Alphabet Inc.'s undefinedundefined Google is facing a potential class-action lawsuit claiming illegal privacy infringements that seeks at least $5 billion, Reuters reported Tuesday. The tech giant was sued Tuesday in federal court in San Jose, Calif., Reuters reported, and is accused of "covert and unauthorized data collection from virtually every American with a computer or phone." The suit reportedly says data is tracked by Google services even when users are in "incognito" mode, and seeks $5,000 in damages per user since June 1, 2016, for alleged violations of federal and state laws. A Google spokesperson told Reuters that the company would vigorously defend itself.
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Lyft Inc. undefined disclosed Tuesday afternoon that ride-hailing activity has picked up as COVID-19 restrictions have eased, and the company improved its forecast for expected second-quarter losses. Shares gained more than 3% in after-hours trading. Lyft admitted that it gave 70% fewer rides in May than it did in the same month last year, but said that rides increased 26% from April and were performing better in cities that have begun relaxing restrictions. "For example, rideshare rides increased 73% in Austin, 41% in Denver, 54% in Las Vegas, 59% in Miami, 64% in Nashville, 42% in New York City, 40% in Phoenix, 49% in Salt Lake City and 40% in Seattle in the month of May 2020 versus the month of April 2020," Lyft disclosed in a filing with the Securities and Exchange Commission. In response, Lyft said that adjusted Ebitda losses would not exceed $325 million, about 10% better than the maximum $360 million in highly adjusted losses the company predicted when it released quarterly earnings in early May.
Twitter Inc. undefined on Tuesday named Patrick Pichette as chairman. Pichette, who was chief financial officer at Alphabet Inc.'s undefinedundefined Google, succeeds Omid Kordestani, another ex-Google exec. Kordestani, who stepped down as Twitter's executive chairman, effective June 1, will remain on the board as a non-employee director. Pichette has served as Twitter's lead independent director since Dec. 31, 2018. Twitter shares are flat this year. The broader S&P 500 index undefined is down 4.6% in 2020.
Shares of Genius Brands International Inc. undefined soared 53.4% on very heavy volume in afternoon trading Tuesday to the highest close since September 2017. Volume shot up to 166.4 million shares, well above the full-day average of 31.2 million, and enough to make the stock the most actively traded on major U.S. exchanges. The stock has rocketed about 13-fold (up 1,187.6%) in the past month, while the S&P 500 has gained 8.8%. The company is a kids media company, with shows including "Stan Lee's Superhero Kindergarten," "Rainbow Rangers" and "Llama Llama." The company has not immediately responded to a request for comment. After Friday's close, the company disclosed that it regained compliance with the Nasdaq's minimum bid price listing standard, and on Thursday the company disclosed a registered direct offering of 20 million shares of common stock to the public at a price of $1.50 to raise $30 million. That came less than two weeks after the company announced a registered direct offering of 7.5 million shares at $1.20 a share to raise $9 million. Separately, the latest data from Nasdaq showed that short interest, or bearish bets on Genius Brands' stock, jumped to a record of about 3.07 million shares according to FactSet, representing 7.5% of the public float.
Get the latest news from MarketWatch on COVID-19.
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30 yr fixed Jumbo | 3.53% |
30 yr fixed | 3.45% |
15 yr fixed | 2.83% |
10 yr fixed | 2.88% |
30 yr fixed refi | 3.54% |
15 yr fixed refi | 2.91% |
5/1 ARM | 3.19% |
5/1 ARM refi | 3.31% |
$30K HELOC | 1.99% |
$50K HELOC | 5.00% |
$75K HELOC | 1.99% |
$100K HELOC | 5.00% |
$30K Home Equity Loan | 5.24% |
$50K Home Equity Loan | 3.74% |
$75K Home Equity Loan | 3.74% |
$100K Home Equity Loan | 4.12% |
5 yr CD | 0.80% |
2 yr CD | 0.63% |
1 yr CD | 0.57% |
MMA $10K+ | 0.29% |
MMA $50K+ | 0.39% |
MMA Savings | 0.29% |
MMA Savings Jumbo | 0.36% |
60 Mo Used Car | 4.40% |
48 Mo Used Car | 4.63% |
36 Mo Used Car | 4.69% |
72 Mo New Car | 4.23% |
60 Mo New Car | 4.45% |
48 Mo New Car | 4.24% |
60 Mo Auto Refi | 4.50% |
36 Mo Auto Refi | 4.25% |
Quentin Fottrell answers your questions about inheritance, tipping, weddings, re-gifting, or any tricky money issues relating to family and friends. Have a question? Send it to the Moneyist.
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Connecting affluent buyers with luxury listings.