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.
Epic Win Against Google
Tencent-owned [TCEHY] Fortnite maker Epic Games’ finally won its legal battle against Alphabet’s [GOOGL] Google on Monday, with a San Francisco jury ruling that the tech giant had acted as a monopoly with regard to its app store. The outcome could further weaken the app store business model: “The dominoes are going to start falling here,” Tim Sweeney, CEO of Epic, told Bloomberg after the verdict.
Does Tencent Really Pose a Threat to NetEase?
Tencent Holdings’ new game Dream Star is set to release on Monday. Bloomberg reports that anticipation around the game has knocked $8bn from NetEase’s [NTES] market value in three weeks. However, bulls believe that the firm will bounce back, thanks to its strong market position in China, as well as its pipeline of new titles. Despite recent losses, NetEase is still up 45% this year, well ahead of Tencent and other rivals.
Microsoft Partners with Unions on AI
“By working directly with labour leaders, we can help ensure that AI serves the country’s workers,” said Microsoft [MSFT] President Brad Smith, announcing a new partnership with unions over the impacts of artificial intelligence (AI). Part of the collaboration will involve the software titan providing workers with training. Elsewhere, Cathie Wood has upped her stakes in both Microsoft and Facebook [META], buying 8,810 shares of the former on Monday.
Uber and Carrefour Join Forces for EV Charging
Uber [UBER] and Carrefour [CA:PA] on Tuesday announced a collaboration to open the French supermarket chain’s electric vehicle (EV) charging points to the ride-hailing company’s drivers. Uber will pay €300,000 so that its drivers who use EVs can access the charging points at Carrefour Énergies stations in France, as well as discounted rates for charging, beginning 1 January.
Icosavax Up 45% on Astra Deal
AstraZeneca [AZN] announced Tuesday it will purchase respiratory syncytial virus vaccine-developer Icosavax [ICVX] in a deal valued at as much as $1.1bn. The pharma giant’s upfront payment represents a 43% premium on the company’s last close; the news boosted the Icosavax share price 45% in US premarket trading. Elsewhere, a study has shown that the effects of Eli Lilly's [LLY] weight-loss drug Zepbound fade within a year of stopping treatment.