Judge rules Google violated antitrust laws with its search business

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google is in big trouble.

Transcript

00:00I'm Conway Gibbs reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Wall Street is trying to regain its footing

00:07after the biggest three-day stock market

00:08sell-off in two years.

00:10Upbeat earnings are helping to soothe concerns

00:12that the economy is tipping into a recession.

00:15Demand for Caterpillar's costly heavy-duty machinery

00:19remained strong last quarter, leading to better

00:21than expected results.

00:23Uber topped forecasts as both ride-sharing and food delivery

00:27continued to bring in revenue.

00:30In other news, after a nearly year-long trial,

00:33Google has been found guilty of violating

00:35U.S. antitrust laws when it comes to its search business.

00:39And his ruling U.S. District Judge Amit Mehta

00:42claimed Google's practices have allowed it

00:44to crush its competition and stifle innovation.

00:48Mehta wrote, quote,

00:49After having carefully considered and weighed

00:52the witness testimony and evidence,

00:54the court reaches the following conclusion.

00:56Google is a monopolist and it has acted as one

00:59to maintain its monopoly.

01:02The Justice Department argued that due to Google's monopoly,

01:05it was able to charge advertisers artificially high prices

01:08to place ads on its platform.

01:10The DOJ also claimed since there were no other contenders

01:14in the space, Google didn't have to invest in time

01:16or money to improve its search engine.

01:19Google, however, maintains it has done nothing wrong

01:21and intends to appeal.

01:23Its president of global affairs pushed back

01:25on the ruling stating, quote,

01:35According to the ruling, Google has an 89.2% share

01:38of the market for general search services,

01:40which increases to 94.9% on mobile devices.

01:45That'll do it for your daily briefing

01:47from the New York Stock Exchange.

01:48I'm Conway Hiddens with The Street.