A8 | FRIDAY, SEPTEMBER 25, 2020 COMPLETE. IN-DEPTH. DEPENDABLE. BUSINESS SOCIALMEDIA TikTokseeks toblockTrump’sban The Chinese-owned app will be banned in the U.S. starting Sunday. ofU.S. app stores and, in November, essentially shut it down in the U.S., it claimed. The Chinese firm said Trump doesn’t have the authority to take these actions under the nationalsecurity law he cited; that the ban violates TikTok’s First Amendment speech rights and Fifth Amendment due-process rights; and that there’s no authority for the restrictions because they are not based on a national emergency. The Trump administration in August also began a process to ban Chinese-owned messaging app WeChat. Chinese media have criticized the deal, suggesting that the Chinese government is not happy with the arrangement. The Chinese government complicated dealarrangementsinAugustwhen it restricted exports of artificial-intelligence tech like that used by TikTok. One editorial in the stateowned China Daily on Wednesday called the deal a “dirty and underhanded trick.” In its filing in federal court in the District of Columbia, TikTok said Trump’s Aug. 6 executive order is unlawful. So are resulting Commerce Department prohibitions that aim to kick TikTok out a newU.S. entity to be called TikTok Global. But he also said he could retract his approval if Oracle doesn’t “have total control.” Thetwosides in the TikTok deal appear at odds over the corporate structure of TikTok Global. ByteDance, TikTok’s Chinese parent, said that it will still own 80% of the U.S. entity after a financing round. Oracle, meanwhile, put out a statement saying that Americans “will be themajority and ByteDance will have no ownership in TikTok Global.” week after the presidential election. President Donald Trump set this process in motion with executive orders in August that declared TikTok and another Chinese app threats to U.S. national security. The administration has offered no specifics to substantiate that charge. Trump has pushed for a sale of TikTok’s U.S. operations to an American company. Trump said this week that he would bless a proposed deal in which Oracle andWalmart take a 20% stake in ByTaliArbel AssociatedPress Chinese-owned TikTok asked a judge to block the Trump Administration’s attempt to ban its app, suggesting the video-sharing app’s forced deal with Oracle andWalmart remains unsettled. An app- store ban of TikTok, delayed once by the government, is set to go into effect Sunday. A more comprehensive ban is scheduled forNovember, about a NEWYORK— IN BRIEF MARKETS MARKETS Stocks higher as volatility continues SOCIALMEDIA Abouthalfof U.S.-based stocksthat wentpublic from2015to 2019were trading belowtheir IPOprices ayear later, including companies likeUber, Fitbitand BlueApron, whose founderMatt Salzberg, is shownhere. Thailandcalls copson Facebook, Twitter Thailand’s government lodged complaints with police Thursday against Facebook and Twitter, alleging they failed to comply with court orders to block content judged illegal under Thai law. Minister of Digital Economy and Society Buddhipongse Punnakanta said itwas the first time his ministry has takensuch action against the social media companies under Thailand’s Computer Crime Act. It has prosecutedwebsite and account owners and users in the past. The ministry filed the complaints at the police Technology CrimeSuppressionDivision, where Buddhipongse said the companies had failed to meet 15- day deadlines issued by the courts to block hundreds of accounts. He said the targeted siteswere banned because they contained illegal content related to online gambling, pornography, drugs or the monarchy, a highly sensitive subject. ByStanChoe andDamianTroise AssociatedPress U.S. stocks closed slightly higher Thursday, as volatility continues to be the dominant force inWall Street’s tumultuous September. The S&P 500 was 0.3% higher after having been close to a correction earlier. The day’s headline report showed that 870,000 workers filed for unemployment claims lastweek, aworse number than economists expected. Investors alsoweighed a report onhomesalesthatwasmuchstronger than economists expected. Technology stocksendedupas the biggest gainers, and only health care sector stocks fell. The market’s momentum has shifted with lightning speed recently, often changing direction by the hour. OnWednesday, the S&P 500 rose to a modest gain when trading began, only to end the day with a 2.4% slump. It’s down about 9% from its record set Sept. 2. Thursday’s unemployment numbers come as investors are increasingly resigned to Congress not delivering more support for the economy, as many had been expecting, after extra benefits and other stimulus expired recently. “Inaction speaks louder than words,” Morgan Stanley strategists wrote in a report. They no longer expectCongress toapprove a meaningful stimulus package before the end of the year as part of its base case. TradinghasbeenerraticonWall Street this month, resulting in a sharp pullback for stocks. Several reasonsarebehindtheabrupttumble, highlighted by worries that stocks simply grewtoo expensive following their record-setting run through the spring and summer. NEW YORK — ASSOCIATED PRESS IPOs heading for banner year on market’s strength which IPOswillbeboomsor busts, Bell said. Investors have to really think about the risks and be prepared for a long-term relationship with the company, rather than trade on its ups and downs. About half of U.S.