HOUSE_OVERSIGHT_033421.jpg
Extraction Summary
6
People
12
Organizations
2
Locations
1
Events
2
Relationships
5
Quotes
Document Information
Type:
News digest / briefing / congressional exhibit
File Size:
Summary
This document appears to be a page from a news briefing or market analysis report included in a House Oversight Committee investigation (indicated by the footer). It focuses on the economic outlook for major US tech companies (FAANG), citing regulatory scrutiny from the Trump administration and Europe, as well as market volatility. It features quotes from financial strategists at Morgan Stanley, Mayflower Advisors, and NYU Stern regarding the potential for an economic slowdown and its impact on the tech sector.
People (6)
| Name | Role | Context |
|---|---|---|
| Donald Trump | President of the United States |
Said his administration is looking into monopolistic behavior of tech giants.
|
| Ruchir Sharma | Chief Global Strategist at Morgan Stanley |
Quoted regarding US economic growth and stimulus effects.
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| Fareed Zakaria | Host |
Host of 'Fareed Zakaria GPS' where Ruchir Sharma appeared.
|
| Larry Glazer | Managing Partner at Mayflower Advisors |
Quoted regarding changing investor mood.
|
| Paul Meeks | Technology Portfolio Manager at Wireless Fund |
Quoted regarding Facebook's negative perception.
|
| Nicholas Economides | Professor of Economics at NYU Stern School of Business |
Quoted offering a counter-argument regarding recession impact on tech.
|
Organizations (12)
| Name | Type | Context |
|---|---|---|
|
Subject of antitrust investigation and regulatory scrutiny.
|
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| Amazon |
Subject of investigation regarding generic products and monopoly behavior.
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|
Subject of monopoly scrutiny and negative public perception.
|
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| Apple |
Mentioned as part of FAANG stocks.
|
|
| Netflix |
Mentioned as part of FAANG stocks.
|
|
|
Mentioned regarding ad revenue streams.
|
||
| Morgan Stanley |
Employer of Ruchir Sharma.
|
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| Mayflower Advisors |
Employer of Larry Glazer.
|
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| Wireless Fund |
Employer of Paul Meeks.
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| NYU Stern School of Business |
Employer of Nicholas Economides.
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| Axios |
Recipient of comment from Paul Meeks.
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| House Oversight Committee |
Implied by footer 'HOUSE_OVERSIGHT'.
|
Timeline (1 events)
Sunday (unspecified date)
Relationships (2)
Ruchir Sharma... on Fareed Zakaria GPS
Paul Meeks... told Axios
Key Quotes (5)
"President Trump has said his administration is seriously looking into monopolistic behavior of Facebook, Google and Amazon."Source
HOUSE_OVERSIGHT_033421.jpg
Quote #1
"So the really shocking thing this year is that the only major economy in the world where growth has actually accelerated this year is America."Source
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Quote #2
"The 'FAANG' stocks (Facebook, Amazon, Apple, Netflix and Google) that pushed the stock market to record highs have not been immune from this year's market rout."Source
HOUSE_OVERSIGHT_033421.jpg
Quote #3
"Facebook has been under such a dark cloud for so long that now everybody is expecting the worst"Source
HOUSE_OVERSIGHT_033421.jpg
Quote #4
"The bottom line: Tech companies that have long been the darlings of investor portfolios will likely find themselves in much weaker positions."Source
HOUSE_OVERSIGHT_033421.jpg
Quote #5
Full Extracted Text
Complete text extracted from the document (2,539 characters)
Europe's aggressive commissioner overseeing competition, is still investigating aspects of Google's business and whether Amazon plays fair in the market for generic products.
• President Trump has said his administration is seriously looking into monopolistic behavior of Facebook, Google and Amazon.
Some analysts predict an economic slowdown — even if it doesn’t lead to a recession like the one in 2008 — will be enough to change the global attitude around big American companies.
"So the really shocking thing this year is that the only major economy in the world where growth has actually accelerated this year is America. And this is because of the tax cuts, the deregulation, the other stimulus which has been put into work. And that has also helped the earnings of companies. My point is, from next year onwards, those effects begin to fade."
— Ruchir Sharma, chief global strategist at Morgan Stanley on Fareed Zakaria GPS on Sunday
— Ruchir Sharma, chief global strategist at Morgan Stanley on Fareed Zakaria GPS on Sunday
The "FAANG" stocks (Facebook, Amazon, Apple, Netflix and Google) that pushed the stock market to record highs have not been immune from this year's market rout.
• "The mood has changed. Investors are asking a lot more questions right now," says Larry Glazer, a Managing Partner at Mayflower Advisors, which manages $3 billion. "Momentum has faded on these names."
• Adding to potential concern: possible regulatory action could translate into higher costs, particularly for Google or Facebook.
• "Facebook has been under such a dark cloud for so long that now everybody is expecting the worst," Paul Meeks, a technology portfolio manager at Wireless Fund, told Axios.
The other side: "I don't see a looming recession. And even if there was, people aren't going to target these companies if there is a recession," says Nicholas Economides, Professor of Economics at NYU Stern School of Business.
• Economides argues that, even if there was a mild reduction in GDP growth, it wouldn't significantly impact the high tech sector.
• For companies like Google, Facebook and Twitter, "their main revenue streams are from ads. They gain market share from brands converting traditional ad spend to digital ads. This conversion is not so dependent on the growth of GDP, because they are still in the process of converting ads of different formats to digital ads, and that's something that will continue, regardless of GDP growth."
The bottom line: Tech companies that have long been the darlings of investor portfolios will likely find themselves in much weaker positions.
HOUSE_OVERSIGHT_033421
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