Why Facebook's stock is plummeting

CNN's Christine Romans says Facebook's stock dive is partly due to a strategy shift where the social media giant has had to put privacy over profits.

Posted: Jul 27, 2018 8:38 AM
Updated: Jul 27, 2018 8:57 AM

Look to the skies tonight, if you live in the Eastern Hemisphere. That'll be the best place to see the longest total lunar eclipse of the century. Here's what else you need to know to Get Up to Speed and Out the Door. (You can also get "5 Things You Need to Know Today" delivered to your inbox daily. Sign up here.)

1. Russia investigation

Michael Cohen, President Donald Trump's former personal attorney, claims then-candidate Trump knew in advance about the June 2016 meeting in Trump Tower in which Russians were expected to offer his campaign dirt on Hillary Clinton, sources with knowledge tell CNN. And Cohen is willing to make that assertion to special counsel Robert Mueller. Cohen alleges he was present, along with several others, when Trump was informed of the Russians' offer by Donald Trump Jr. By Cohen's account, Trump approved going ahead with the meeting with the Russians, according to sources.

Cohen's claim would contradict repeated denials by Trump, Trump Jr., their lawyers and other administration officials who have said the President knew nothing about the Trump Tower meeting until he was approached about it in July 2017 by The New York Times. CNN's Chris Cillizza says if Cohen's telling the truth, it's the biggest step to date toward suggesting or proving collusion between Trump and the Russians. But if Cohen's bluffing or can't deliver, this Russia bombshell is much ado about nothing.

2. North Korea

The possible remains of US troops killed during the Korean War have been handed over by North Korea. A US Air Force C-17 plane flew to Wonsan, North Korea, to retrieve an initial 55 cases holding the suspected remains. The plane later landed at an air base in South Korea, where troops from the United Nations Command presented an honor guard. President Trump called the return of the remains a "great moment for so many families." Returning the remains was a commitment North Korean leader Kim Jong Un made last month when he met with Trump.

The remains will be flown to a military lab in Hawaii for DNA analysis; it could take months to determine how many service members can be ID'd. North Korea handed over the remains on the anniversary of the signing of the armistice that ended the conflict, which killed of tens of thousands of Americans.

3. Family separations

The deadline for the Trump administration to reunite immigrant families it separated at the Mexican border has come and gone. The government says it reunited 1,442 families by yesterday's deadline (including children released to other relatives or friends). But that still leaves more than 700 children in government custody. Some parents have already been deported, while others have criminal histories or declined to be reunited with their kids -- a heartbreaking choice parents often make to give their kids better opportunities. It's not entirely clear what's next for children still in US custody -- or whether the government will be punished for failing to meet the deadline.

4. Pakistan election

Imran Khan claimed victory in this week's elections in Pakistan. But all of his political rivals say the voting was rigged. Khan, a former cricket star, promised to fight corruption and build the country's economy as he works to create a "New Pakistan." Pakistan's election commission is expected to confirm the results today, but it looks like Khan's party didn't win enough seats in the legislature to hold an outright majority. If that's the case, Khan will have to cobble together a governing coalition with the same rival political parties that claim voting irregularities.

5. Facebook

Ouch. What else can you say about what happened yesterday to Facebook on Wall Street? The social media giant's shares plummeted 19%, wiping out $119 billion in market value. It was the worst day for any company in stock market history. The plunge was so deep that it knocked Mark Zuckerberg (who personally lost $16 billion) from fourth to sixth on the list of the world's richest people. Facebook's said it's going to spend a lot of money to improve safety and security on the site, which will eat into profits for a while, thus the Wall Street freak-out. But financial analysts say Facebook has structured itself to bounce back from this, so investors shouldn't panic.

TODAY'S QUOTE

BREAKFAST BROWSE

Going native

Vancouver's pulled the plug on Morgan Freeman as the voice of its public transit, opting for the soothing sounds of Seth Rogen instead.

Papa John v. Papa John's

John Schnatter is taking the pizza chain he founded to court, saying it has treated him in a "heavy-handed way" since his ouster over a racial slur.

Reading assignment

Think you finished "The Autobiography of Malcolm X?" Well, you're not done. An unpublished chapter of the book was sold to the NYC Public Library.

Rest in peace

Miyako Chiyo, the world's oldest person, has died at age 117. Chiyo lived in Japan, where it's almost no big deal for people to live past 100.

The cat's meow

Ever wonder what that special something is that drives entrepreneurs to success? A new study says it might be a parasite found in cat poop. No, really.

Taking some time

Cardi B won't be "finessing" with Bruno Mars this fall on tour. She wants to spend more time with her new baby girl.

HAPPENING LATER

Sky high

The second quarter GDP number comes out today, and it should be a good one. Economists predict it might be as high as 4.9% for the quarter. The economy's doing gangbusters right now, and CNN's Stephen Collinson says President Trump deserves some of the credit.

TOTAL RECALL

Quiz time

Jackpot! The winning Mega Millions lottery ticket was sold in California by what kind of business?

