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AppLovin Probed by SEC, AMD Soars, Comerica, Fifth Third Ink Year's Biggest Bank Deal
Description
On this episode of Stock Movers:
- AppLovin (APP) shares slid after reports the Securities and Exchange Commission has been probing the data-collection practices of the mobile advertising tech company. The agency has specifically looked into allegations that AppLovin violated platform partners’ service agreements to push more targeted advertising to consumers. AppLovin declined to comment, saying it generally doesn’t speak on potential regulatory matters.
- Advanced Micro Devices (AMD) soared after the company signed a deal with OpenAI that could generate tens of billions of dollars in new revenue. Barclays and Melius raise their price targets for AMD to a Street-high $300 from $200.
- Comerica shares ended the day higher after the announcement Fifth Third Bancorp agreed to buy Comerica for about $10.9 billion in stock. The deal will create the ninth-largest bank in the country, with about $288 billion in assets, the two companies said in a statement Monday.
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