The battle between real estate listing giants Compass and Zillow heated up on two fronts recently.
First, a federal judge in Chicago earlier this month sent part of Zillow's antitrust case against Compass and Illinois multi-listing provider Midwest Real Estate Data (MRED) to arbitration. Zillow alleges that MRED and Compass teamed up to force Zillow-by cutting Zillow's access to listings-to abandon its standards. MRED requested arbitration and the judge agreed-and stayed Zillow's case against Compass pending the result.
Why the split? Judge John J. Tharp, Jr., said there was little evidence Compass and MRED conspired to force Zillow's hand. In other words: Zillow would probably not prevail.
Meanwhile, Compass and Zillow recently turned up the volume on premarket listing products teasing homes before they are officially for sale. Zillow is blasting its "coming soon" listings far and wide, including to Realtor.com in a new partnership. (Realtor.com is operated by Move, which, like Barron's, is owned by News Corp.) Compass also showcases homes that aren't yet for sale on its website-along with exclusive listings, asking customers to fill out a form on their website before being handed off to a Compass agent. Zillow has claimed the Compass approach is less transparent.
Until the legal issues are resolved it will be left to the marketplace to sort out who wins and loses. As it usually does.
Write to Shaina Mishkin at shaina.mishkin@dowjones.com
Last Week
Bond-ageddon: How's this for bad news: This past week, 30-year Treasury yields hit their highest level since 2004; the 10-year yield made a 19-year high. Mr. Stock Market? Sad, then happy. The S&P 500: up 1.2% for the week; the Dow, 0.3%; Nasdaq, 2.1%.
Zuck alert: Meta Platforms' new Muse AI agent has sparked new disruption fears. Companies that sometimes count on consumers forgetting about their subscription fees could be in trouble. Bad news, perhaps, for the likes of Sirius XM Holdings and Planet Fitness?
Club Trump: The president's dinner for Xi Jinping included business stars like General Motors' Mary Barra, Elon Musk, and, of course, Nvidia's Jensen Huang. Ford's Jim Farley didn't show. Per reports, the administration isn't thrilled with his romance with Chinese battery companies.
New kid in Tinseltown: Paramount Skydance settled antitrust claims, removing the last major obstacle for its $110 billion merger with Warner Bros. Discovery. In exchange, CEO David Ellison will, among other things, spend $300 million more annually on domestic production for?the next five years.
Novo Nordisk bulks up: The company plans at least five new blockbuster drugs by the end of the decade. The Ozempic maker aims to have about a dozen candidates in late-stage trials by 2030, with weight-loss medications still front and center.
Next Week
Wednesday 9/30
The Bureau of Economic Analysis releases the personal consumption expenditures price index for August. Economists forecast a 3.7% year-over-year increase, even with the July figure. The core PCE price index, which excludes volatile food and energy prices, is expected to rise 3.3%, also matching the July data. Federal Reserve Chairman Kevin Warsh recently reiterated his commitment to bringing inflation down to 2%, as measured by the core PCE. The index was last at or below that level in February 2021.
Thursday 10/1
The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for September. Consensus estimate is for a 55 reading, about half a point more than in August. The index has been above 50 every month this year, indicating expansion in the manufacturing sector, after just one reading higher than 50 in the previous three years.
Friday 10/2
The Bureau of Labor Statistics releases the jobs report for September. The consensus call is for an increase of 100,000 in nonfarm payrolls, after a 162,000 jump in August. The unemployment rate is expected to remain unchanged at 4.1%.
The Numbers
3.63%
Estimated annual spending on the AI buildout relative to GDP, from 2025 to 2032-bigger than the railroad boom.
354 K
Industrial robots installed in China in 2025, leading the world. The U.S. was No. 2, with 38,500 installations.
$6.8 T
Total market value of Apple, Berkshire Hathaway, and Walmart; 93% created by their immediate past CEOs.
97%
Decline in Peloton Interactive's stock from its pandemic-era high; company is fighting back with a cheaper treadmill.
Write to editors@barrons.com
Comments