Amazon antitrust suit gets nearer
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 29 June 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon. Today is Thursday June 29th, and I'm your host, Kim Kahn. |
| 0:14.3 | Our top story so far in today's session. |
| 0:17.4 | Government antitrust action against Amazon looks like it could happen this summer. |
| 0:21.3 | The FTC is expected to file a far-reaching antitrust lawsuit against |
| 0:24.7 | Amazon's core online marketplace in the coming weeks. The main claim in the suit is that |
| 0:29.3 | Amazon uses its power to benefit online merchants that use its logistics services and hurt those who don't. |
| 0:36.3 | That's according to a Bloomberg report citing people familiar with the matter and also documents |
| 0:40.4 | viewed by reporters. |
| 0:42.0 | Amazon declined to comment. |
| 0:44.4 | The Wall Street Journal reported in February |
| 0:46.1 | that the FDC was preparing a potential lawsuit |
| 0:48.5 | against Amazon due to alleged anti-competitive business practices. Also in Mega Cap Land, Apple is taking another run at closing above a market cap of 3 trillion dollars for the first time. |
| 0:59.0 | It traded above that level intraday on Wednesday and needs to close above 19073 to |
| 1:04.7 | take that mantle. And Wedbush analyst Dan Ives says Apple could be worth as much as |
| 1:10.0 | $4 trillion. Ives says Apple is playing chess while others play checkers, on pace to generate nearly $100 billion |
| 1:17.5 | in annual services revenue on double-digit growth this year. |
| 1:21.5 | He has an outperform on the stock with a price target of |
| 1:23.9 | 220. That price target of 220 would put Apple already in touching distance of a |
| 1:29.8 | 3.5 trillion dollar market cap. |
| 1:33.0 | Now here's a look at how trading is shaping up. |
| 1:36.1 | Stocks are slightly higher despite a pop-in rates. |
... |
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