On this edition of Stock Movers:
- Alphabet (GOOGL) shares jumped to a record high today after a US judge ruled against the government’s most onerous proposals, including a forced sale of its Chrome browser, another court victory for Big Tech in the biggest antitrust case in three decades. AI models represent a long-term threat to the search industry as chatbots and other generative AI technologies become more advanced and behave more like search engines, Judge Amit Mehta said on Tuesday. Still, the Alphabet Inc. company will have to make some concessions, including sharing online search data with rivals and ending exclusive contracts for distribution. “The emergence of GenAI changed the course of this case,” Mehta wrote in the judgment. The ruling represents a setback for the US government in its bid to curb the power of the biggest US tech companies, falling far short of the most severe remedies sought by antitrust enforcers. The finding follows the Washington-based judge’s ruling last year that Google illegally monopolized the markets for online search and search advertising. Mehta held a three-week hearing in April to determine a fix.
- Tyson Foods (TSN) shares are down today. The company said its supply chain chief left the company after violating internal rules, marking the second senior executive departure for improper behavior in just over a year. Chief Supply Chain Officer Brady Stewart is departing the US meat giant after taking certain actions that violated its code of conduct, Springdale, Arkansas-based Tyson said in a statement late Tuesday. The company didn’t provide further details on his actions in the statement, and representatives didn’t immediately respond to a request for comment. Tyson also appointed Devin Cole, the head of its poultry business as chief operating officer, with the US meat giant signaling more management changes associated with its succession planning.
- Campbell's (CPB) shares rose today after the food company’s earnings beat estimates as Milano cookies helped its snacks business outperform. Adjusted earnings per share of 62 cents topped the 56-cent estimate. The Pepperidge Farm owner’s organic snack sales declined 2% in the quarter, less than half the rate analysts anticipated. “In cookies, we gained share as we grew consumption during the quarter, outperforming the category through successful innovation launches, most notably our Milano White Chocolate lineup” Chief Executive Officer Mick Beekhuizen said in a statement Wednesday.
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