NEW YORK, NY / ACCESSWIRE / July 4, 2018 / Facebook shares were down in Tuesday trading as more traders learned about the company’s probe over its user data scandal has widened. Shares of Apple were also down on no particular news although there have been several rumors recently over the company’s future products.
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Apple Inc. shares closed down 1.74% on lackluster trading volume of 14 million shares as compared to the average trading volume of 28 million shares. There have been several rumors going around Apple’s future products. According to BGR, the company’s 2018 iPhone lineup could support dual SIM cards. iPhones in China could support two physical SIM card slots while the ones in the rest of the world will have an Apple SIM card and the support from another SIM card. Another rumor revealed that the company’s upcoming iPad could have Face ID. This is according to Mac Rumors and was discovered by developer Steven Troughton-Smith who found that in the code in the beta, AvatarKit could be on the iPad. This is what suggests FaceID may be possible on the device.
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Facebook, Inc. shares were down 2.35% by the closing day on Tuesday. The social media giant traded nearly 13.5 million shares yesterday, much lower than the average trading volume of 24 million shares. It’s been a pretty bad week of news for Facebook. Traders learned on Monday that the company is now also being probed by the FBI as well as the SEC and the U.S. Justice Department next to the Federal Trade Commission. The Washington Post broke the news at the start of the week and said the investigation of Facebook’s sharing of user information linked to the Cambridge Analytica scandal had broadened. The probe is focusing on what the company may have known when it learned about the misuse of user data back in 2015 by the firm and why it did not alert investors and users earlier. “We are cooperating with officials in the U.S., U.K. and beyond,” said a Facebook spokesman. “We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues.” The company is also facing heat over the fact that it temporarily unblocked people on Facebook Messenger, which users had earlier blocked from sending messages to them. Chief Privacy Officer Erin Egan stated, “We know that the ability to block someone is important—and we’d like to apologize and explain what happened.”
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