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DC is testing its Big Tech antitrust campaign away from DC
The Biden administration is testing its antitrust push far from Washington as it seeks to lessen Big Tech’s dominance.
The nation’s capital is no longer the preferred trial venue for the Justice Department and the Federal Trade Commission, which are bringing competition challenges against Silicon Valley’s biggest names.
Instead, it was in New Jersey that the government decided to sue Apple (AAPL). Or in California, where he challenged Microsoft (MSFT). Or Washington state, where it confronted Amazon (AMZN). Or in Virginia, where it filed a second antitrust lawsuit against Google (GOOG, Google).
“They are clearly bringing these technology cases in different jurisdictions where the law is less developed,” said Douglas Ross, an antitrust professor at the University of Washington School of Law. “And they’re doing it for a reason.”
Attorney General Merrick Garland speaks during a press conference on March 21 as he announces a sweeping antitrust lawsuit against Apple. The case was opened in New Jersey. (AP Photo/José Luis Magana) (ASSOCIATED PRESS)
A variety of strategies could explain the multijurisdictional approach, according to antitrust lawyers.
Prosecutors could target appellate courts with jurisprudence more favorable to their legal theories, since all district courts selected by Biden’s FTC and DOJ report to different appeals courts.
The government could also be evaluating a court’s speed in handling litigation and the convenience for early witnesses, said Juan Arteaga, a partner in Crowell & Moring’s antitrust litigation division.
It’s also possible, he added, that government officials want to display vigorous anticompetitive enforcement to the rest of the country.
“I think the current leadership team and the DOJ antitrust division have really made a point of trying to move antitrust enforcement out of the D.C. bubble,” Arteaga said.
Ross is more skeptical of a strategy that seeks jurisdictions where judges have less antitrust experience and where there are fewer antitrust enforcement cases underway.
Outside of D.C. and a few other popular antitrust districts, Ross said, “antitrust is like a hen’s tooth — there are very few cases and most average federal district judges haven’t heard any antitrust cases.”
DC Domain
DC has been the location of choice for many of the most prominent antitrust cases in US history, including landmark cases against ATT (T) and Microsoft (MSFT) in the 1970s, 1980s and 1990s.
Its dominance goes back even further in time.
Since 1899, first year records are available, DOJ presented 391 antitrust cases in the district.
That’s nearly double the closest count of 222 records in the Northern District of California and 220 in the Southern District of New York.
The story continues
Then-Microsoft President Bill Gates at a June 2000 press conference in Redmond, Washington, to discuss the Justice Department’s antitrust case against his company. (Photo: DAN LEVINE/AFP via Getty Images) (DAN LEVINE via Getty Images)
It has also maintained its dominance for most of the last decade. D.C. has been home to the most new cases, or tied for that title, from 2015 to 2022.
That changed last year. In 2023, the government filed more antitrust lawsuits in several places outside of DC, including states like Michigan and Oklahoma.
When considering private antitrust lawsuits, the district with the highest number of competition lawsuits combined last year – totaling 42 – was the U.S. District Court for the Northern District of California. Federal district courts in New Jersey, Illinois and New York followed.
The D.C. government’s move is happening at a time when there are growing concerns within the legal community about purchasing judge in the hope of sympathetic decisions, and the state and federal governments intervening in private antitrust litigation.
Bills to disrupt judicial power in single-judge districts have been introduced in the Senate, and the Judicial Conference recommended changes to the case assignment process in March.
Changing course
The Biden White House kicked off its campaign against Big Tech close to home, in D.C. District Court. That’s where the FTC, under Biden-appointed Lina Khan, archived again action against Facebook in 2021.
That case, first brought during President Trump’s administration, alleged that the social media giant illegally blocked competition through its acquisitions of Instagram and WhatsApp.
It also took on another case filed in DC by the previous administration, against Google, challenging the company’s dominance in online search. A judge’s decision in this case is expected soon.
Then prosecutors changed course and moved away from DC.
In December 2022, the FTC chose the U.S. District Court for the Northern District of California to challenge Acquisition of video game giant Activision Blizzard by Microsoft. The effort failed, and regulators appealed the issue to the 9th Circuit.
A month later, in January 2023, the DOJ accompanied by 8 state attorneys general pursued Google in a second antitrust case, this time in the U.S. District Court for the Eastern District of Virginia. Prosecutors alleged that Google abused its monopoly in the digital advertising technology market.
In September 2023, the FTC and 17 states processed Amazon in the U.S. District Court for the Western District of Washington. The lawsuit accused the retail giant of illegally monopolizing online marketplace services.
Then this year, in March, the DOJ and a group of state attorneys general processed Apple in the US District Court in New Jersey. The promoters claimed Apple illegally abused its dominance in the smartphone market.
‘Trying to avoid the DC circuit’
New Jersey is a less logical place for the government to challenge Apple when compared to some other cases outside of DC.
Amazon was attacked in Washington DC, where the company is headquartered, and Microsoft was sued in the Bay Area, where it has a significant physical presence.
But Apple is not domiciled in New Jersey nor does it have dominant operations there.
One factor that may help explain the government’s choice is that appeals from New Jersey’s federal courts are heard by the 3rd Circuit Court of Appeals, which in recent years has made decisions This could further the government’s claims against the iPhone maker.
“I think the DOJ concluded that the case law was much more favorable to the 3rd Circuit than the 9th Circuit,” Arteaga said.
Apple CEO Tim Cook in April. (AP Photo / Achmad Ibrahim) (ASSOCIATED PRESS)
As for the case against Google in Virginia, the DOJ may be looking for a quick solution. The Eastern District Court won its “rocket summary“nickname for the speed with which it deals with disputes.
“I think there’s probably an element of trying to avoid the D.C. Circuit,” Ross said. “Whether this will be worth it to them or hurt them, I don’t know.”
The tactic, he said, could lead to more chaos in the law and increase the chances of one of the cases being heard by the Supreme Court.
Keith Harrison, also a partner in Crowell & Moring’s litigation practice, said bringing cases against the country’s most dominant and consumer-oriented companies could be valuable to the administration, win or lose, as it tries to communicate its agenda to a wider population.
“That [Apple] the case will be a big case wherever it takes,” Harrison said. “But in New Jersey, it will be the biggest case in that court and in the local news regularly.”
Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.
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The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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