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: 307332

Reported Deaths: 7095
CountyCasesDeaths
DeSoto20757248
Hinds19869408
Harrison17475302
Rankin13307275
Jackson13095243
Madison9886210
Lee9854169
Jones8289160
Forrest7522146
Lauderdale7185237
Lowndes6261144
Lamar610284
Lafayette6026117
Washington5279132
Bolivar4769129
Oktibbeha455297
Panola4440103
Pearl River4418139
Warren4277118
Marshall4267100
Pontotoc416472
Monroe4056132
Union403575
Neshoba3984176
Lincoln3869107
Hancock371985
Leflore3468124
Sunflower329389
Tate322681
Pike3177104
Scott310472
Yazoo304268
Alcorn297664
Itawamba296776
Copiah292965
Coahoma289677
Simpson287484
Tippah284668
Prentiss275659
Marion265679
Wayne261341
Leake260973
Grenada254882
Covington254380
Adams245882
Newton244859
George237647
Winston225981
Tishomingo222067
Jasper219748
Attala213273
Chickasaw204857
Holmes186471
Clay182354
Stone179131
Clarke176676
Tallahatchie175240
Calhoun163130
Yalobusha158636
Smith158534
Walthall130543
Greene129433
Lawrence126223
Noxubee125833
Montgomery125542
Perry125138
Carroll120826
Amite119941
Webster113432
Jefferson Davis105332
Tunica102525
Claiborne101330
Benton97225
Kemper95126
Humphreys94332
Franklin81723
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 518588

Reported Deaths: 10712
CountyCasesDeaths
Jefferson753351487
Mobile37698798
Madison33829494
Tuscaloosa25245443
Montgomery23942565
Shelby23094238
Baldwin20617300
Lee15510165
Calhoun14277311
Morgan14137268
Etowah13660345
Marshall11952219
Houston10379278
Elmore9988200
Limestone9806147
Cullman9467188
St. Clair9422234
Lauderdale9208227
DeKalb8745181
Talladega8042171
Walker7087275
Jackson6753110
Autauga6715103
Blount6480135
Colbert6200130
Coffee5397112
Dale4766110
Russell428238
Franklin419882
Chilton4080109
Covington4053114
Tallapoosa3892146
Escambia387574
Dallas3526149
Chambers3499122
Clarke346360
Marion3065100
Pike305475
Lawrence295295
Winston272272
Bibb256258
Marengo248561
Geneva245875
Pickens232959
Barbour224755
Hale218675
Butler212266
Fayette208960
Henry187844
Cherokee182044
Randolph176741
Monroe171240
Washington163838
Macon154348
Clay149354
Crenshaw149257
Cleburne146041
Lamar139234
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99228
Greene90734
Choctaw58624
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High pressure brings sunny skies and dry conditions for Sunday with highs in the mid 70s. Rain chances build in during the week.
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