Amazon (AMZN) launches Prime Big Deal Days, kicking off early holiday shopping with exclusive offers and increased competition from Target and Walmart. Novo Nordisk (NVO) cuts dozens of production jobs at its key US plant, part of global cost-trimming amid rivalry with Eli Lilly.
AppLovin Corp (NASDAQ: APP) tumbled rather significantly late on Monday following reports the SEC is probing its advertising practices – particularly around its AI-enabled AXON platform.
Mobile advertising technology company AppLovin is reportedly being investigated by the Securities and Exchange Commission, which is looking into whether the company pushed more targeted advertising to consumers than was allowed by its platform partners' service agreements.
AppLovin (APP -13.71%) stock took quite a fall in late-session action on the market Monday. Investors were clearly spooked by a media report that a top regulator was looking into certain business practices of the mobile marketing specialist.
A semiconductor stock logged the top performance in the benchmark index following the announcement of a collaboration with a major artificial intelligence player. Meanwhile, shares of an adtech darling plummeted following reports of a probe by federal regulators.
The SEC has been looking into allegations that AppLovin violated platform partners' service agreements, Bloomberg reported.
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