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Photograph of David Paul Morris / Bloomberg
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Preferred technology stocks in the market have been crushed by new concerns about government regulation. The so-called FAANG shares lost nearly $ 140 billion in value on Monday.
FAANG shares are a basket of names of high growth technologies:
Facebook
(FB),
Amazon.com
(AMZN)
Apple
(AAPL)
Netflix
(NFLX) and
Alphabet
(GOOGL) (parent company of Google).
Alphabet tops the list. Over $ 45 billion in value was lost with a 6% decline in its share price on Monday. Investors reacted negatively to a report released Friday night by The Wall Street Journal that the Justice Department was preparing to launch an antitrust investigation on Google.
Evercore ISI analyst Kevin Rippey On Sunday, he lowered his price target for the Alphabet title, citing the uncertainty surrounding possible regulatory action.
Facebook was another big loser with a decline of nearly $ 40 billion in market value. The Wall Street Journal and Reuters reported Monday that the Federal Trade Commission (FTC) had jurisdiction to conduct any antitrust investigation on social networking companies.
Reuters also reported, citing unnamed sources, that the Ministry of Justice and the FTC have met recently and reached an agreement to divide the jurisdiction of potential antitrust probes of large technology companies. The FTC has received Amazon.com and Facebook, while the Justice Department has received Apple and Google, says the report.
Write to Tae Kim at [email protected]
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