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Recode Daily: Wall Street isn’t expecting much from Snap when it reports Q3 earnings today

Plus, Broadcom makes a big offer for Qualcomm, VC Shervin Pishevar declares war on a “smear campaign,” and listen to the people in Google’s neighborhood.

A Snap Inc. banner covers the front of the New York Stock Exchange at Wall Street in New York on March 2, 2017. Snap, the parent company of the popular video social network Snapchat, will price its initial public offering (IPO) at $17 per share, according
A Snap Inc. banner covers the front of the New York Stock Exchange at Wall Street in New York on March 2, 2017.
Volkan Furuncu / Anadolu Agency / Getty Images

Snap reports Q3 earnings this afternoon, and Wall Street has lowered its expectations. The company’s stock hit a record high one day after it started trading in March 2017; since then, it has gone straight down, and the business isn’t growing as fast as investors had hoped. Not helping: A widespread service outage yesterday afternoon. [Kurt Wagner / Recode]

In an attempt at the largest technology takeover ever, Broadcom is proposing to buy Qualcomm for $70 per share in a cash-and-stock deal valued at $130 billion. Decent odds you know little about about Qualcomm and nothing about Broadcom, so time to fix that with this explainer. [The Verge]

Is the Murdoch family getting out of the media business? The Murdoch family empire, or at least part of it, is for sale: 21st Century Fox has talked to Disney about selling its film and TV studios, which would give Disney nearly 30 percent of the U.S. film market. The talks aren’t active, but the fact that they happened recently means other buyers could show up as well: Think Verizon, SoftBank and most of Silicon Valley. The family would hang on to its news and sports TV networks, as well News Corp, the publishing business that includes the Wall Street Journal and the New York Post. [Peter Kafka and Rani Molla / Recode]

The Air Force admitted yesterday that it failed to enter a domestic assault conviction that should have barred Devin P. Kelley from legally purchasing the rifle he used in a mass shooting that killed 26 people at a Texas church on Sunday. Police said the massacre may have been motivated by “a domestic situation” within the gunman’s family. [The New York Times]

In another piece of tough, meticulous reporting, the New Yorkers Ronan Farrow continues to pull back the curtain on Harvey Weinstein’s decades-long reign of terror in Hollywood, calling it “a public safety issue.” In this story, he reveals the “vast machine” of law firms and private investigators that threatened the women who spoke to him, and snooped around him and other reporters. [Ronan Farrow / The New Yorker]

Top stories from Recode

Lyft COO Rex Tibbens is stepping down after more than two years.

Tibbens joined Lyft after more than three years as a vice president at Amazon.

Top investor Shervin Pishevar has sued a Republican opposition firm for alleging that he’s an agent of the Russian government. Two prominent Mitt Romney alums find themselves in the middle of a Silicon Valley lawsuit.

Bridgewater Associates founder Ray Dalio has a magical formula for better decision-making.

On the latest episode of Recode Decode, the chairman of the world’s largest hedge fund talks about his new book, “Principles: Life and Work.”

This is cool

Now that’s what I call hyperlocal.

For the second season of his serialized podcast, The Intersection, producer David Boyer spent more than a year at one corner in the middle of Google’s Silicon Valley HQ, interviewing the people who live and work near the corner of North Shoreline Boulevard and Space Park Way in Mountain View, Calif. The audio documentary aims to break down how landscape, history, culture, money and politics come together — and apart — at one specific dot on the map. New 30-minute episodes every Wednesday.

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