Yahoo Finance is tracking Alphabet, Under Armour, Pandora and Shake Shack in intraday trading on Tuesday.
Alphabet (GOOGL) – EU antitrust regulators have slapped the tech giant with a record-breaking $2.7 billion fine. They say the company abused its market power as a search engine to give its own online shopping service an unfair advantage against rivals. Google has 90 days to respond to the European Commission’s demands. The previous record for an EU fine was $1.2 billion, imposed against Intel in 2009.
Under Armour (UA) – The athletic apparel giant is bringing in a new executive. Under Armour has named Patrik Frisk, former CEO of the Aldo Group, as its president and chief operating officer, effective July 10. Frisk will report to chairman and CEO Kevin Plank and will be in charge of the company’s long-term growth strategy.
Shake Shack (SHAK) – Goldman Sachs (GS) is warning that the burger chain’s earnings could take a hit as a result of too much rain in the Northeast. Analyst Karen Holthouse notes that there have been 14 “precipitation days” in New York so far in the second quarter compared to just 8 a year ago. Shares of Shake Shack have fallen about 4.5% over the past six months.
Pandora (P) – Co-founder and CEO Tim Westergren is stepping down as chief executive and is leaving the firm’s board of directors. The music streaming company announced that chief financial officer Naveen Chopra will become the interim CEO until a replacement is found. Chief marketing officer Nick Bartle and president Mike Herring will also be leaving the company.