Google and the DOJ are officially headed to court

  • 7 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and the DOJ’s antitrust lawsuit against Google heading to court.

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Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look
00:04 at what we are watching on the street today.
00:06 Stocks are coming off a losing session Monday amid fading hopes of a March rate cut.
00:12 Investors will be keeping a close watch on the Fed Tuesday.
00:14 Both the Cleveland and Boston Fed presidents are slated to speak more about monetary policy.
00:20 Separately, investors are looking ahead to a very busy week of earnings.
00:23 We got names like Snap, Ford, and Chipotle all slated to release results after the Bell
00:28 Tuesday.
00:29 So far, roughly 50 percent of companies in the S&P 500 have reported quarterly earnings.
00:36 In other news, the U.S. government and Google are officially headed to court.
00:39 A federal judge announced the trial between the Department of Justice and the tech giant
00:44 over Google's ad business is set to begin in September.
00:48 The DOJ, along with multiple U.S. states, alleged that Google has acquired too many
00:52 rivals through anti-competitive mergers and has also forced advertisers and publishers
00:57 to use its own ad technology programs.
01:01 Google has previously responded to the suit by saying it's a "flawed argument" that
01:06 would slow innovation, raise advertising fees, and make it harder for thousands of small
01:11 businesses and publishers to grow.
01:14 Ad revenue is, of course, an enormous part of its parent company, Alphabet's business.
01:18 In its most recent earnings report, Alphabet revealed $66 billion of the $86 billion it
01:24 reported in revenue came directly from advertising.
01:28 Google currently also has two other ongoing lawsuits.
01:32 One is set to begin in March of 2025 and will also focus on the company's ad tech operations.
01:38 The other revolves around the company's web search dominance.
01:41 That trial is set to hear closing arguments in May 2024.
01:51 -END-
01:52 [BLANK_AUDIO]

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