Corning is facing European Union antitrust scrutiny after the bloc’s watchdog said Wednesday it’s investigating the specialty glass maker’s exclusive deals for its Gorilla Glass used in cellphones.

The European Commission, the 27-nation EU’s top antitrust enforcer, said it opened a formal investigation to determine whether Corning abused its dominant worldwide position for the toughened glass used in smartphones, tablets and other portable devices.

The commission said it was concerned about “anti-competitive exclusive supply agreements” requiring device makers to source all or nearly all of their glass from Corning. Under these deals, manufacturers got rebates for buying only Corning glass, and could only take competing offers from rival glass makers if Corning couldn’t match the price.

Strong competition “is crucial to ensure low prices and high-quality glass,” said Margrethe Vestager, the commission’s executive vice-president in charge of competition policy. “We are investigating if Corning, a major producer of this special glass, may have tried to exclude rival glass producers, thereby depriving consumers from cheaper and more break-resistant glass.”

Corning is “committed to compliance with all applicable rules and regulations where it does business,” the company said in a statement.

Beyond Meat reverses slide after hikes

Beyond Meat reversed a sales slide in the third quarter, growing revenue for the first time since 2022 as it charged higher prices for its plant-based meat.

The El Segundo-based company said its revenue rose 7.6% to $81 million in the July-September period. That was higher than the $80.1 million Wall Street was expecting, according to analysts polled by FactSet.

Beyond Meat said it saw a 7% decrease in the volume of products sold but a 15.8% increase in net revenue per pound. The company has been trying to rely less on discounting and position its newer, healthier burgers, sausage and grounds as premium products.

Polymarket’s French whale scores big

Many people involved in crypto markets had reason to gloat on Wednesday about Donald Trump’s win, but one closely watched French trader’s bets are poised to pay out millions of dollars on the election’s outcome.

The pseudonymous trader known best as Fredi9999, the username of one of his four known accounts on the Polymarket predictions platform is expected to haul in a total profit of around $48 million on the results of the election, according to calculations made by Bloomberg.

In the platform’s most-popular market, where users bet on which candidate will be the next president, the four accounts will net around $22 million, Polymarket data showed on Wednesday morning in New York. Another $26 million was the result of other bets related to the election, such as Trump winning the popular vote or winning Pennsylvania.

Scrutiny of Fredi9999’s trading patterns ramped up in recent weeks as his bets ranked among the largest wagers on Polymarket’s presidential markets, prompting concerns of possible market manipulation. Following an investigation, Polymarket said the person behind the four accounts is a French national with extensive experience in financial services, who simply wished to bet on Trump’s chances.

Compiled from Bloomberg, Associated Press reports.