Alphabet tumbles 5%; DOJ says Google must divest Chrome
** Shares of Google-parent Alphabet GOOGL.O down 5.6% to $166.25 early Thurs after U.S. Department of Justice says it must sell its Chrome browser
** GOOGL shares tracking biggest daily pct decline since Jan 31
** Alphabet must take other measures, including possibly selling Android - to end its monopoly on online search, prosecutors argued to a judge on Weds
** Their proposals include ending exclusive agreements in which Google pays billions of dollars annually to Apple AAPL.O and other device vendors to make its search engine the default on their tablets and smartphones
** The iPhone maker's stock off about >1% in early trade
** "DOJ's approach would result in unprecedented government overreach that would harm American consumers, developers, and small businesses - and jeopardize America's global economic and technological leadership at precisely the moment it's needed most," said Alphabet Chief Legal Officer Kent Walker
** GOOGL shares slipped 1.2% on Weds after Bloomberg reported DOJ would ask a judge to force co to sell off its internet browser
** In other news, the U.S. Consumer Financial Protection Bureau said tech giants who together process more than 13 bln financial transactions annually through digital wallets and payment apps will be subject to government supervision
** With move on the session, GOOGL shares up ~19% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
