Uber settles Waymo suit

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The markets reversed course during the midday to trade sharply lower with the Dow crashing 489 points to 23,371. Nasdaq tanked 142 points to 6634.


Uber has agreed to pay Waymo a 0.34% equity stake, which is worth approximately $245 million, to settle a stolen trade secrets lawsuit that Waymo had filed against the ride hailing app. Uber also agreed to never use proprietary Waymo information although Uber has consistently argued that it developed its own self driving technology and has never used Waymo's trade secrets. The settlement agreement was made after former Uber CEO Travis Kalanick had already testified for two days.


Amazon will reportedly begin delivering packages from its third party sellers to customers. The new Shipping With Amazon delivery service will be tested in Los Angeles with plans to expand to additional cities and possibly to other businesses later this year. The online retailer will price its service below rival package delivery service providers FedEx and UPS.


Facebook began testing a new downvote button that can be used to hide inappropriate comments. The button is available on a select set of public pages to identify and report offensive or misleading comments. Facebook has clarified that the downvote is not a dislike button but rather a means for users to provide feedback on public comments.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 plunged 42 points to 2,538. Bitcoin surged $374 to $8,593.


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This page contains a single entry by published on February 9, 2018 10:48 AM.

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