As expected, a federal court ruled Google violated antitrust law through search revenue-sharing deals with Apple and others to make Google the default search option. Another proceeding will follow to determine remedies. A Biden DOJ win but case was started under Trump.

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⚠️ A Warning From Liz Ann Sonders: Beware of Fed Rate Cuts! Many investors are hoping/wishing/praying the Federal Reserve will cut rates more aggressively. Be careful what you wish for Charles Schwab’s Liz Ann Sonders warns Keith McCullough at the Hedgeye Investing Summit. 🗣️📢

As expected, federal court struck down Biden FCC net neutrality rules. Trump FCC wouldn’t enforce them anyway. Good for cable and telco ops, but some state lawmakers and regulators may step up broadband regulation, including rate rules, to fill the void. NY has already started.

DoJ still wants Google to divest Chrome as part of its remedies proposal to resolve the search monopolization case. We still doubt that happens. Should be a tough sell to Fed Judge Mehta who made no findings that Chrome illegally blocks search market competition.

R.I.P. Justice Souter. A tenure not without criticism but I’ll never forget my conversation with him about the immense responsibilities of serving on the Court and his reverence for the impactful justices of the past, particularly William O. Douglas.

Highlight reel below from today's edition of "The Pitch" where our analysts presented their top long/short stock ideas to Keith McCullough. 🔊 Watch the on demand replay free: app.hedgeye.com/insights/16591… Featuring: 📌 Felix Wang Felix Wang, CFA (Tech) 📌 Jay Van Sciver

Challenging court battle over Trump tariffs today. Three-judge panel may accept persistent trade deficits as a “national emergency” but hard to assert virtually unchecked discretion to impose massive across-the-board tariffs under a law that does not even mention tariffs.

More Turbulence over Fed Independence? app.hedgeye.com/insights/16617… via Paul Glenchur Paul Glenchur

As expected, a federal court just invalidated the “Liberation Day” tariffs, clouding the outlook for trade deals. The President will seek stays and appeals, but as of now, attempting virtually unchecked tariff power under statutory emergency powers is looking like a bad gamble.

Another legal hit to Trump “Liberation Day” tariffs yesterday. DC Fed Judge fully rejects Trump power to impose ANY tariffs under Intl Emergency Econ Powers Act. Meanwhile, appeals court stay of Wednesday CIT order blocking tariffs is procedural only. Briefing on durable stay

A few more hours to go in closing arguments in DoJ v Google search monopoly remedies trial. Not really “arguments” but a constant dialogue between lawyers and Judge Mehta as he struggles to compose a practical remedies order. Not sure DoJ is providing enough practical guidance.

Appeals court stay keeps Liberation Day tariff policy active for now. Merits ruling in August. Uphill fight for Trump Admin. Supreme Court likely starts the new term in October with this case. Need to close trade deals quickly before Court pulls the legal rug.

DOJ approved the HPE-Juniper deal, settling on the eve of trial. Not surprising. Gov’t case was doubtful and EU and UK regulators already approved with no worries. A successful integration of HPE-JNPR ups competitive pressure on Cisco.

When it comes to stock picking, are you going to follow a narrative or the data? 🔊 In this clip from The Call @ Hedgeye, Health Care analyst Tom Tobin Tom Tobin discusses why the Hedgeye signaling process overcomes the temptation to follow flimsy narratives on why to buy a

Apple bolsters its case to vacate lower court ban on commissions for linked-out transactions, affecting millions of app developers. Apple cites new Supreme Court ruling limiting the reach of injunctions. Hard for appeals court to ignore. Potential boost for service revenues.

More Trump tariffs which means more revenue to be refunded if, as seems likely, his Liberation Day tariff power is ultimately rejected by the courts.

And so it begins. The broadcast ownership deregulation push by Trump’s FCC, fueled by a recent court ruling against Biden era restrictions, is boosting deal speculation. Today, Nexstar and Tegna chatter. Industry deal talk will only intensify.

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