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Microsoft (MSFT) faces advocacy group’s privacy complaint in Austria over education program. (00:25) Illumina (ILMN) board approves spinoff of GRAIL. (01:54) NYSE to bust erroneous trades in Berkshire Hathaway’s (BRK.A) class A shares – report. (02:20)
This is an abridged transcript of the podcast.
An advocacy group has filed complaints with the Austrian Data Protection Authority against Microsoft (NASDAQ:MSFT) alleging that the company’s 365 Education services violate children’s data protection rights.
NOYB, or None Of Your Business, said that software vendors like Microsoft have market power, which allows them to dictate the terms of contracts with anyone who wants to use their products. At the same time, the software providers try to dodge responsibility by insisting that almost all of it lies with local authorities or schools.
During the COVID-19 pandemic, online education programs saw a surge as schools switched to remote teaching and implemented digital services for online learning.
The group added that when students wanted to exercise their General Data Protection Regulation, or GDPR, rights, Microsoft said schools were the “controller” for their data. However, the schools have no control over the systems, NOYB noted.
The second complaint focuses on cookies installed in Microsoft’s 365 Education. Advertisers usually use cookies to track certain types of user data.
NOYB has asked the Austrian data protection authority, or DSB, to investigate and analyze what data is being processed by Microsoft 365 Education.
The organization also suggested that the DSB should fine Microsoft.
The board of directors of Illumina (NASDAQ:ILMN) has approved the spinoff of GRAIL as of June 24.
GRAIL has applied to trade on NASDAQ under the symbol “GRAL.”
Illumina will maintain a 14.5% minority stake in GRAIL.
Current Illumina shareholders will receive one share of GRAIL common stock for every six shares of Illumina (ILMN) they own as of market close on June 13.
Now an update on a story we told you about Monday on Wall Street Lunch with Kim Khan.
New York Stock Exchange Equities Exchanges, along with other UTP exchanges, ruled to unwind all erroneous trades in Berkshire Hathaway (NYSE:BRK.A) that took place from 9:50 AM ET-9:51 AM ET Monday at or below $603,718.30.
Bloomberg reported on Monday that the ruling is not eligible for appeal. Earlier in Monday’s session, a technical glitch triggered volatility halts in about a dozen companies, including Berkshire’s class A shares, which at one point appeared to have lost almost 100% of their value.
Berkshire Hathaway’s (BRK.A) class A shares ended the session at $631,110.10, up 0.6% from its previous close.
The issue was apparently related to a new software release. NYSE is owned by Intercontinental Exchange (NYSE:ICE).
More articles on Seeking Alpha:
Bill Ackman’s Pershing Square seeks to raise $25B for U.S. closed-end fund – report
Morgan Stanley’s E*Trade considers kicking ‘Roaring Kitty’ off platform – report
Goldman Sachs adds 5 stocks, including 2 solar names, to its U.S. ‘conviction list’
U.S. home power bills forecast to jump nearly 8% this summer – report
Catalyst watch:
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Li-Cycle (LICY) will begin trading on a split-adjusted basis following its 1-for-8 reverse stock split.
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The three-day Jefferies Global Healthcare Conference will begin. The long list of participating companies includes Aldeyra Therapeutics (ALDX), Savara (SVRA), Agilent (A), and Gilead Sciences (GILD).
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The Deutsche Bank Global Consumer Conference in Paris will include presentations or fireside chats from Kraft Heinz (KHC), Kellanova (K), Sysco (SYY), Procter & Gamble (PG), Starbucks (SBUX), and Philip Morris International (PM). The conference has led to share price moves in the past based on fresh updates of management expectations.
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Snowflake (SNOW) will hold its Investor Day 2024 event. The company is also holding its data cloud summit during the week. Snowflake (SNOW) rallied during last year’s event when it announced a new AI partnership with Nvidia (NVDA).
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Super Micro Computer (SMCI) will be on watch with CEO Charles Liang and other executives speaking at the BofA Securities 2024 Global Technology Conference.
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The quiet period ends on ZEEKR Intelligent Technology (ZK) to free up analysts to post ratings.
Investors and traders watched the major market averages end Monday’s session in a mixed fashion.
Falling the most was the Dow (DJI) as it ended lower by 0.3%. The S&P 500 (SP500) finished in the green by 0.1%, and the Nasdaq (COMP:IND) rounded out the day in positive territory as it climbed 0.5%.
On a sector-by-sector stance, four of the 11 S&P segments were able to conclude the day with gains. The best performing segments were Tech and Health Care. The worst performing sector on the session was Energy, as oil (CL1:COM) moved lower by 4.1%.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is down 2% at $72 per barrel. Bitcoin is down 0.3% at less than $69,000.
In the world markets, the FTSE 100 is down 0.6% and the DAX is down 1.2%.
The biggest movers for the day premarket: HealthEquity (NASDAQ:HQY) shares gained nearly 6% on exceeding expectations in Q1 results, with top-line growth of about 18% and adjusted EBITDA +36% Y/Y.
On today’s economic calendar:
