GM acquires LIDAR startup Stobe

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The markets traded lower during the midday with the Dow slipping 26 points to 22,746. Nasdaq lost 17 points to 6,572.


General Motors has acquired startup Strobe as part of the automaker's plans to develop self driving cars. Strobe developed a single chip LIDAR system that will significantly slash production cost for the sensors. Strobe's system measures distance from the vehicle to objects in the road such as other vehicles and pedestrians as well as the velocity of the objects.


Google parent Alphabet received approval from the Federal Communications Commission to deploy its Project Loon balloons to restore cellular service to Puerto Rico. Nearly three weeks after Hurricane Maria destroyed homes, buildings and the island's fragile infrastructure, approximately 83% of residents still do not have cell service. Project Loon's balloons must be integrated into a telecommunications company's network in order to enable LTE connectivity.


Qualcomm submitted proposals to the European Commission in order to win approval of the company's proposed acquisition of NXP Semiconductors. Regulators had raised antitrust concerns and initiated an investigation in June over potential increases in prices. Details of the proposed concessions have not been released.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,542. Bitcoin rocketed $201 to $4,782.


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