addressing the adverse impact of climate change. The 10b5-1 plan for OCHA LLC is scheduled to run through the end of 2022,” said Bancel in a blog post.

Moderna shares are down nearly 1% in pre-open Tuesday.

Continue Reading

News

Stock Markets18 mins ago

Lattice Semiconductor Upgraded by Susquehanna on ‘Perfect Roadmap’

© Reuters. Lattice Semiconductor Upgraded By Susquehanna On ‘Perfect Roadmap’ By Sam Boughedda Lattice Semiconductor Corporation (NASDAQ:LSCC) was upgraded from...

Stock Markets18 mins ago

Tesla loses bid to move sexual harassment lawsuit to arbitration

© Reuters. FILE PHOTO: A Tesla vehicle drives past Tesla’s primary vehicle factory after CEO Elon Musk announced he was...

Cryptocurrency18 mins ago

Cardano Falls 10% In Selloff

Cardano Falls 10% In Selloff Investing.com – Cardano was trading at $0.4936 by 10:11 (14:11 GMT) on the Investing.com Index...

Stock Markets18 mins ago

Moderna CEO to Exercise Options, Donate Hundreds of Millions to Charity

© Reuters Moderna (MRNA) CEO to Exercise Options, Donate Hundreds of Millions to Charity By Senad Karaahmetovic Moderna (NASDAQ:MRNA) CEO...

Stock Markets18 mins ago

Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.53%

© Reuters. Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.53% Investing.com – Saudi Arabia stocks...

Economic Indicators24 mins ago

U.S. business activity slows in May, survey shows

© Reuters. FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in...

World24 mins ago

Analysis: Erdogan’s vow to expand Syria operations raises stakes in Turkey-NATO row

© Reuters. FILE PHOTO: A Turkish soldier waves a flag on Mount Barsaya, northeast of Afrin, Syria January 28 ,2018....

Stock Markets24 mins ago

U.S. Stocks Open Lower as Investors Worry About Recession Ahead

© Reuters. By Liz Moyer Investing.com — U.S. stocks opened lower on Tuesday, weighed down by a sharp decline in...

Cryptocurrency24 mins ago

Avalanche nears key breakdown level that could sink AVAX price by another 65%

Avalanche nears key breakdown level that could sink AVAX price by another 65% Avalanche (AVAX) gained 0.5% to reach over...

Cryptocurrency24 mins ago

Crypto Users Have Many Questions About Upcoming Cardano Hard Fork

Crypto Users Have Many Questions About Upcoming Cardano Hard Fork The Cardano Vasil Hard Fork will be the next upgrade...

Economy24 mins ago

EU proposes to make seizing assets easier, including of sanctioned oligarchs -document

2/2 © Reuters. FILE PHOTO: Russian oligarch Roman Abramovich’s super yacht Solaris is seen at Barcelona Port in Barcelona, Spain,...

Cryptocurrency25 mins ago

Investor Tries to Confront Do Kwon, Gets Arrested by Police

© Reuters. Investor Tries to Confront Do Kwon, Gets Arrested by Police An investor who lost millions in the Luna...

Economic Indicators25 mins ago

Workers at French window maker trade perks for pay hike to beat inflation

© Reuters. Herve Volochinoff, 24, works on the structure of a window at Fligitter, a window-maker company located in Ottmarsheim,...

Stock Markets25 mins ago

Exclusive-EU set to clear without conditions $28.3 billion Oracle, Cerner deal – sources

© Reuters. FILE PHOTO: The company logo for Oracle Corp. is displayed on a screen on the floor at the...

Stock Markets25 mins ago

Lufthansa aims for 20% stake in ITA Airways -source

2/2 © Reuters. FILE PHOTO: A new state-owned Italian carrier Italia Trasporto Aereo plane with the new blue livery is...

World48 mins ago

Russian and Chinese jets conduct patrol in East Asia, capping Biden trip

© Reuters. FILE PHOTO: Flags of China and Russia are displayed in this illustration picture taken March 24, 2022. REUTERS/Florence...

Cryptocurrency48 mins ago

Russia’s updated crypto mining bill cuts tax amnesty for Bitcoin miners

Russia’s updated crypto mining bill cuts tax amnesty for Bitcoin miners In less than a month, the draft of a...

Stock Markets48 mins ago

Wall Street opens lower on Snap shock, growth fears

2/2 © Reuters. FILE PHOTO: Snapchat app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado...

Economic Indicators48 mins ago

Full cost of rebuilding Ukraine impossible to quantify, says German Finance Minister

2/2 © Reuters. FILE PHOTO: Rescuers search for bodies under the rubble of a building destroyed by Russian shelling, amid...

Stock Markets48 mins ago

Police search McKinsey’s Paris office in tax fraud probe

© Reuters. FILE PHOTO: The logo of consulting firm McKinsey and Company is seen at the high profile startups and...

Economy48 mins ago

Oh Snap! Social media firms sink after bleak warning from Snapchat parent

© Reuters. FILE PHOTO: A woman stands in front of the logo of Snap Inc on the floor of the...

Stock Markets54 mins ago

Ralph Lauren expects margins to grow as the affluent shrug off inflation

© Reuters. FILE PHOTO: A man walks past Ralph Lauren Corp.’s flagship Polo store on Fifth Avenue in New York...

Stock Markets54 mins ago

Global digital tax deal might not be ready until early 2024 – France

© Reuters. FILE PHOTO: Finance Minister Bruno Le Maire arrives before a meeting with France’s President Emmanuel Macron and India’s...

Economy54 mins ago

Taiwan overshadows Quad talks, Japan scrambles jets

3/3 © Reuters. U.S. President Joe Biden attends an Indo-Pacific Economic Framework for Prosperity (IPEF) launch event at Izumi Garden...

Stock Markets54 mins ago

These 2 Catalysts Could Send Netflix Shares Over 50% Higher – Citi

© Reuters. These 2 Catalysts Could Send Netflix (NFLX) Shares Over 50% Higher – Citi By Senad Karaahmetovic Citi analyst...

Cryptocurrency54 mins ago

Japan’s Bitbank to set up a custody firm to facilitate institutional entry to local markets

Japan’s Bitbank to set up a custody firm to facilitate institutional entry to local markets In a new development for...

Stock Markets55 mins ago

Wall St’s relief rally set to fade on Snap shock, growth fears

2/2 © Reuters. FILE PHOTO: Snapchat app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado...

Stock Markets55 mins ago

Best Buy Stock Dips After Slashing Revenue Guidance

© Reuters. Best Buy (BBY) Stock Dips After Slashing Revenue Guidance By Senad Karaahmetovic Shares of Best Buy (NYSE:BBY) are...

Cryptocurrency55 mins ago

TRON Overtakes Shiba Inu in Terms Of Market Capitalization

TRON Overtakes Shiba Inu in Terms Of Market Capitalization According to data from CoinMarketCap, TRON (TRX) currently overtakes Shiba Inu...

Cryptocurrency55 mins ago

Crypto Mining Farm Exposed in Moscow’s Oldest Prison

Crypto Mining Farm Exposed in Moscow’s Oldest Prison A deputy warden has been digging up more than old bones in...

Trending