* Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., urged the U.S. Federal Trade Commission to initiate a probe to determine whether Amazon.com Inc.'s failure to secure its servers prior to the Capital One Financial Corp. hack violated federal law. In a letter, the duo said it is "likely" that the online retail giant knew that the Amazon Web Services were vulnerable to the "server side request forgery" attack. In July, Capital One Financial said the FBI arrested an individual for accessing personal information of some 100 million current and potential customers in the U.S.
* Sens. Charles Schumer, D-N.Y., and Tom Cotton, R-Ark., asked acting Director of National Intelligence Joseph Maguire to assess the national security risks posed by Beijing Byte Dance Telecommunications Co. Ltd.-owned TikTok and other China-based content platforms operating in the U.S. The duo expressed their concern regarding Chinese companies' compulsion to support and cooperate with intelligence work controlled by the Chinese Communist Party. In response, TikTok clarified that its data centers are "located entirely outside China" and are not subject to Chinese laws.
* YouTube LLC and Facebook Inc. should open up their algorithms for scrutiny to ensure they are not contributing to the spread of misinformation, Firefox-maker Mozilla Corp. said. With social media now the most popular source of news, there is a renewed urgency to expose how misinformation and extremist content fuels polarization and radicalization, Mozilla's Vice President of advocacy Ashley Boyd said.
* Shares in Twitter Inc. cratered Oct. 24 after the social media giant attributed its disappointing third-quarter earnings results to a technical glitch on its ad platform, leading several analysts to question how the company's growth prospects could be impacted. The company's stock plunged by as much as 20% on the day the company missed third-quarter revenue and profit expectations.
Internet & OTT
* The Walt Disney Co.'s promotional partnership with Verizon Communications Inc. should help the media conglomerate's new streaming service garner a solid subscriber base quickly, analysts said. UBS analyst John Hodulik said the links to Verizon "de-risks" the subscriber dynamic for Disney+ over the next 12 months.
* French production company Xilam Animation teamed up with Netflix Inc. to produce an original CGI animated preschool series "Oggy Oggy," based on the franchise "Oggy and the Cockroaches." In the new series, Oggy is freed from the ceaseless tyranny of the cockroaches and lives in a fantasy world inhabited by a vibrant community of cats.
* Warner Media LLC's upcoming streaming service, HBO Max, added four original unscripted projects from CNN (US), Broadcasting & Cable reports. The new slate includes two series, "Heaven's Gate" and "Generation Hustle," as well as two documentaries with working titles of "The Scoop" and "Persona."
* Amazon Prime Video ordered a second season of half-hour romantic anthology series "Modern Love." Amazon Studios also announced a new overall deal with John Carney, the writer, director and executive producer of "Modern Love."
* AT&T Inc., Sprint Corp., Verizon and T-Mobile US Inc. teamed up to form a joint venture called "The Cross-Carrier Messaging Initiative." The joint venture is designed to enable an engaging way for consumers to interact and transact with each other and with businesses.
* Qualcomm Inc. launched a fund to invest up to $200 million in companies building the 5G ecosystem. The Qualcomm Ventures 5G Ecosystem Fund will support startups to develop new 5G use cases and expand 5G beyond smartphones across the entire 5G value chain.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was down 0.49% to 26,667.39, and the Nikkei 225 rose 0.22% to 22,799.81.
In Europe, around midday, the FTSE 100 slipped 0.56% to 7,287.66, and the Euronext 100 down 0.45% to 1,094.03.
On the macro front
The consumer sentiment report, the Baker-Hughes Rig Count report and the Treasury budget are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
The Daily Dose Europe: Macron's European commissioner nominee; Telia's new CEO; Nokia on China projects: French President Emmanuel Macron nominated Atos SE CEO and Chairman Thierry Breton as France's European commissioner, TDC A/S CEO to move as head of Telia Company AB (publ), and Nokia Corp. is considering a pullback from 5G bids in China.
The Daily Dose Asia-Pacific: Playstation Vue's potential sale; Nokia pullback in China; TikTok review request: Sony Corp. is considering a sale of its Playstation Vue service, Nokia is weighing a pullback from bidding on 5G contracts in China, and bipartisan senators sought an assessment of the national security risks posed by TikTok.
The Program Guide: Netflix expands Indian content slate; HBO Max to bring back 'Adventure Time': Netflix will add content from Indian comedians to expand its comedy slate, while HBO Max ordered four "Adventure Time" specials, reviving the hit show just over a year after its series finale aired on Cartoon Network (US).
The Program Guide: Travel Channel sets 'Famously Afraid' debut date; Fox renews 'Bless the Harts': Travel Channel (US)'s new series "Famously Afraid" will debut Nov. 5, while Fox Corp. renewed animation series "Bless the Harts" for a second season.
SoftBank to own 80% stake in WeWork; Apple to provide more aid to Japan Display: SoftBank Group Corp. will own approximately 80% of WeWork Cos. Inc. as part of a US$9.5 billion funding package, while Apple Inc. will be among a group of backers expected to provide financial support to cash-strapped Japan Display Inc.
Hires and Fires Europe: Telecom Italia appoints new chairman; Apple names new Russian unit head: Telecom Italia SpA named Salvatore Rossi its new board chairman, while U.S. tech giant Apple appointed Tatiana Akhmatova country manager and director for Russia.
Apple TV+, Disney+, HBO Max arrive in LatAm; Amazon Prime Video in Mexico: A number of U.S. streaming services will launch in Latin America from 2020. Amazon is also expanding in the region, with a launch in Mexico and additional original content in Brazil.
Economics of Networks: New Kagan report: State of Canadian TV networks: Kagan presents an analysis of economics trends at the discretionary and conventional TV services in Canada.
Economics of TV & Film: Global Film Release Report – September 2019: The Global Film Release Report for September 2019 is now available.
Global Multichannel: Global market update — Costa Rica: Kagan has recently updated Global Multichannel and Broadband analyses for Costa Rica.
Technology: 5G Survey: 2019 questionnaire, response banner file: The banner file from Kagan's global survey of executives at 56 wireless providers on their 5G strategies yields insights on deployment roadmaps, technology approaches, pricing strategies, killer apps and plans for rural deployments.
Broadcast Investor: Broadcast deal market September — Almost nothing to report: September registered the lowest broadcast deal volume since December 2016.
Global Multichannel: European service providers ramp up fixed-mobile bundles: Fixed mobile convergence strategies have accelerated over the last decade within the existing subscriber base for all of the large operating groups.
Intel stock surges on strong Q3 results despite continued supply shortages: Intel Corp.'s stock climbed in after-market trading Oct. 24 after the company posted better-than-expected earnings for the third quarter, despite continued CPU supply shortages.
NBCU will 'flex' promotional power for OTT service Peacock amid competition: CEO Steve Burke said the ad-supported video-on-demand service will be "front and center" on parent Comcast's internet-only streaming service, Xfinity Flex, when Peacock premieres next April. NBCUniversal Media LLC's third-quarter revenue decreased 3.5% YOY.
Comcast sees highest Q3 broadband net adds in 10 years, continues data push: CEO Brian Roberts said on an Oct. 24 earnings call that broadband will drive Comcast's innovation strategy. The company reported a 21.2% year-over-year gain in revenue for the third quarter.
Nokia reconsidering its role in China's 5G rollout: Speaking on an Oct. 24 earnings call, CEO Rajeev Suri said it would take years for 5G contracts in China to reach profitability. Given that time frame, the company may opt not to bid on certain contracts.
Xilinx approves $1B buyback scheme as fiscal Q2 net income rises YOY: The company's GAAP net income for its fiscal second quarter rose to $227 million from $216 million year over year.
Juniper Networks ramps up stock buybacks, braces for tariff impact in Q4: Juniper Networks Inc. announced an additional $1.0 billion in share repurchase authorization alongside mixed third-quarter financial results.
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