-based stocks that went public from 2015 to 2019 were trading below their IPO prices a year later, Bell said. Those stocks includewell-known companies like Uber, Fitbit and Blue Apron. The IPO market will likely remain strong, Bell said, “as long as the market behaves.” The broader market has pulled back in September as the economic recovery slows down. Investors are facing a wide range of uncertainties, including the lingering virus pandemic and political squabbling about additional financial aid, aswell as the upcoming presidential election. “Reality is sinking in for a lot of investors,” Bell said. “We’ve come so far so fast.” Invest projects up to 206 companies could go public by the end of the year, with proceeds from IPOs hitting $72 billion. Technology companies have beenwell represented in the IPO market this year, especially companies that are positioned to take advantage of the shift toworking and shopping fromhome. Snowflake, a cloud-based data company, saw its stock value double from its initial price, making it worth more than $70 billion in its debut. The company is backed by Salesforce and Berkshire Hathaway. Software company SumoLogic gained 22% in its debut. Internet-based insurer Lemonade also saw its stock value double in its debut in July. “The fundamentals really are there for these types of companies to do well and to do well without significant economic growth,” Bell said. Still, it’s difficult to determine ByDamianJ. Troise AssociatedPress CYBER Companiesthatcater to the “new normal” of working and shopping from home are rushing to go public. 2020 could turn out to be the best year for the IPO market in two decades. Newly public companies have piggybacked on the broaderstockmarket, whichmade a soaring recovery in spring and summer after COVID-19 and the ensuing lockdowns derailed the longest bull run in history. As investors shifted their focus to equities, private companies searching for funding took notice. “A lot of companies sitting on the sidelines waiting to go public really used this as an opportunity,” said Lindsey Bell, chief investment strategist at Ally Invest. Through August, 143 companies went public and brought in more than $50.4 billion in proceeds, the most since 2014. Ally NEWYORK— Softwareprovider to governmentshacked A major provider of software services to state, county and local governments, including the online publishing of election results, has told customers an unknown intruder broke into its phone and information technology systems. TylerTechnologies, aPlano, Texas-basedcompany, saidinanemail tocustomers that itdiscoveredthe breachWednesday, contactedlaw enforcement and enlisted outside cybersecurity help. Tyler provides software services for everything from jail and court management systems to payroll, human resources, tax and bill collection and land records. It also serves schools. CountygovernmentsintheSeattle, St. Paul, Minnesota, andNashville areas have used the Tyler’s software Socrata to share election data in the past, although it was not clearhowcentral theplatform is to their election operations. TECHNOLOGY Apple rivals unite to fight iPhone app store rules AMUSEMENTS TinyRubik’sCubegoes onsale in Japan backing the new coalition along with Spotify, online dating app maker Match Group, and other members including Tile, Basecamp, ProtonMail and European media industry associations. In addition to the app stores, Big Tech is facing fresh scrutiny from antitrust regulators. As the Trump administration moves toward antitrust action against search giant Google, it’s campaigning to enlist support from sympathetic state attorneys general across the country. thoughGoogle’s appstore policies are also on its radar. Both companies this summer dropped the popular game Fortnite fromtheir app stores after the game’s developer introduced a directpayment plan thatbypasses their platforms. Apple and Google both take a 30% cut from in-app revenue purchases, which has long been a sore spot with developers. Fortnite’s developer, Epic