Technology Roundup – Facebook’s Zuckerberg, Sandberg set Tuesday meeting with boycott organizers, Shopify hits new high

Published on: July 2, 2020
Author: Amy Liu

Facebook’s Zuckerberg, Sandberg set Tuesday meeting with boycott organizers

Facebook (NASDAQ:FB) CEO Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg will meet on Tuesday with three groups behind a growing advertiser boycott of the social-media company.

The execs will meet Anti-Defamation League CEO Jonathan Greenblatt; Color of Change President Rashad Robinson; and NAACP CEO Derrick Johnson, Bloomberg reports.

The company had reached out to the groups earlier this week, and the civil rights groups had said they wanted Zuckerberg in attendance.

Earlier, Needham mused about the chance of the boycott stretching beyond its July goal as far as November.

Shopify hits new high after latest price target boost

Citing channel checks showing signs of accelerating merchant growth and payment adoption, Baird raises its Shopify (NYSE:SHOP) price target from $820 to $1,100.

Analyst Colin Sebastian maintains an Outperform rating and advises shorter-term investors to buy or build a SHOP position during the next pullback, seeing near-term momentum and long-term optimism.

Shopify shares jumped as high as 4.2% intraday to a record $1,059.44. Shares are currently up 2.3%.

Related: Baird’s target beats last week’s Street-high $1,000 from RBC, which said the Street was still underappreciating Shopify’s near-term total addressable market.

Amazon delaying Prime Day again, to October – report (AMZN +1.3%) is delaying its Prime Day sales event yet again – now to October, Business Insider reports.

That comes alongside ongoing uncertainty around the COVID-19 pandemic, which is showing new resurgence that could result in new demand spikes to strain supply chains again.

The event usually brings a huge transaction volume to Amazon in July – but April reports showed it was delaying at least until August; then the company reportedly postponed to September.

Amazon suspended its Prime two-day shipping commitment earlier this year and emphasized moving essential items as March brought shortages of many goods during a coronavirus ramp-up.

Big Tech CEOs set to testify before Congress

The hearing is planned for later this month and would mark the first time the chief executives of Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Google (GOOG, GOOGL) testified together in front of Congress.

It’s one of the final steps the House Judiciary Committee needs to complete an antitrust probe initiated in June 2019 and will likely produce new legislative proposals to reform and regulate the digital market.

The Justice Department, Federal Trade Commission and state attorneys general have also opened inquiries into the companies over markets like online advertising, online retail and smartphone apps.

Microsoft’s EU data probe sparks warning

Licensing agreements gave Microsoft (NASDAQ:MSFT) “free reign” to oversee the data processing activities of 45K EU officials, according to a probe by the European Data Protection Supervisor.

Staff and agencies using Microsoft products “had insufficient clarity as to the nature, scope and purposes of the processing and the risks to data subjects to be able to meet their transparency obligations,” says the EDPS.

The regulator warns EU institutions to “carefully consider any purchases of Microsoft products and services or new uses of existing products and services until after they have analyzed and implemented the recommendations” of the EDPS.

In a statement to Bloomberg, Microsoft says it’s “focused on helping all of our customers meet or exceed their data privacy obligations.”