The FCC has fined the largest U.S. wireless carriers for sharing users’ geolocation histories with third parties. T-Mobile was hit the hardest with an $80 million fine.
Transcript:
Caroline Woods: I’m Caroline Woods reporting from the New York Stock Exchange — here’s what we’re watching on TheStreet today.
Wall Street will be closely monitoring the Federal Reserve’s two-day policy meeting, which kicks off today. The CME’s Fed Watch tool currently predicts a greater than 97 percent chance of interest rates remaining unchanged.
Several earnings reports were released before Tuesday’s ’s opening bell — both 3M and PayPal beat Wall Street estimates on revenue by 8 percent and 10 percent, respectively. Investors will hear from Amazon and AMD after the closing bell.
In other news — the U.S. government has fined the nation’s largest wireless carriers for illegally sharing customer data without their consent. The Federal Communications Commission found Verizon, AT&T, Sprint and T-Mobile all share users’ geolocation histories with third parties.
In a statement, the FCC said, “Each carrier attempted to offload its obligations to obtain customer consent onto downstream recipients of location information, which in many instances meant that no valid customer consent was obtained.”
T-Mobile faces the largest fine at $80 million. The company released a statement saying “We take our responsibility to keep customer data secure very seriously and have always supported the FCC’s commitment to protecting consumers, but this decision is wrong, and the fine is excessive. We intend to challenge it.”
AT&T was hit with a $57 million fine, while Verizon and Sprint face $47 million and $12 million fines, respectively.
That’ll do it for your daily briefing — from the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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