Games, responded by suing the companies over what it sees as anti-competitive behavior. Epic is in the iPhone and Android operating systems they control. The activism fromsmaller rivals adds to scrutiny the tech giants are facing from U.S. and European regulators and lawmakers. The groupaims to be the “voice of appandgamedevelopers in the effort to protect consumer choice and create a level playing field for all,” Horacio Gutierrez, head of global affairs and chief legal officer for music-streaming pioneer Spotify, said in a statement. Apple is the group’smaintarget, AssociatedPress A tiny but playable Rubik’s Cube, so little it fits on your fingertip, has gone on sale in Japan for 198,000yen, or about $1,900, for delivery starting in December. Billedasa“super-small” Rubik’s Cube, it was created to mark the 40thanniversaryofwhentheoriginal3DpuzzlewentonsaleinJapan. The cube measures 9.9 millimeters, orO.39 inch, by 9.9 millimeters, andweighs 2 grams (less than a tenth of an ounce). Rubik’s Cube was invented by Hungarian architecture professor Erno Rubik in the 1970s. A U.S. company turned it into a hit product in the 1980s. Spotify and the makers of Fortnite and Tinder are takingonAppleandGoogle as part of anewly formed coalition calling for “fair treatment” in theway the tech giants run their app stores. The Coalition for App Fairness, a Washington-based nonprofit, launched Thursday and will advocate for legal and regulatory changes, such asmeasures that could block Apple and Google from favoring their own apps WASHINGTON — LOCAL & WIDELY HELD STOCKS TORUISM 52-week High Low 52-week High Low 52-week High Low 52-week High Low Stock P/E Close Chg. Stock P/E Close Chg. Stock P/E Close Chg. Stock P/E Close Chg. Destination Cleveland cutsback, refocuses 21.23 8.11 AES Corp 14 17.96 +0.20 344.97 154.33 Cintas 46 318.64 +1.93 184.06 101.08 HonwllIntl 18 158.76 -0.03 105.52 64.53 ParkNatl 12 80.21 -0.86 39.70 26.08 AT&T Inc 14 28.04 +0.17 83.11 32.00 Citigroup 6 42.19 +0.34 15.63 6.82 HuntBncsh 8 8.67 -0.02 147.20 101.42 PepsiCo 15 131.58 +0.58 Destination Cleveland, the agency that promotes the region to visitors, is laying off nearly half its staff, as the tourism industry continues to struggle amid the ongoing health pandemic. The agency said full-time staff will drop to 36 from 65. At the same time, the agency is refocusing its goals for the next 12 to 15 months in an effort to revive the region’s ailing tourism economy. 114.20 61.61 AbbottLab 53 100.92 -1.81 60.07 36.27 CocaCola 30 48.70 +0.49 203.18 115.94 ITW 35 192.34 +1.50 141.70 94.34 ProctGam 32 136.92 +0.61 11.38 3.51 AccoBrds 6 5.84 +0.16 103.79 62.13 DukeEngy 20 81.67 +0.39 158.75 90.56 IBM 12 118.09 -0.74 27.26 16.81 RELX plc ... 21.69 -0.44 310.73 167.43 AirProd 40 289.99 +4.56 78.38 37.75 EmersonEl 17 64.39 +0.50 141.10 76.91 JPMorgCh 9 92.66 -0.08 38.00 16.01 RavenInds 1 21.69 +0.42 1726.101008.87 Alphabet A 43 1422.86 +13.47 98.79 33.81 RexAmRes 17 63.36 +2.81 73.12 30.11 ExxonMbl 8 34.32 -0.07 157.00 109.16 JohnJn 24 144.67 +0.23 51.78 30.95 Altria 12 38.33 +0.40 49.86 26.72 Fastenal 33 44.28 +0.09 2.84 0.21 JustEngy g 1 .56 +0.28 4.57 0.29 Sunwks ... 3.93 +2.77 137.98 53.15 Apple Inc s 40 108.22 +1.10 35.75 23.32 FedSignl 28 29.04 +0.11 20.53 7.45 Keycorp 7 11.55 +0.01 32.09 17.62 Teradata 14 22.74 -0.05 142.61 76.27 Assurant 58 117.84 -0.89 502.49 43.67 Tesla Inc s ... 387.79 +7.43 31.64 11.10 FifthThird 7 19.61 +0.05 37.22 23.71 Kroger 16 33.43 +0.15 40.08 15.51 BP PLC 5 17.93 -0.04 26.19 10.83 FFnclOH 6 11.56 +0.16 19.50 10.03 LCNB Corp 7 13.16 +0.14 121.33 32.30 Thor Inds 15 91.95 -1.78 85.68 51.26 BallCorp 41 80.10 +0.25 52.52 22.85 FirstEngy 6 28.16 +0.58 69.65 15.26 MarathPt 4 28.62 -0.11 145.41 108.01 Toyota ... 131.85 -1.44 391.00 89.00 Boeing 14 146.05 -5.13 51.25 18.98 Flowserve cc 27.01 +0.35 35.87 10.55 NCR Corp 17 19.00 +0.26 61.11 28.36 US Bancrp 8 34.73 +0.23 1.68 0.36 CBAK En h ... 1.35 +0.47 60.00 29.50 UnvElc 13 35.46 -0.72 9.60 3.96 FordM 5 6.66 +0.02 43.81 15.01 Navistar 13 43.23 +0.37 156.25 87.50 Caterpillar 13 145.14 +0.76 13.26 5.48 GenElec dd 6.06 -0.05 30.67 19.56 NiSource 27 21.65 +0.04 62.22 48.84 VerizonCm 13 59.19 +0.28 64.86 13.00 CedarF 8 27.32 -0.47 38.96 14.33 GenMotors dd 29.11 -0.23 385.01 263.31 NorthropG 34 324.72 -3.34 151.33 102.00 WalMart 79 136.70 +0.71 125.00 51.60 Chevron 10 71.80 -0.15 47.43 28.99 WernerEnt 21 42.88 +0.38 117.68 72.29 Hill-Rom 24 81.17 -1.27 161.79 79.41 PNC 9 103.45 +0.97 118.19 46.07 CinnFin 5 76.31 +1.36 39.33 17.46 Wesbanc 8 20.16 +0.56 29.44 19.38 Honda ... 23.34 -0.71 114.78 71.05 PackAmer 13 104.27 +0.12 FROMWIRE REPORTS PRINTED AND DISTRIBUTED BY PRESSREADER PressReader.com +1 604 278 4604 ORIGINAL COPY . 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