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 8:57 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.)

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 245847

Reported Deaths: 5356
CountyCasesDeaths
DeSoto16717168
Hinds15748310
Harrison12806188
Rankin10334204
Jackson9996172
Lee8666135
Madison7994158
Jones6112108
Forrest5826117
Lauderdale5672174
Lowndes5186106
Lafayette482792
Lamar471162
Washington4700122
Bolivar3915105
Oktibbeha384279
Panola357274
Pontotoc356552
Monroe3463101
Union334755
Warren334692
Marshall333264
Neshoba3310149
Pearl River313891
Leflore2969104
Lincoln290185
Sunflower275868
Tate264759
Alcorn257850
Itawamba257058
Pike254876
Hancock246957
Prentiss240047
Scott238743
Copiah235649
Yazoo235054
Tippah233845
Simpson230166
Leake226764
Coahoma219054
Grenada213970
Covington207171
Marion203371
Adams200065
Winston196260
George195937
Wayne193029
Attala190958
Newton185142
Chickasaw179943
Tishomingo179059
Holmes167467
Jasper163533
Clay155632
Stone138818
Tallahatchie137033
Clarke135160
Calhoun132021
Smith117322
Yalobusha112534
Walthall110536
Noxubee108922
Greene108229
Montgomery107134
Carroll102320
Lawrence99817
Perry98631
Amite95725
Webster90024
Claiborne84125
Tunica84021
Jefferson Davis82925
Humphreys80324
Benton79722
Kemper75620
Quitman6678
Franklin64613
Choctaw59412
Wilkinson57424
Jefferson52019
Sharkey42317
Issaquena1576
Unassigned00

Alabama Coronavirus Cases

Cases: 414583

Reported Deaths: 5945
CountyCasesDeaths
Jefferson60842887
Mobile29590538
Madison26466183
Tuscaloosa20537267
Montgomery18562304
Shelby18181112
Baldwin15841177
Lee1212097
Morgan12002112
Etowah11488142
Calhoun10863197
Marshall10048106
Houston8405123
Cullman792294
Limestone785073
Elmore7670101
DeKalb757282
St. Clair7417120
Lauderdale740282
Talladega6036108
Walker5834176
Jackson571937
Colbert522270
Blount521980
Autauga507555
Coffee431456
Dale388278
Franklin362145
Chilton332965
Covington325567
Russell318910
Escambia309842
Dallas297988
Chambers275769
Clarke272933
Tallapoosa2591107
Pike245829
Lawrence239345
Marion238649
Winston222535
Bibb211347
Geneva196331
Marengo196329
Pickens195331
Hale172542
Barbour169636
Butler166958
Fayette164026
Cherokee158330
Henry149219
Monroe143617
Randolph137635
Washington135426
Clay124446
Crenshaw117444
Lamar116819
Cleburne115123
Macon111935
Lowndes107935
Wilcox99921
Bullock97128
Perry95019
Conecuh92820
Sumter89126
Greene75123
Coosa59814
Choctaw50824
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