Here’s what you should know to start the day:
Facebook Goes to Court
Video game company ZeniMax media is currently suing Oculus, a Facebook subsidiary, for allegedly taking trade secrets. the company claims said secrets were vital to the creation of Oculus’s Rift virtual reality device, which eventually landed it a sweet $2 billion acquisition from Facebook. Mark Zuckerberg testified yesterday and denied allegations that Oculus had stolen its technology from ZeniMax or elsewhere. For more on the case, read The New York Times‘ analysis of ZeniMax v. Oculus.
Qualcomm Headed to Court
The FTC is suing Qualcomm, a computer and smart phone component company, for anti-competitive practices. The company holds important patents in the mobile space, and allegedly forced smart phone manufacturers to pay more to use said patents (and components) or avoid making a phone. Qualcomm is denying the charges, of course, but the company previously came under fire for these alleged practices in South Korea and China. The Verge has more on this pending suit.
Earnings Season Continues
Major banks and corporations are continuing to put out their fourth quarter financials, as part of “earnings season.” This morning, Citigroup ($C) beat earnings per share expectations and saw a 7% rise in profit, while posting a decrease in revenue. TD Ameritrade ($AMTD) posted higher revenue and earnings per share (almost beating analyst expectations) due to higher commissions and fees imposed on their clients. Goldman Sachs Group ($GS) beat Wall Street analysts by posting higher earnings per share and higher revenue after more people purchased the bank’s stock when Trump was elected. Netflix ($NFLX) will announce their earnings after the market closes today