Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

FAANG Report: Apple CEO Tim Cook calls for US privacy law; Facebook working on augmented reality glasses

Bears said circling Netflix stock as Google abandons campus tech hub in Berlin
Apple CEO Tim Cook
Apple CEO Tim Cook calls for US federal privacy law.

Apple Inc (NASDAQ:AAPL) CEO Tim Cook called for a federal privacy law in the US to rein a data industrial complex that has "weaponized" the personal information of users, a transcript of his speech in Computerworld said. 

"We at Apple are in full support of a comprehensive federal privacy law in the United States," Cook said in a speech at a privacy conference in Brussels after the European Union in May enacted the General Data Protection Regulation.

Cook said such a law should be anchored by what he called four essential rights. 

"First, the right to have personal data minimized. Companies should challenge themselves to de-identify customer data - or not to collect it in the first place. Second, the right to knowledge. Users should always know what data is being collected and what it is being collected for. This is the only way to empower users to decide what collection is legitimate and what isn’t. Anything less is a sham."

"Third, the right to access. Companies should recognize that data belongs to users, and we should all make it easy for users to get a copy of…correct…and delete their personal data. And fourth, the right to securiy. Security is foundational to trust and all other privacy rights."

Apple shares climbed 1.85% to $219.07 by midsession on Thursday.

READ: Facebook fined £500k by UK watchdog over Cambridge Analytica data breach

Facebook Inc (NASDAQ:FB) said it is working on augmented reality glasses which gives the social media giant the ability to own a mainstream computing device on which its software could run, a report by Tech Crunch said.

This month, Facebook launched its first self-branded gadget out of its Building 8 lab, the Portal smart display, and now it’s revving up hardware efforts.

AR startups like Magic Leap and Thalmic Labs are starting to release their first headsets and glasses, the report said.

Microsoft is considered a leader thanks to its early HoloLens product, while Google Glass is still being developed for the enterprise.

Apple has acquired AR hardware developers like Akonia Holographics and Vrvana to accelerate development of its own headsets.

Facebook stock increased almost 2% to $148.85.

Alphabet Inc's Google (NASDAQ:GOOG) has abandoned plans to establish a campus for tech startups in Berlin after protests from residents who were worried about genrification, a report by ABC News said.

The search giant confirmed reports it will sublet the former electrical substation in the capital's Kreuzberg district to two charitable organizations, Betterplace.org and Karuna.

Protesters had recently picketed the Umspannwerk site with placards such as "Google go home."

Google has more than a dozen so-called campuses around the world. They are intended as hubs to bring together potential employees, startups and investors.

Karuna, which helps disadvantaged children, said Google will pay 14 million euros ($16 million) toward renovation and maintenance for the coming five years.

Google shares gained 3.6% to $1,088.55.

READ: Amazon looking to hire 100,000 seasonal workers for Christmas shopping season, says report

Amazon.com Inc (NASDAQ:AMZN) is coming out with its results after the close of business on Thursday and it is expected to report its fourth straight quarter of profits of more than $1 billion, a report by CNBC said.

Amazon's profit expansion is primarily driven by the growth of its high-margin businesses, like its cloud, advertising and third-party seller services, the report said.

Investors will keep a close eye on how those business units performed in the third quarter.

"Focus will likely remain on the strength of Amazon's high margin business lines that are now driving robust margin expansion," Evercore analyst Anthony DiClemente wrote in a note published earlier this month.

Amazon stock increased almost 5% to $1,747.21.

READ: Netflix reports blowout 3Q results as shares soar

The rally in the stock of streaming giant Netflix Inc (NASDAQ:NFLX) has stalled because of concerns over its long-term business model and short sellers are reportedly circling the stock, a report in Barron's and Invetopedia said.

While Netflix shares posted strong gains following the earnings report last Wednesday, those gains have since evaporated.

Future profitability was also a crucial risk cited by KeyBanc Capital Markets analyst Andy Hargreaves.

After being bullish for years, Hargreaves downgraded Netflix due to a weaker-than-expected forecast for 4Q contribution profit, the company’s profitability metric that takes sales and then subtracts costs and marketing expenses. He noted that margin expansion, a key factor for driving further upside, has not kept pace with his firm’s expectations.

Netflix stock added 2% to $307.96.

Reporting by Rene Pastor, contactable on [email protected]

View full AAPL profile View Profile

Apple Timeline

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use