Alphabet Inc’s shares fell as much as 7% on Monday following reports that the U.S. Justice Department may investigate Google for hampering competition.
Alphabet’s market capitalization was reduced by $54 billion as its shares recorded their biggest drop outside earnings since April 2011. Facebook Inc and Amazon.com Inc were both down about 3%.Amazon shares were also pressured by news that the company could face heightened antitrust scrutiny under a new agreement between U.S. regulators which puts the e-commerce giant under the trade commission’s watch.
“For investors, the investigation comes at a time when the stock’s bull case is challenged by concerns of an abrupt revenue slowdown last quarter,” Rippey said. Google’s search, YouTube, reviews, maps and other businesses, which are largely free to consumers but financed through advertising, have catapulted it from a start-up to one of the world’s richest companies in just two decades.
Source: News Formal (newsformal.com)
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