Privacy case settled, Facebook discloses FTC antitrust probe
SAN FRANCISCO (AP) — Facebook says it is under antitrust investigation by the Federal Trade Commission. The company made the announcement just hours after the agency slapped it with a record $5 billion fine and new oversight on its privacy practices. Facebook said it was informed of the FTC’s antitrust investigation in June. On Tuesday, the Department of Justice also announced a broad antitrust probe of technology companies. Though that agency didn’t name any companies, broad antitrust concerns have long swirled around Apple, Amazon, Facebook and Google. Facebook also faces various probes in Canada and Europe as regulators seek to crack down on the growing power of these U.S. technology companies.
Facebook’s big federal fine: Hammer or slap on the wrist?
SAN FRANCISCO (AP) — The Federal Trade Commission’s record $5 billion fine and new oversight of Facebook is a serious attempt to rein in the world’s largest social media network after years of privacy mishaps. But it doesn’t go as far as the company’s biggest critics would have liked and it may do little to impede Facebook’s massive advertising business or its ability to collect people’s data.
Stocks hit record highs as investors reward solid earnings
NEW YORK (AP) — U.S. stocks closed higher as investors rewarded solid financial results from several large companies. Both the S&P 500 and Nasdaq closed at record highs. Texas Instruments lifted fellow chipmakers along with the broader technology sector. UPS soared and pushed industrial stocks higher. Health care stocks were among the biggest losers, weighed down by Anthem and other health insurers. This is a heavy week with nearly 150 big companies reporting results.
As the nation’s opioid crisis grew, the pills got stronger
WASHINGTON (AP) — Drug companies shipped enough prescription opioids in 2012 for everyone in the U.S. to have nearly a 20-day supply, an Associated Press analysis finds. Some counties received more than 100 days’ supply each year per person. The analysis of data used in lawsuits over the toll of opioids finds that it wasn’t just the number of pills increasing but also the potency.
Boeing CEO raises possibility of pausing Max production
DALLAS (AP) — Boeing’s CEO says the company will consider temporarily suspending production of the 737 Max if the plane doesn’t return to flying this fall. The comment comes as Boeing reports a second-quarter loss of nearly $3 billion because of a $4.9 billion accounting charge related to the plane. The Max has been grounded worldwide since March after deadly accidents in Indonesia and Ethiopia.
Now British PM, brash Boris Johnson faces Brexit conundrum
LONDON (AP) — Boris Johnson has taken over as Britain’s prime minister, vowing to break the impasse that defeated his predecessor by leading the country out of the European Union and silencing what he called “the doubters, the doomsters, the gloomsters” who believe it can’t be done. The brash Brexit champion faces the same problems that flummoxed Theresa May during her three years in office: heading a government without a parliamentary majority and with most lawmakers opposed to leaving the EU without a deal.
Ford 2Q profit falls 86% on cost of overseas restructuring
DEARBORN, Mich. (AP) — Ford’s net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion.
Tesla posts $408M loss in 2Q, causing stock to plummet
SAN FRANCISCO (AP) — Tesla suffered a loss of $408 million during its latest quarter as the company continues to struggle to prove it can make money while producing electric cars at prices that a mass market can afford. The setback announced Wednesday had already been telegraphed by Tesla CEO Elon Musk, but it still underscored an ongoing challenge that helps explains why the company’s shares have plunged by more than 20% so far this year while the Standard & Poor’s 500 index has surged by 20%.
Breast implant recalled after link to more rare cancer cases
WASHINGTON (AP) — A leading breast implant maker is recalling a model linked to a rare form of cancer. The U.S. Food and Drug Administration called on the company to remove the textured implants after getting new figures on illnesses and deaths. Allergan announced a worldwide recall on Wednesday. The move follows similar bans by regulators in France, Australia and Canada.
House passes bill in latest step to fight robocalls
WASHINGTON (AP) — The House has passed a bill aimed at combatting robocalls, the latest attempt to counter the wave of spam calls as complaints pile up. Federal agencies have also stepped up anti-robocall measures, allowing carriers to block unwanted calls by default and encouraging the wireless industry to roll out technology that guarantees the number showing up on your caller ID isn’t faked to fool you into answering a scammer.
The S&P 500 index rose 14.09 points, or 0.5%, to 3,019.56. The Dow Jones Industrial Average fell 79.22 points, or 0.3%, to 27,269.97. The Nasdaq rose 70.10 points, or 0.8%, to 8,321.50. The Russell 2000, which focuses on smaller stocks, rose 25.46 points, or 1.6%, to 1,580.42.