Alphabet (GOOGL, $1,033.25) shares decline -3% in pre-market, following reports of antitrust investigation by DOJ against Google
The U.S. Department of Justice (DOJ) is reportedly preparing for an antitrust investigation against Google. Following the report, the tech giant’s parent company Alphabet lost more than -3% in stock price during pre-market trading Monday.
Citing sources familiar with the antitrust probe, The Wall Street Journal indicated that third-party critics of Google have been in touch with the Department regarding the issue. However, it is not clear as to whether the Department has contacted Google for the same.
If the report is indeed true, it would not be the first time for Google to have come under the scanner of a regulatory body for alleged monopolistic indiscretions.
In 2013, Google promised to tweak some of its business practices after agreeing to settle with the U.S. Federal Trade Commission, following the latter’s concerns over Google’s policies threatening competition.
In 2017, the European Commission fined Google to the tune of $2.7 billion, after charging the company’s search engine of discriminating against rivals’ comparison shopping services in favour of its own price comparison services.
In March, the European Commission slapped a $1.7 billion fine on Google, for what the Commission deemed as anti-competitive online advertising strategy.
No official statement from either the DOJ or Alphabet/Google has come forth yet on the reported investigation.
GOOGL's Stochastic Oscillator is sitting in oversold zone for 7 days
The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an uptrend is expected.
Show more
Notable companies
The most notable companies in this group are Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META), Spotify Technology SA (NYSE:SPOT), Baidu (NASDAQ:BIDU), Pinterest (NYSE:PINS), Tencent Music Entertainment Group (NYSE:TME), Snap (NYSE:SNAP), Twilio (NYSE:TWLO), Zillow Group (NASDAQ:Z).
Industry description
Companies in this industry typically license software on a subscription basis and it is centrally hosted. Such products usually go by the names web-based software, on-demand software and hosted software. Cloud computing has emerged as a major force in this space, making it possible to save files to a remote database (without requiring them to be saved on local storage device); as long as a device has access to the web, it can access the data and the software programs to run it. This has in many cases facilitated cost efficiency, speed and security of data for businesses and consumers. Alphabet Inc., Facebook, Inc. and Yahoo! Inc. are some well-known names in the internet software/services industry.
Market Cap
The average market capitalization across the Internet Software/Services Industry is 60.93B. The market cap for tickers in the group ranges from 1.11K to 1.94T. GOOGL holds the highest valuation in this group at 1.94T. The lowest valued company is MSEZ at 1.11K.
High and low price notable news
The average weekly price growth across all stocks in the Internet Software/Services Industry was -1%. For the same Industry, the average monthly price growth was -0%, and the average quarterly price growth was 2%. TRFE experienced the highest price growth at 53%, while QQQFF experienced the biggest fall at -58%.
Volume
The average weekly volume growth across all stocks in the Internet Software/Services Industry was 15%. For the same stocks of the Industry, the average monthly volume growth was 9% and the average quarterly volume growth was -8%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 45
P/E Growth Rating: 72
Price Growth Rating: 59
SMR Rating: 84
Profit Risk Rating: 92
Seasonality Score: -6 (-100 ... +100)