World News

2020 hopeful Tulsi Gabbard sues Google, claiming it tried to muzzle her free speech

Charles Schwab to buy USAA’s investment-management assets in $1.8B deal

Charles Schwab Corp. SCHW, -0.47% said late Thursday it has agreed to buy assets of USAA’s investment-management operations, including brokerage and managed portfolio accounts, for $1.8 billion in cash. The two companies have also agreed to a long-term referral agreement, effective at closing of the deal, that would make Schwab the exclusive wealth management and brokerage provider for USAA members. "We are committed to making this a seamless transition for members and providing opportunities for employees," USAA Chief Executive Stuart Parker said in a statement. "USAA remains focused on providing award-winning customer service and advice on products and services across property and casualty, banking and life insurance." Shares of Schwab were flat in the extended session after ending the regular trading day down 0.5%.

ST Now, News As It Happens – July 26, 2019

Welcome to ST Now, News As It Happens. Recap of what happened earlier. Reach us at [email protected] or on Facebook and Twitter @STcom.

Carbonite Shares Down 16% After Outlook Cut

Shares of Carbonite Inc. (CARB) tanked 16% after the company detailed a weak revenue outlook for the third quarter and lowered its full year revenue guidance. The company said its CEO Mohamad Ali stepped down.

Second-quarter loss widened to $11.3 million or $0.33 per share from $5.7 million or $0.20 per share last year.

Adjusted profit for the quarter rose to $19.8 million or $0.56 per share from $14.2 million or $0.45 per share last year. On average, 11 analysts polled by Thomson Reuters estimate earnings of $0.46 per share for the quarter.

Revenues for the second quarter rose 56% to $121.5 million from $77.7 million last year. Adjusted revenues rose 69% to $135.0 million from $79.9 million a year ago. Analysts had a consensus revenue estimate of $135.21 million for the quarter.

Looking forward to the third quarter, Carbonite expects adjusted revenues of $131 million to $133 million. Analysts currently estimate revenues of $138.13 million.

The company now expects full-year adjusted revenues of $477.5 million to $482.5 million, down from prior forecast of $491 million to $505 million. Analysts currently estimate revenues of $498 million.

Carbonite said its CEO Mohamad Ali has stepped down as president and CEO and as a member of the Carbonite Board, also effective immediately. The company has appointed Steve Munford as interim CEO.

NBCUniversal aims to launch its streaming service in April 2020

Comcast Corp. CMCSA, -0.58% said Thursday it intends to launch its NBCUniversal streaming service in April 2020. Speaking during Comcast’s earnings conference call, NBCUniversal CEO Stephen Burke said more than 500 people were already working on the service, and "The Office" would be "one of the tentpole programs on our platform," according to a FactSet transcript. Last month, NBCUniversal snagged streaming rights to "The Office" from Netflix Inc., where it was reportedly its most-watched show. Comcast executives said the service would likely include content from the U.K.’s Sky TV, which Comcast acquired last year. The as-yet-unnamed streaming service will reportedly be free for cable subscribers, and about $12 a month for cord-cutters. Burke said more details about the service will be released closer to its launch date. NBCUniversal will be entering a crowded and highly competitive field. In addition to Netflix NFLX, +2.68% , Amazon.com Inc.’s AMZN, -1.35% Prime Video and Disney-controlled Hulu, new streaming services from Walt Disney Co. DIS, +1.36% , Apple Inc. AAPL, -0.79% and AT&T Inc.’s T, +1.71% WarnerMedia will be launched in the coming months.

Amazon Q2 Earnings Miss Street – Update

Amazon.com Inc. (AMZN) Thursday reported an increase in profit for the second quarter, as revenues grew 20 percent reflecting strong performance at cloud business. However, earnings for the quarter fell short of Wall Street estimates, while revenues exceeded expectations.

Seattle, Washington-based Amazon reported second-quarter profit of $2.63 billion or $5.22 per share, up from $2.53 billion or $5.07 per share last year. On average, 43 analysts polled by Thomson Reuters expected earnings of $5.57 per share for the quarter.

Amazon’s sales for the quarter jumped 20 percent to $63.40 billion from $52.89 billion last year. Analysts had a consensus revenue estimate of $62.48 billion for the quarter.

Sales from North America jumped 20 percent to $38.65 billion from $32.17 billion last year, while international sales rose 12 percent to $16.37 billion. Meanwhile, revenues of Amazon Web Services, Amazon’s cloud service division, jumped 37 percent to $8.38 billion, lower than analysts estimate of $8.48 billion for the segment.

Looking forward to the third quarter, the company expects sales of $66.0 billion to $70.0 billion. Analysts currently estimate revenues of $67.27 billion.

AMZN closed Thursday’s trading at $1,973.82, down $26.99 or 1.35%, on the Nasdaq. The stock further slipped $49.82 or 2.52% in the after-hours trade.

2020 hopeful Tulsi Gabbard sues Google, claiming it tried to muzzle her free speech

LOS ANGELES — Democratic presidential candidate Tulsi Gabbard is suing Google for $50 million, accusing the internet company of suspending her advertising account in the hours after last month’s debate because it was trying to silence her.

Tulsi Now Inc., a campaign committee for the candidate, says in the lawsuit filed Thursday in California that Alphabet Inc.’s GOOGL, -0.33%GOOG, -0.50%  Google violated the Hawaii congresswoman’s right to free speech. The lawsuit says Google didn’t provide “a straight answer” for suspending her ad account.

Google spokesperson Riva Sciuto says in a statement that its automated systems that flag unusual activity triggered a suspension and that Gabbard’s account was quickly reinstated. Scuito denied that Google has a political bias.

Gabbard says Google’s actions “should be of concern to all political candidates and in fact all Americans.”