Wall Street Breakfast Big tech, big rulings, big rebounds
4 snips
May 30, 2025 Germany is considering a 10% tax on internet titans like Google and Meta, raising eyebrows over monopolistic practices. Meanwhile, a federal appeals court has put a hold on a ruling regarding Trump's tariffs. Red Robin Gourmet Burgers makes headlines by posting a profit, sending shares soaring by 55% after hours. The podcast also touches on U.S.-China trade talks, with key players like Trump and Xi needing to intervene for progress. Retail giants Costco, Walmart, and Target are also discussed as they continue to shape the market landscape.
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Germany Targets Big Tech Tax
- Germany plans a 10% tax on internet giants like Google and Meta to address media concentration and low tax contributions.
- The proposal may follow Austria's 5% online advertising revenue tax model and includes talks of voluntary commitments with industry leaders.
Federal Appeals Court Stays Tariffs Ruling
- A federal appeals court issued a stay blocking a lower court's ruling that struck down Trump tariffs.
- The appeals process includes company briefs due June 5 and DOJ responses by June 9.
Red Robin’s Profitable Turnaround
- Red Robin swung to a profit by doubling adjusted EBITDA, cutting labor costs, and debt by nearly $18 million.
- This turnaround impressed investors, sending shares up over 55% in after-hours trading.