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Apple wins stay in Epic case, avoiding changes to App Store on Dec. 9External Link

Apple Inc. on Wednesday scored a huge legal win when an appeals court put on hold a ruling in Epic Games Inc.'s antitrust lawsuit against the iPhone maker. The appeals court placed a stay on the enforcement of an injunction that would have forced Apple to allow external payment options on its App Store by Dec. 9. "Apple has demonstrated, at minimum, that its appeal raises serious questions on the merits of the district court's determination," the ruling reads. "Therefore, we grant Apple's motion to stay part (i) of paragraph (1) of the permanent injunction. The stay will remain in effect until the mandate issues in this appeal." The stay does not reverse the earlier ruling but puts enforcement on hold until the appeals court can fully hear the case, a process that will likely take months. In September, federal judge Yvonne Gonzalez Rogers required that Apple would allow third-party payment systems on iOS apps as part of a broader ruling that dismissed antitrust allegations brought by Epic, the developer of Fortnite. "We're constantly evolving the App Store to help create an even better experience for our users and the incredibly talented community of iOS developers," Apple said in an email sent to MarketWatch. "Our concern is that these changes would have created new privacy and security risks, and disrupted the user experience customers love about the App Store. We want to thank the court for granting this stay while the appeals process continues." Epic was not immediately available for comment. Evercore ISI analyst Amit Daryanani called the stay "a win for Apple, as the possibility of the company being forced to allow developers to include in-app links to other payment platforms has been pushed out. We would note, however, that the overall appeals process outcome remains uncertain." Daryanani maintained an outperform rating and $180 price target. Another brokerage firm, Raymond James, expects the App Store to "remain at the status quo for a year or more."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 08 Dec 2021 22:36:16 GMT
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Biden's pick for U.S. ambassador to Kenya is Meg Whitman, former CEO at HP, eBayExternal Link

President Joe Biden's nominee for the post of U.S. ambassador to Kenya is Meg Whitman, the White House said Wednesday in a statement. She previously served as CEO of eBay , Hewlett-Packard and Quibi, a short-lived streaming company. Whitman also once ran unsuccessfully for governor of California as a Republican.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 08 Dec 2021 21:28:24 GMT
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GameStop stock falls after retailer reports mixed Q3External Link

Shares of GameStop Corp. fell more than 3% in the extended session Wednesday after the specialty retailer reported mixed third-quarter earnings, showing a larger-than-expected quarterly loss and sales that were above estimates. GameStop said it lost $105.4 million, or $1.39 a share, in the quarter, compared with a loss of $19 million, or 29 cents a share, in the year-ago period. Sales rose to $1.3 billion from $1 billion a year ago, GameStop said, with growth in part attributed to "new and expanded brand relationships." FactSet consensus called for a loss of 52 cents a share on sales of $1.19 billion for the company. Inventory was $1.14 billion at the end of the quarter as the company sought to front-load investments in inventory "to meet increased customer demand and mitigate supply chain issues," GameStop said. The company ended the quarter with $1.41 billion in cash and equivalents and no debt other than a $46.2 million low-interest, unsecured loan, it said. Shares of GameStop ended the regular trading day down 2.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 08 Dec 2021 21:21:45 GMT
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FDA authorizes AstraZeneca's monoclonal antibodies for some who can't get vaccinated or are immunocompromised External Link

U.S.-listed shares of AstraZeneca were up 0.3% in after-hours trading on Wednesday after the Food and Drug Administration authorized the company's COVID-19 monoclonal antibodies for pre-exposure prophylaxis in individuals who are immunocompromised or have a history of severe adverse reactions to a COVID-19 vaccine. In both instances, the individuals, who must be at least 12 years old, may not be able to gain protective antibodies through COVID-19 vaccination. This is the first authorization for a pre-exposure prophylaxis therapy in the U.S., though the FDA has already authorized some monoclonal antibodies for post-exposure prophylaxis. AstraZeneca's therapy, Evusheld, pairs two monoclonal antibodies, to be given in separate injections. It may be effective for six months, the FDA said. AstraZeneca's stock is up 10.3% so far this year, while the broader S&P 500 has gained 24.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 08 Dec 2021 21:17:55 GMT
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S&P 500 ends within stone's throw of record high as stocks clinch 3rd straight gain on WednesdayExternal Link

U.S. stocks on Wednesday notched a third day of gains as investors weighed the effects of the omicron variant of coronavirus that causes COVID-19 on the economy. The S&P 500 index closed up 0.3% to reach 4,701, putting the broad-market benchmark within shouting distance from its Nov. 18 closing high at 4,704.54, while the Dow Jones Industrial Average eked out a 0.1% gain at 35,754.75, not from its Nov. 8 closing high at 36,432.22, while the Nasdaq Composite Index climbed 0.6% to around 15,787, bringing it within 2% of its all-time high.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 08 Dec 2021 21:10:21 GMT
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