The daily business briefing: December 10, 2020

1. FTC sues Facebook to divest of WhatsApp and Instagram

The Federal Trade Commission and attorneys general from 46 states, the District of Columbia, and Guam filed long-expected lawsuits against Facebook, accusing it of unfairly stifling competition. "For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals," New York Attorney General Letitia James said. "Today, we are taking action to stand up for the millions of consumers and many small businesses that have been harmed by Facebook's illegal behavior." The lawsuits argue that Facebook's acquisitions of photo-sharing app Instagram and messaging app WhatsApp were done illegally. The attorneys general asked the federal court to step in and possibly order Facebook to spin off the formal rivals. The FTC also is pushing for Facebook to divest from WhatsApp and Instagram.

NPR

2. Airbnb prices shares above expected range

Airbnb on Wednesday priced its shares at $68 apiece, significantly higher than the target range of $56 to $60 per share that the company estimated earlier in the week. The home-rental startup's stock is due to start trading Thursday. The pricing values the company at $47 billion, and represents the latest in a series of signs of strong demand in the IPO market following a post-election stock rally. Food delivery company DoorDash's shares skyrocketed Wednesday in their market debut. Trading in the food-delivery company's stock opened 78 percent above their initial public offering price, which also exceeded the previously estimated range. DoorDash's IPO raised $3.4 billion. DoorDash in particular has generated intense interest after its sales soared during the pandemic, as Americans increasingly ordered meals for delivery rather than going out and risking coronavirus infection.

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The Wall Street Journal

3. House passes stopgap spending bill to avert government shutdown

The House on Wednesday approved a stopgap spending bill to keep the federal government funded for another week, sending it to the Senate with time beat a Saturday deadline and avoid a shutdown. The legislation would keep the federal agencies funded until Dec. 18 and provide more time to reach a deal on a larger bill that would keep the government running through Sept. 30. The Senate is expected to pass it before the deadline. Senate Majority Leader Mitch McConnell (R-Ky.) and House Speaker Nancy Pelosi (D-Calif.) have called for including coronavirus relief measures in the bill. Democratic leaders have backed a bipartisan $908 billion coronavirus relief package. Treasury Secretary Steven Mnuchin unveiled a $916 billion White House plan on Tuesday.

CNBC

4. Job openings edge lower in latest sign of cooling recovery

The number of job openings in the U.S. fell slightly in the first week of December, The Wall Street Journal reported Wednesday, citing data from job-search site ZipRecruiter. There were 10.7 million openings posted daily, on average, so far this month, down from 10.9 million in November. The figure marked the latest in a series of signs that the economic recovery is slowing down as coronavirus infections, hospitalizations, and deaths reach record highs, financial support for households expires, and businesses face new restrictions to curb infections. The Labor Department reported on Friday that U.S. employers added 245,000 jobs last month, down from 610,000 in October. "I'm worried about a temporary stall or backslide as we move into December and January," said Guy Berger, LinkedIn's principal economist.

The Wall Street Journal

5. U.S. stock futures rise slightly after Wednesday's losses

U.S. stock index futures edged higher early Thursday after the market pulled back from record highs on Wednesday. Futures for the Dow Jones Industrial Average and the S&P 500 were up by 0.2 percent and 0.1 percent, respectively, several hours before the opening bell. Those of the tech-heavy Nasdaq inched lower. Investors continued to look for signs of progress in Congress toward a deal on a new round of coronavirus relief funding, as well as news on COVID-19 vaccines. The Dow fell by nearly 0.4 percent on Wednesday. The S&P lost 0.8 percent, while the Nasdaq plunged by 1.9 percent in its worst day in more than a month. The rollout of the Pfizer-BioNTech coronavirus vaccine in Britain this week, along with its expected emergency authorization in the U.S., have fueled optimism despite an ongoing coronavirus surge nationwide.

CNBC