Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
Patent Dispute: Apple Pauses Watch Sales
Apple [AAPL] is to pause sales of its Series 9 and Ultra 2 smartwatches in the US, amid a dispute over patent rights. Back in October, the US International Trade Commission found that the blood oxygen feature on the devices violates the patent of medtech company Masimo [MASI]. The decision is under review until 25 December, but Apple said it is taking steps to comply in case the ruling stands. Meanwhile, the firm is moving to change the algorithms that violate Masimo’s patent.
Alphabet Acts on Antitrust Accusations
Alphabet [GOOGL] is to pay $700m and change up its Google Play policies, in order to resolve antitrust complaints brought by more than 30 US states. It is claimed that the app store unlawfully dominates the Android app market and payment processing. In a separate lawsuit on behalf of more than 20 million consumers, Google was accused of inflating app prices by taking an up-to-30% cut of Google Play transactions.
Change and Continuity at Chip Leader
Taiwan Semiconductor Manufacturing Company (TSMC) [TSM] said on Tuesday that it had recommended that current CEO and Vice Chairman CC Wei succeed Mark Liu, the current chairman, who will retire next year. Liu joined TSMC in 1993 and replaced founder Morris Chang as chairman in 2018. Apple supplier TSMC is the biggest contract chipmaker in the world.
Amazon Expands Sports Push
The Wall Street Journal reported that Amazon [AMZN] is in talks with sports broadcaster Sinclair [SBGI] over a possible investment in its bankrupt Diamond Sports Group. The e-commerce titan is expanding rapidly into sports content, and is reportedly interested in a strategic investment and a multi-year streaming partnership with the regional sports programmer.
Novo Crackdown Continues
Following talks between legal representatives, IndiaMART [INDIAMART:NS] has removed unauthorized listings of Novo Nordisk’s [NVO] GLP-1 weight-loss drug Wegovy from its stores, according to a source with knowledge of the matter cited by Reuters. A global surge in demand for the drug has led to a spate of counterfeit versions, despite Novo being the sole patent holder of Wegovy’s active ingredient, semaglutide.