Wall Street Brief: Google’s Boldly SLAPS FTC, Wal-Mart’s BIG Day
Google Inc. (NASDAQ:GOOG) could possibly have a new problem to deal with. Beginning in the fall, results from company’s product search engine will be affected by how much retailers and advertisers pay. Presently, the search engine only gets income from the ads that are unique from the search results.
Investing Insights: Early A.M. Radar: Apple Can’t Leap Wireless Stock, Facebook Fades.
Through its authority from the Dodd-Frank act to look after the derivatives market, the CFTC will expand its inquiry into JPMorgan’s (NYSE:JPM) $2 billion-plus trading loss, reported The Wall Street Journal. With the agency’s new responsibilities, the investigation is concentrating on whether traders mislead their managers as things began to unravel and subsequently committed fraud.
Exxon Mobil (NYSE:XOM) will build a multi-billion dollar chemical plant in Texas to obtain inexpensive North American shale gas, reported Reuters. The plant may online by 2016 and dramatically increase Exxon’s chemical production capacity, making it more competitive with rival Dow Chemical (NYSE:DOW).
Wal-Mart (NYSE:WMT) will hold its annual meeting today and it may not be business as usual. Some large investors and employee shareholders will be asking for the company’s CEO and its chairman to be taken off the board due to their alleged involvement with the Mexican bribery scandal.
In response to accusations by Google Inc. (NASDAQ:GOOG), Nokia Corp.(NYSE:NOK) said on Friday said it is not colluding with Microsoft Corp. (NASDAQ:MSFT) on intellectual property. Google filed an antitrust complaint on Thursday with European regulators alleging that its rivals Microsoft and Nokia are utilizing proxy companies to expose patents and to hurt Google’s Android mobile operating system prospects.
Mark Durrant, Nokia’s legal spokesperson said, “Though we have not yet seen the complaint, Google’s suggestion that Nokia and Microsoft are colluding on intellectual property rights is wrong.” He added the two companies have their own IPR portfolios and operate independently from one other.