Facebook, Amazon Are Trying To Knock Down Google By Doing This
Loading the player… Amazon ( AMZN ) last week announced a YouTube-like product called Amazon Video Direct, and now Facebook ( FB ) is reportedly looking to launch its own video-centric service. According to a New York Post report over the weekend, the social media giant is “searching for fresh ways to work with the music industry.” Facebook confirmed it’s testing the use of pictures and videos in a slideshow format accompanied with music for a product called “Slideshow.” The product could potentially lure music video lovers and video creators away from YouTube. Shares are falling 1.1% to 118.44 in heavy volume, nearing the 117.09 buy point it initially cleared in the wake of its estimate-beating quarterly earnings report. IBD’s Take: Get a detailed objective analysis of Facebook and Amazon stocks, and how they stack up vs. rivals at IBD Stock Checkup Facebook came under fire last week after reports accused the influential site of bias against conservative stories in its Trending section. CEO Mark Zuckerberg is meeting with conservative leaders this week over the matter. Meanwhile, Google owner Alphabet ( GOOGL ) is finding support at its 200-day line, an area the stock was able to retake just recently, as it edged 0.6% higher intraday. The stock is still struggling after an attempted breakout past a cup-with-handle buy point failed in the wake of Alphabet’s quarterly report. Alphabet briefly became the largest publicly traded company last week but Apple is now back on top. Apple ( AAPL ) shares are up 3.4% in big volume on news that Warren Buffett took a $1 billion stake in the first quarter, rebounding from their trip below the 90 price level intraday Thursday. The stock is now about 29% below its all-time high reached in April of 2015. And Amazon is falling a fraction in quick turnover as it looks to hold above the 700 price level. Shares are extended 17% past a cup-with-handle buy point cleared not too long before Amazon’s quarterly report.