A federal court dismissed the Federal Trade Commission’s antitrust complaint against Facebook, dealing a major setback for the FTC’s complaint that could have resulted in Facebook divesting Instagram and WhatsApp. Shares of Facebook rose more than 3% following the complaint’s dismissal, sending the social media company’s market capitalization above $1trillion for the first time.
Shares of Boeing traded lower after the Federal Aviation Administration (FAA) told the company that their planned 777X wide body long range jet is not yet ready for a significant certification step and warned it “realistically” will not certify the airplane until mid to late 2023. The 777X will be the first major jet to be certified since software flaws in two Boeing 737 MAX planes caused fatal crashes.
Shares of Morgan Stanley are trading higher after they announced they will double their quarterly common stock dividend to $0.70 per share from the current $0.35 per share. In addition, the Firm announced a new increased repurchase authorization of outstanding common stock of up to $12 billion through June 30, 2022.