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Dropbox files for IPO; Supreme Court to hold hearing on Microsoft overseas data

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Dropbox files for IPO; Supreme Court to hold hearing on Microsoft overseas data

Top News

* Data-sharing business Dropbox Inc. filed for an IPO of up to $500 million of its class A common stock. The company, which has applied to list its class A common stock on the Nasdaq Global Select Market under the symbol DBX, has not yet specified the number of shares or price range for the IPO.

* The U.S. Supreme Court on Feb. 27 will hear arguments on whether U.S. law allows prosecutors to access user data stored by Microsoft Corp. overseas, Reuters reports. Microsoft reportedly argued that a warrant in the U.S. should not have access to the information stored at data centers abroad, while the U.S. Department of Justice believes it should be able to access the data since Microsoft is a U.S. company.

* Paul Jacobs, chairman of Qualcomm Inc.'s board, asked Broadcom Ltd. to enter into mutual due diligence and price negotiations. Jacobs reiterated that all the bids proposed by Broadcom materially undervalued Qualcomm, while noting that the companies made progress on all issues other than the price at a recent meeting.

* Nearly half a decade after Facebook Inc.'s $2 billion acquisition of Oculus — arguably the first major push in virtual reality — headset sales have fallen short of projections and monetization of VR platforms has been slow to materialize. The emerging technology, which provides a computer-generated simulation of three-dimensional images, is rapidly gaining momentum in television, however, with European broadcasters stepping up efforts to tap into its potential.

Technology

* Microsoft teamed up with Xiaomi Corp. to work on cloud computing, artificial intelligence and devices. Among other things, the companies will explore using Microsoft Azure cloud platform to support Xiaomi's user data storage, bandwidth, computing and other cloud services in international markets.

* Google Assistant will become available in more than 30 languages by year-end, according to an official blog post. Alphabet Inc. unit Google Inc. will launch the voice assistant in Danish, Dutch, Hindi, Indonesian, Norwegian, Swedish and Thai on Android phones and iPhones in the next few months.

Internet & OTT

* Companies including AT&T Inc., CenturyLink Inc. and Verizon Communications Inc. teamed up with the USTelecom and the Information Technology Industry Council to form the Council to Secure the Digital Economy. The council will combat cyberthreats and help tackle such issues across the private and public sectors.

* Netflix Inc. will premiere its first Arabic original series in 2019. "Jinn" is a six-episode contemporary supernatural teenage drama focused on young Arab characters.

Multichannel

* The National Advertising Division asked AT&T unit DIRECTV to discontinue certain advertising claims such as those about its "worry-free" reliability, Multichannel News reports. The NAD made the recommendation following Charter Communications Inc.'s complaint that the worry-free service claims falsely imply that users do not lose DIRECTV satellite TV signals in the rain. DIRECTV will reportedly appeal the NAD's findings.

Film & TV

* Lions Gate Entertainment Corp. unit Starz signed up Tanya Saracho for a three-year production deal. Saracho is Starz (US) original series "Vida's" showrunner and an executive producer.

* Walt Disney Co. completed the sale of its ad inventory for the 90th Academy Awards, Broadcasting & Cable reports, citing an official statement. Advertisers for the March 4 ceremony include AT&T, Google, Rolex, Cadillac and Verizon.

* Disney's "Black Panther" continued to dominate the domestic box office by pulling in $108.0 million for the Feb. 25 weekend, followed by Warner Bros.' "Game Night" at No. 2 with $16.6 million, and Sony Corp.'s "Peter Rabbit" at the third spot with $12.5 million, according to comScore Inc. Paramount's "Annihilation" was No. 4 with $11 million, while Universal's "Fifty Shades Freed" slipped to No. 5 with $6.9 million.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was up 0.74% to 31498.6. The Nikkei 225 climbed 1.19% to 22,153.63. In Europe as of midday, the FTSE 100 rose 0.51% to 7,281.51 and the Euronext 100 added 0.67% to 1,033.57.

On the macro front

The Chicago Fed national activity index, the Dallas Fed manufacturing survey and the new home sales report are due out today.

Featured news

The Daily Dose Europe: Twitter writes off SoundCloud investment; Telefónica launches AI assistant: Twitter Inc. writes of 500 million Swedish kronor in SoundCloud Ltd., while Telefónica SA launches Aura, an AI assistant, in several European and Latin American territories.

The Daily Dose Asia-Pacific: Apple moving iCloud keys to China; Netflix adds 3 Indian originals: Apple Inc. is moving iCloud cryptographic keys for Chinese users in China to comply with local laws, while Netflix added three Indian original series to its slate.

Data Dispatch: 'Black Panther' to swat away debut titles 'Game Night' and 'Annihilation': Marvel's super cat is predicted to join a rarefied group of films that have collected nine figures in their second weekend, while Warner Bros. and Paramount catch critical acclaim for their debut films.

Featured research

Wireless Investor: Potential new entrant aims to get a slice of Japan's mobile spectrum: Japan might go from three to four national operators as current MVNO Rakuten announced at the end of 2017 its intention to enter the Japanese mobile market by applying for 4G spectrum license.

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