Apple drops on report that Justice Department is eyeing antitrust probe

  • The tech-heavy Nasdaq Composite index fell Monday after similar regulatory headlines dinged tech giants Google, Amazon and Facebook.
  • The possible Apple probe is linked to a potential Google probe, Reuters reported, and stems from meetings between the DOJ and the FTC. 
  • The headlines together paint a daunting picture for Silicon Valley and the stock market’s most valuable companies.
Apple CEO Tim Cook

Getty Images
Apple CEO Tim Cook

Apple shares ticked lower Monday after a Reuters report saying the Justice Department is considering a probe of the iPhone maker. 

The agency has been given jurisdiction to probe the company’s practices as part of a broad review into potential anti-competitive behavior among big tech companies, Reuters reported, citing two sources. 

The stock fell nearly 2% following the report, after trading higher earlier in the day. Apple and CEO Tim Cook are presenting updates to the company’s central software at the annual Worldwide Developers Conference.

The tech-heavy Nasdaq Composite index fell Monday after similar regulatory headlines dinged tech giants Google, Amazon and Facebook. 

Earlier Monday, the Wall Street Journal reported that the Federal Trade Commission will examine how the company’s practices affect digital competition. The Washington Post reported over the weekend that Amazon has come under heightened scrutiny by U.S. regulators. And on Friday, the Journal reported that the Justice Department is preparing a probe of Google, sending shares of parent company Alphabet down more than 7% Monday. 

The possible Apple probe is linked to the Google probe, Reuters reported, and stems from meetings between the DOJ and the FTC. 

The headlines together paint a daunting picture for Silicon Valley and the stock market’s most valuable companies. Big tech has long faced scrutiny from the European regulators, and has so far shrugged off calls for government regulation in the U.S. 

This is breaking news. Please check back for updates.

Source: cbnc



guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments