European Economics Preview: Eurozone PPI Data Due
Producer price data from euro area is due on Tuesday, headlining a light day for the European economic news.
At 1.45 am ET, the State Secretariat for Economic Affairs is scheduled to issue Swiss consumer sentiment data for the third quarter.
At 3.00 am ET, monthly unemployment data from Spain and producer prices from Hungary are due.
In the meantime, consumer and producer price figures are due from Turkey. Inflation is expected to ease to 12.1 percent in July from 12.62 percent in June.
At 5.00 am ET, Eurostat is slated to issue Eurozone producer prices for June. Economists forecast producer prices to fall 3.9 percent annually, following a 5 percent decrease in May.
Lunch Special: Denver sports live chat with Mark Kiszla – The Denver Post
Got a question about Colorado sports? The Denver Post’s Mark Kiszla is discussing all things Denver sports in a live Lunch Special chat, scheduled to begin at noon on Monday, Aug. 10, 2020.
Mobile users, if you can’t see the live chat, tap here.
With College Football in Jeopardy, Sports-Betting Stocks Tumble
Shares of sports-betting companies tumbled on Monday, hurt by the growing likelihood that more big college-football conferences will cancel their seasons.
DraftKings Inc. fell as much as 9.6%, whilePenn National Gaming Inc. tumbled 7.7%. Flutter Entertainment Plc, William Hill Plc and other stocks also slipped.
Sports-talk host Dan Patrick said on his show that the Big Ten and Pac-12 conferences will cancel their fall football seasons on Tuesday, and other major conferences are “on the fence.” The Mid-American Conference was the first big college-football conference toscrub its season on Saturday, citing concerns over the ongoing pandemic.
College football is one of the most popular sports for bettors at sites like DraftKings, especially in the U.S. Rosenblatt Securities Inc. analyst Bernie McTernan said earlier that DraftKings could probablyweather a cancellation of the season, thanks to its estimated $1.1 billion cash balance.
Twitter Faces $250 Million FTC Fine For Misuse Of User Data
Twitter could face a fine of up to $250 million from the U.S. Federal Trade Commission regarding its use of phone numbers and email addresses to target advertisements.
The social media-giant disclosed in a regulatory filing that on July 28, it received a draft complaint from FTC alleging violations of the company’s 2011 consent order with the FTC. The allegations relate to the company’s use of phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019.
The company reportedly admitted last October that it had inadvertently targeted advertising at users through contact details that they provided for security purposes.
The company expects the complaint could result in a loss of between $150 million and $250 million. The complaint remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.
In July 2019, the FTC imposed a $5 billion penalty on Facebook for violating consumers’ privacy.
Stock Alert: MGM Climbs 13%
Shares of MGM Resorts International (MGM) are rising more than 13% Monday morning after the company said the media and technology company, InterActive Corp (IAC) has made a significant investment in MGM Resorts.
The company had announced a digital transformation plan called MGM 2020, in January this year to reduce costs and improve efficiency.
“IAC’s expertise in growing and expanding brands online is a natural fit for our focus on enhancing the resort experience through curated and personalized offerings, as well as digital enhancements in sports betting and online gaming,” said CEO and President Bill Hornbuckle.
MGM stock is currently trading at $21.73. It has traded in the range of $5.90- $34.64 in the last one year.
Trump Says Adding Him to Mount Rushmore Is ‘a Good Idea,’ After Aides Reportedly Looked Into It
During a speech in Ohio in 2017, the president said, “I’d ask whether or not you think I will someday be on Mount Rushmore, but, no — here’s the problem. If I did it joking, totally joking, having fun, the fake-news media will say, ‘He believes he should be on Mount Rushmore!’ So I won’t say it, okay? I won’t say.”
Jay Vogt, the director of the South Dakota State Historical Society, told The Washington Post that same year that his “best gut feeling is that there will never be a change to the memorial.”