The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google may be getting a huge makeover.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Stocks are in a holding pattern Wednesday,
00:07as investors await key inflation data and quarterly earnings
00:10from some of the nation's biggest banks.
00:12Investors are also keeping watch on Boeing,
00:15with negotiations for the workers' strike
00:17suffering a setback.
00:18In other corporate news, the Justice Department
00:21is moving forward with plans to seek a court-appointed breakup
00:24of Google.
00:25The DOJ said in a court filing that it
00:28may ask the courts to separate Google's core search
00:30business from other Google products,
00:32such as the Android mobile operating system, the Chrome
00:35web browser, and the Google Play App Store,
00:38because they combine to form a Google monopoly.
00:42The remedy, according to the DOJ,
00:44quote, would prevent Google from using products such as Chrome,
00:48Play, and Android to advantage Google Search and Google Search
00:52related products and features, including
00:54emerging search access points and features,
00:57such as artificial intelligence over rivals or new entrants.
01:01Google has called the government's plan, quote,
01:04radical, and warned that a forced breakup would have,
01:07quote, significant unintended consequences
01:10for consumers, businesses, and American competitiveness.
01:15So far, the courts have agreed with the government's view
01:17that Google is a monopoly.
01:19In August, a federal judge called Google a, quote,
01:22monopolist and ruled the search giant violated antitrust law.
01:26The next step includes a probe to determine what
01:28penalties Google should be slapped with.
01:31Google, of course, is sure to appeal.
01:33But whatever happens here could have wider implications,
01:36as the DOJ is also fighting antitrust battles with Ticketmaster, Meta,
01:41Amazon, and Apple.
01:44That'll do it for your daily briefing from the New York Stock Exchange.
01:47I'm Conway Gittins with The Street.

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