Photograph by David Paul Morris / Bloomberg
The market's favorite technology stocks have been crushed by new concerns over government regulation. The so-called FAANG stocks lost nearly $ 140 billion in stock value on Monday.
FAANG stocks are a basket of high-growth technology names:
(GOOGL) (Google's parent company).
The alphabet brought the list. More than $ 45 billion in value was lost with a 6% drop in share prices on Monday. Investors reacted negatively to a report by the Wall Street Journal on Friday that the Justice Department is 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 uncertainty about a potential regulatory action.
Facebook was another big loser with a decline of almost $ 40 billion in market value. Both the Wall Street Journal and Reuters reported Monday that the Federal Trade Commission (FTC) is competent to conduct any antitrust investigation in social networking companies.
Reuters also reported, citing anonymous sources, that the Justice Department and the FTC have recently met and reached an agreement to divide the jurisdiction of potential antitrust probes from large technology companies. The FTC was given to Amazon.com and Facebook, while the Justice Department received Apple and Google, according to the report.
Write to Tae Kim at [email protected]
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