Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday, March 4th, and I'm your host Kim Kahn. Our top story so far.

Apple was hit with a fine in the amount of 1.8 billion euros, or 1.95 billion US dollars.

As the European Commission said its App Store rules for

music streaming providers, notably Spotify, are considered abusive.

Executive Vice President of the E.C. Margreté Vestier said for a decade Apple has restricted music streaming

app developers from informing their consumers about cheaper options available

outside of the app. Apple did so by restricting app's ability to inform users of Apple devices

about alternative cheaper options to purchase music available on the internet

outside of the Apple ecosystem. This is illegal and it has impacted millions of European consumers who are not able to make a free choice as to where, how, and at what price to buy music streaming subscription.

Apple issued a statement on its website criticizing the decision.

It said the decision was reached despite the Commission's failure to uncover any

credible evidence of consumer harm and ignores the realities of the market that is thriving, competitive,

and growing fast. Apple also specifically called out Spotify by name in its

statement, noting that the Stockholm Sweden-based company has 56% of the European streaming market

and pays Apple nothing for the services that have helped make them one of the most

recognizable brands in the world. Also in Apple News, Evercore removed the stock from its tactical

outperformed list citing December's earnings. Apple topped estimates, but concerns

about the company's presence in China wage. China revenues fell 12% year over year as weakness in the region was more around

wearables and iPads reflecting a weaker consumer spending environment,

Evercore said.

Despite the disappointment around the March quarter guide, we think

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