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NAS:FB, Mar 28, 08:20 UTC

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Facebook Names Former Treasury Official as Lead Independent Director

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"I'm confident Bob is going to make our board and our company better and I'm looking forward to working with him as we continue to build important social infrastructure to bring the world closer together." Naming Kimmitt as the lead independent director could help reduce some of the criticism leveled at Facebook over its corporate structure. As it stands, Zuckerberg owns a controlling stake and has great liberties in determining the direction of the social media giant. In addition to government service, Kimmitt held a wide variety of executive positions in international business, finance, and public policy. Facebook also announced Jeffrey D. Zients, CEO of The Cranemere Group Limited, will not stand for reelection at the company's annual shareholder meeting.

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Thursday, March 26


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Facebook is losing another board member, and is appointing a former Treasury official as its lead independent director – Business Insider Malaysia

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Facebook named Robert Kimmitt, a former deputy Treasury secretary and US ambassador to Germany, as its lead independent board director on Thursday. “The lead independent director is an important role for us and we’ve been looking for a leader who can bring significant oversight and governance experience,” CEO Mark Zuckerberg said of Kimmitt’s appointment. Earlier in March, immediately after a spot opened on the board of Berkshire Hathaway, Facebook board member Kenneth Chenault announced he would be stepping down. In October 2019, Susan Desmond-Hellmann, the CEO of the Bill and Melinda Gates Foundation and lead independent director on the board, departed after 6 years.

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The Zacks Analyst Blog Highlights: Microsoft, Facebook, Twitter, Slack Technologies and Pinterest

FB TWTR +1 more FB TWTR MSFT

Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. The coronavirus pandemic may have confined techies worldwide to their homes but new initiatives are being taken to ensure that appropriate software are developed to undertake challenges that might pop up amid this lockdown. It is an initiative that witnessed several tech giants coming together to work with WHO for a global software development program, which may offer solutions to address some of the issues faced by the United Nation’s specialized agency during this period of crisis worldwide. In fact, several remarkable features of Facebook like Blood Donations and Crisis Response are developed as part of hackathons, per a post by Facebook founder Mark Zuckerberg.

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The Zacks Analyst Blog Highlights: Facebook, Fidelity National Information Services, American Express, NVIDIA and CSX

FB NVDA +3 more FB NVDA CSX AXP FIS

Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. The Zacks analyst believes that Facebook is benefiting from growth in Instagram Stories and Feed, and expanding user base in Asia Pacific. Shares of Fidelity National Information Services have gained 7.6% over the past year against the Zacks Financial Transaction Services industry’s fall of 4.5%. Click to get this free report Fidelity National Information Services, Inc. (FIS) : Free Stock Analysis Report NVIDIA Corporation (NVDA) : Free Stock Analysis Report CSX Corporation (CSX) : Free Stock Analysis Report American Express Company (AXP) : Free Stock Analysis Report Facebook, Inc. (FB) : Free Stock Analysis Report To read this article on Zacks.com click here.

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Facebook, Google may lose over $44bn in ad revenue in 2020

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Facebook, Google may lose over $44bn in ad revenue in 2020. San Francisco, March 26 The novel coronavirus pandemic can wipe out more than $44 billion in global ad revenue for the tech giants Facebook and Google in 2020 as digital advertising runs dry, a new report has predicted. Facebook''s ad revenue for 2020 is forecast at $67.8 billion -- a decrease of $15.7 billion, Variety reported on Thursday, quoting Cowen''s data. However, Facebook''s advertising business is projected to "bounce back" in 2021, growing 23 per cent (year-over-year) to $83 billion, said the Cowen analyst team. In a separate blog post, LightShed analyst Rich Greenfield said that "digital platforms are feeling the pain soonest, given the relative ease of pulling ad spend versus mediums such as television (who are likely to experience far more pain in Q2 than Q1)".

