What's moving markets today: March 15, 2019

By CNN Business

Updated 5:05 p.m. ET, March 15, 2019
3 Posts
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7:13 a.m. ET, March 15, 2019

Apple said Spotify's antitrust complaint is filled with 'misleading rhetoric'

From CNN Business' Jordan Valinsky

Apple (APPL) has publicly responded to Spotify's complaint with European antitrust officials, saying its policies are fair.

Spotify CEO Daniel Ek wrote earlier this week that Apple "has introduced rules to the App Store that purposely limit choice and stifle innovation at the expense of the user experience."

Apple responded that (SPOT) "seeks to keep all the benefits of the App Store ecosystem ... without making any contributions to that marketplace." It said Spotify's letter was filled with "misleading rhetoric."

Apple added:

"Spotify wouldn’t be the business they are today without the App Store ecosystem, but now they’re leveraging their scale to avoid contributing to maintaining that ecosystem for the next generation of app entrepreneurs. We think that’s wrong."

Apple pointed to Ek's complaint about the 30% fee on purchases made through Apple's in-app payment system, saying that 84% of apps in its store doesn't pay Apple. He said Spotify left out other facts about the fee structure.

Shares of both companies are unchanged in premarket trading.

10:17 a.m. ET, March 15, 2019

Facebook shares drop after the exit of two execs

From CNN Business' Jordan Valinsky

Facebook (FB) shares are down nearly 4% in early trading.

The company announced Thursday that two top executives are leaving:

  • Chris Cox, Facebook's chief product officer
  • Chris Daniels, head of its mobile messaging platform WhatsApp

The departures come shortly after Facebook announced that it's repositioning itself as a "privacy-focused" social network.

9:53 a.m. ET, March 15, 2019

Tesla shares drop after Model Y SUV debut

From CNN Business' Jordan Valinsky

  • The Model Y SUV made its splashy debut late Thursday by CEO Elon Musk.
  • It will cost $39,000 on the low end, with pricier versions ranging from $47,000 to $60,000. It will start to ship in 2020.
  • Tesla (TSLA) shares are down 4% in early trading.
  • Read more of CNN Business' coverage here.