A. a supermarket

B. a gas station

C. a liquor store

D. a movie theater

Play "Total Recall: The CNN news quiz" to see if you're right. And don't forget, you can also find a version of the quiz on your Amazon devices! Just say, "Alexa, ask CNN for a quiz."

TODAY'S NUMBER

150

The number of people hurt after about 800 migrants from sub-Saharan Africa -- some wielding electric saws, shears and mallets -- stormed a border fence between Morocco and Spain and clashed with police

TODAY'S QUOTE

"We are going to leave the station because (it) is now unsafe to be here."

KRCR anchor Allison Woods, announcing during a live newscast that the station in Redding, California, was being evacuated as a wildfire approached

AND FINALLY

Easy does it

Tom Cruise makes jumping out of airplanes (or scaling skyscrapers) look so easy in the movies. James Corden finds out it's not as easy as it looks. (Click to view.)

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 447349

Reported Deaths: 6007
CountyCasesDeaths
Hennepin929301478
Ramsey39917738
Dakota32945340
Anoka30935364
Washington20116227
Stearns17847187
St. Louis13658241
Scott1193296
Wright11598104
Olmsted1045075
Sherburne820665
Carver693436
Clay651680
Rice605268
Kandiyohi553671
Blue Earth539933
Crow Wing482574
Otter Tail456367
Chisago452032
Benton419586
Winona388046
Douglas373966
Nobles369646
Mower364729
Goodhue346858
Polk328256
McLeod324745
Morrison311544
Beltrami309947
Lyon301136
Becker284639
Itasca284543
Isanti282441
Carlton279443
Steele27279
Pine266613
Freeborn244621
Todd231730
Nicollet224036
Brown214734
Mille Lacs214046
Le Sueur209415
Cass207623
Meeker199433
Waseca188916
Wabasha17023
Martin169926
Roseau165416
Hubbard149238
Redwood139627
Renville137239
Houston135613
Dodge13434
Chippewa131032
Cottonwood127018
Fillmore12315
Wadena119916
Rock110112
Sibley10847
Aitkin108033
Watonwan10638
Faribault105716
Pennington99215
Kanabec97418
Pipestone94023
Yellow Medicine93714
Murray8815
Jackson85310
Swift83418
Pope7385
Marshall70315
Stevens7018
Clearwater68514
Lac qui Parle65716
Lake63615
Wilkin6249
Koochiching59510
Lincoln4831
Big Stone4563
Unassigned44168
Grant4298
Norman4238
Mahnomen4107
Kittson37219
Red Lake3164
Traverse2503
Lake of the Woods1931
Cook1140

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 304391

Reported Deaths: 4270
CountyCasesDeaths
Polk45574448
Linn17742274
Scott15414163
Black Hawk13696236
Woodbury12968175
Johnson1207549
Dubuque11348150
Pottawattamie8959112
Dallas885171
Story865434
Webster468271
Cerro Gordo464768
Sioux454456
Clinton449461
Warren440738
Marshall426561
Buena Vista392329
Muscatine388477
Des Moines381041
Plymouth349768
Wapello342398
Jasper321258
Lee315830
Marion303852
Jones270649
Henry263830
Carroll253934
Bremer242648
Crawford229422
Boone217017
Washington216831
Benton209244
Mahaska191836
Jackson191431
Tama186657
Dickinson185026
Delaware173036
Kossuth172143
Clay167319
Wright163624
Fayette161122
Buchanan159123
Hamilton158729
Winneshiek155219
Harrison154862
Hardin154429
Cedar152519
Clayton151348
Butler147324
Page144215
Floyd138836
Cherokee138427
Mills136216
Lyon134832
Poweshiek132424
Hancock129824
Allamakee127627
Iowa124322
Calhoun12209
Grundy120526
Jefferson120124
Madison11999
Winnebago118729
Mitchell116134
Louisa114730
Cass112841
Chickasaw110912
Sac110915
Emmet110431
Appanoose110138
Union108222
Humboldt105319
Guthrie102924
Shelby102126
Franklin101718
Unassigned9230
Palo Alto9049
Keokuk84926
Montgomery84822
Howard83119
Monroe80918
Clarke7927
Pocahontas77611
Ida74130
Davis69121
Greene6917
Adair68720
Lucas6488
Monona64016
Osceola6389
Worth6063
Taylor5919
Fremont5086
Van Buren49612
Decatur4824
Ringgold4289
Audubon4158
Wayne41421
Adams2953
Rochester/St. Mary'S
Cloudy
21° wxIcon
Hi: 21° Lo: 20°
Feels Like: 12°
Mason City
Cloudy
24° wxIcon
Hi: 29° Lo: 17°
Feels Like: 15°
Albert Lea
Cloudy
21° wxIcon
Hi: 24° Lo: 18°
Feels Like: 14°
Austin
Cloudy
21° wxIcon
Hi: 22° Lo: 18°
Feels Like: 14°
Charles City
Cloudy
25° wxIcon
Hi: 28° Lo: 15°
Feels Like: 18°
A big temperature swing is on the way
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