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Wednesday, March 25


News

Facebook defends approach to stopping coronavirus disinformation

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Facebook says more than one billion people have been directed to official health guidance on coronavirus by features on the social network’s platforms. The company said, in addition, more than 100 million people had then clicked through links to resources from authorities such as the World Health Organisation (WHO) about the spread of Covid-19. The Government has created a specialist unit which is working with social media firms to monitor and block the spread of such content – while services such as Facebook, Google and Twitter are placing official advice at the top of search results linked to the illness. Former deputy prime minister Sir Nick Clegg, now the social network’s head of global affairs and communications, said Facebook has “been working to connect people to accurate information and taking aggressive steps to stop misinformation and harmful content from spreading”. Professor Yvonne Doyle, medical director for Public Health England, said of the new WhatsApp scheme: “This service will help us ensure the public has a trusted source for the right information about coronavirus, updated with the latest public health guidance and providing assurance that they are not misled by any of the false information circulating.”.

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Top Analyst Reports for Facebook, FIS & American Express

FB NVDA +3 more FB NVDA CSX AXP FIS

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. The Zacks analyst believes that Facebook is benefiting from growth in Instagram Stories and Feed, and expanding user base in Asia Pacific. Moreover, increasing limitations in tracking user activity amid the growing privacy-related regulations and changes made in the mobile operating systems and browser platforms by Apple and Google as well as tools like the Off Facebook Activity controls are expected to affect top-line growth. Shares of Fidelity National Information Services have gained 7.6% over the past year against the Zacks Financial Transaction Services industry’s fall of 4.5%.

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State AGs Call on Facebook, Amazon, Walmart, eBay to Do More to Stop Price Gouging

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Facebook(NASDAQ:FB), Amazon(NASDAQ:AMZN), eBay(NASDAQ:EBAY), Walmart(NYSE:WMT), Craigslist, and other online marketplaces are facing calls from 33 state attorneys general to reign in price gouging on their platforms amid the COVID-19 pandemic. The attorney generals want the online marketplace operators to set policies and enforce restrictions on price gouging during emergencies, set off price gouging protections before an emergency is declared, and create complaint portals for customers to report artificial price hikes. "Increasing prices on necessities like medical supplies, hand sanitizer, masks, and other items because people are in fear of the coronavirus is simply unconscionable," wrote New Mexico State AG Hector Balderas. The AGs laid out several examples of price gouging on the platforms, including a two-liter bottle of hand sanitizer being sold on Craigslist for $250 and an eight-ounce bottle going for $40 on Facebook.

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The Zacks Analyst Blog Highlights: Peloton Interactive, Amazon.com, Facebook and PayPal

AMZN FB +1 more AMZN FB PYPL

Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. The rapidly growing number of cases of coronavirus-infected patients across the globe has roiled the equity market. Even the central banks’ remarkable initiatives to fight the pandemic have done little to boost investors' sentiment. However, several stocks are immune to the virus’ impact and, in fact, are expected to keep gaining. We are presenting one stock with a Zacks Rank #2 (Buy) and three with a Zacks Rank 3 (Hold) that are well positioned to gain in this scenario. Click to get this free report Amazon.com, Inc. (AMZN) : Free Stock Analysis Report Facebook, Inc. (FB) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Peloton Interactive, Inc. (PTON) : Free Stock Analysis Report To read this article on Zacks.com click here.

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Bored, Isolated Citizens Are a Win for Facebook

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(Bloomberg Opinion) -- The tension between the media and technology industries has long been characterized as a fight for users’ attention. The advertising technology giants Facebook Inc. and Google have turned that into a $200 billion-a-year business. Facebook’s particular vector for securing users’ attention is connecting them with others, and in the era of self-isolation digital connections have become a lifeline. Twitter Inc. has also scrapped its earnings outlook for the first quarter. So Facebook’s announcement on Tuesday that its business was being “adversely affected” because of a “weakening in our ads business” shouldn’t have come as a big surprise.

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