Let's talk about perhaps the most ubiquitous company in America Google, or Alphabet (GOOGL) - Get Alphabet Inc. Class A Report . The search giant has become itself a verb in the places it has managed to proliferate and that universe may soon grow even further. Citing sources and internal documents, The Intercept reports Google has had a project underway since the spring of 2017 to launch a censored version of Google Search in China. An Android search app that will "automatically identify and filter websites blocked by the Great Firewall," as well as "blacklist sensitive queries," could reportedly launch in six to nine months, providing Chinese officials approve it. Moreover, Google hasn't launched hardware products in China. where Amazon (AMZN) - Get Amazon.com, Inc. Report , Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report and IBM (IBM) - Get International Business Machines (IBM) Report have, with the help of local partners, made their public cloud platforms available. Getting even a fraction of the millions of Chinese smartphone users to Google search or Google Cloud "would serve to provide Google with mountains of additional user data that it could leverage to enhance its products and services" writes TheStreet's Eric Jhonsa, adding that China is leagues ahead of many countries in terms of machine learning, e-commerce, payments, gaming, video and messaging.
Software is still a hot commodity and everybody is looking to get a piece. Diversified industrial products maker Fortive (FTV) - Get Fortive Corp. Report got in on the action this week as it said it would acquire private equity-backed facilities management software provider Accruent LLC for $2 billion in cash. Genstar acquired the company in 2016 for just $650 million, according to The Deal, a sister publication of TheStreet. That shows astounding growth and perhaps, a desire for an industrial company to dabble in some tech. For Fortive, which services everything from medical devices to fuel dispensing mechanisms, the deal is its seventh in the past two years, says Tom Terrarosa, including recent deals for former Danaher Corp. (DHR) - Get Danaher Corporation Report industrial unit Gordian Group Inc. for $775 million; the advanced sterilization products business of Johnson & Johnson Inc. JNJ subsidiary Ethicon Inc. for about $2.7 billion.
Markets Today: The Federal Reserve left its key interest rate steady following a two-day meeting, but signaled that the economy remains strong and inflation tame, laying the groundwork for additional rate hikes later this year.The three major U.S. indices ended mixed. The Dow Jones Industrial Average fell 0.32% to 25,334, while the S&P 500 was down 0.1%, and the Nasdaq gained 0.46%.
This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.