The Street
The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Google plans to buy a cybersecurity for for $23 billion.

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Transcript
00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. The Dow set a fresh record closing high on the back of earnings optimism
00:08and hopes for lower interest rates. Federal Reserve Chairman Jerome Powell said the Fed
00:11does not have to wait until inflation falls to two percent in order to start cutting. Stocks
00:17also got a boost as some investors bet Donald Trump has a better chance of returning to the
00:22White House. Meanwhile, earnings season continues Tuesday with numbers from Bank of America,
00:27Morgan Stanley and UnitedHealth. Turning to the day's other headlines, Google may be on the verge
00:33of making its biggest deal ever. Google is in serious talks to buy Wiz, a cyber security firm
00:39for 23 billion dollars according to the Wall Street Journal. If completed, the acquisition
00:44would come at a time when a never-ending series of cyber attacks have put renewed focus on cyber
00:49sleuths and cyber security firms. Wiz was founded in 2020 and was valued at around 12 billion
00:55dollars in May when it was preparing for an IPO. The company is financially backed by a number of
01:00heavy hitters who believe in Wiz's cloud security business. This planned acquisition, however, could
01:06hit a snafu when the Federal Trade Commission hears about it. Google already scooped up one
01:10cyber security firm two years ago when it purchased Mandiant for 5.4 billion dollars.
01:16The FTC frowns on big tech companies getting even bigger and the Justice Department has filed two
01:21antitrust lawsuits against Google. But the risk of taking on regulators may be worth it for this
01:27deal since Google lags far behind rivals Amazon and Microsoft when it comes to cyber security
01:33for the cloud. That'll do it for your daily briefing from the New York Stock Exchange.
01:37I'm Conway Gittins with The Street.

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