Update: Apple shares extended their losses after the U.S. Supreme Court ruled that consumers can press ahead with a lawsuit that accuses Apple of using its market dominance to artificially inflate prices at its App Store.
Bloomberg reports that the 5-4 ruling could add to pressure the company faces to cut the 30 percent commission it charges on app sales. Lawyers pressing the case have said they will seek hundreds of millions of dollars on behalf of overpaying consumers.
Notably, Justice Brett Kavanaugh joined the court’s liberal wing in the majority, but Gorsuch dissented.
KAVANAUGH writes a 5-4 opinion with the Supreme Court’s liberal justices, siding with consumers against Apple.— Sahil Kapur (@sahilkapur) May 13, 2019
GORSUCH writes the dissent, joined by Roberts, Thomas and Alito.
It’s an antitrust case centered on standing to sue over App Store practices.https://t.co/XTJ2xL9auQ
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Apple shares are down a stunning 5% as the market opens after US-China trade tensions escalate, breaking back below key technical support levels...
But, but, but earnings...
Back below its 50- and 100DMA...
Only one man can save this market now... Tim Cook and his share-buyback department!