Tesla's Latest Over-the-Air Update Bricks Vehicle Autopilot
Tesla (TSLA) is having trouble with software, according to news reports.
The company is aware that its latest over-the-air software update has disabled the semi-autonomous Autopilot feature for some vehicles. Tesla reportedly told one affected driver that the company was aware of the issue and that a fix is expected by Friday.
Tesla shares are down 0.5% Thursday afternoon.
Ad Blocking Browser Says Google Is Skirting EU Privacy Laws
Brave, the brainchild of Mozilla co-founder Brendan Eich, is bringing a lawsuit against Google (GOOGL) and other adtech companies claiming that the companies are broadcasting users' internet habits to hundreds of companies looking to target advertisements to them.
The complaint says that Google and the other companies are skirting EUs new GDPR rules by committing "wide-scale and systemic breaches of the data protection regime."
GDPR is privacy protection legislation passed by the EU that allows for fines of up to 4% of a company's global annual revenue for serious violations.
Verizon Is Losing Its Media Chief as Original Content Falters
Verizon (VZ) is losing Tim Armstrong, the head of its media arm, at the end of the year as the company struggles to get Oath, the combined media arm of the company that features AOL and Yahoo, off of the ground.
Armstrong joined Verizon in 2015 after the telecom company bought AOL. Verizon has been trying to build a media product that rivals Netflix (NFLX) and other streaming services, but it has been unable to find a program that has resonated.
Verizon Chief Operating Officer and President K. Guru Gowrappan will take over Armstrong's unit October 1st.
First Phase of Qualcomm Share Buyback Totals $16 Billion
Qualcomm (QCOM) shares are up more than 4% Thursday after the company announced that the first tranche of its plan to buy back $30 billion in stock will be $16 billion.
The repurchase agreements have been reached with Bank of America, Citigroup and Morgan Stanley. The company will transfer 178 million shares to the banks in exchange for the cash.
The American chipmaker is looking to compensate shareholders for its failed $44 billion acquisition of NXP Semiconductors (NXPI) in July after Chinese officials opposed the deal.
"We are pleased to initiate this significant accelerated share repurchase as we continue to execute on our previously announced $30 billion stock repurchase program," Qualcomm CEO Steve Mollenkopf said in a statement. "We remain on track to complete a large majority of the announced program by the end of fiscal 2019."
AT&T Exec Takes Shots at Netflix, Touts HBO's Superior Selection
AT&T head Randall Stephenson took the first shot in the conflict, calling Netflix "the Walmart" of subscription video, while describing HBO as "the Tiffany" of the sector.
Netflix has the edge over HBO in terms of production budgets, and Emmy nominations. While Stephenson told the Goldman Sachs Communacopia conference that they will increase spending at HBO, he also said that "we're not talking about Netflix-scale investments."
U.S. futures are gaining across the board Thursday morning ahead of the opening bell as markets look to get on solid footing after a mixed, volatile day of trading in the previous session.
Dow futures are gaining 0.28%, indicating an open 72 points higher, while S&P futures are rising 0.24%, indicating an open 7 points higher, and Nasdaq futures are rising 0.4%, indicating an open 30 points higher.
World markets were rebounding Thursday, with Asia showing signs of life after a prolonged stretch of negative returns. The Nikkei gained 0.96%, while the Hang Seng jumped 2.54% and the Shanghai Composite rose 1.15%.
In Europe, the FTSE 100 was the lone major market trading in the green, down 0.15%, while the DAX and CAC 40 rose 0.65% and 0.54% respectively.