Alphabet Inc. (NASDAQ:GOOG) to be hit with state antitrust probes
Dozens of state attorneys general are set to formally launch separate antitrust probes starting next week into Facebook and Alphabet’s Google unit, according to The Wall Street Journal, citing people familiar with the matter.
The Google probe is expected to be announced Monday at a news conference outside the U.S. Supreme Court, according to the Journal.
The investigation, led by Texas Attorney General Ken Paxton, along with a bipartisan group of about three dozen state attorneys general, will examine Google’s impact on digital advertising markets, focusing on potentially harmful information provided to consumers and ad choices.
Meanwhile, New York Attorney General Letitia James, with an overlapping bipartisan group of attorneys general, is organizing a probe into Facebook, the “largest social media platform in the world must follow the law.”
“The attorneys general involved have concerns over the control of personal data by large tech companies and will hold them accountable for anticompetitive practices that endanger privacy and consumer data,” James told the Journal.
This comes at a time when tech giants are already under federal scrutiny.
“This news along with the broader Senate hearing looking into whether these Tech giants bought up smaller competitors to remain dominant in their respective markets represents an overhang to each stock,” according to a team of Wedbush analysts led by Dan Ives. However, the analysts further mention that investors should “focus on the fundamentals in the near-term as any resolution of these probes would likely take many years to complete.”
A spokesperson for Google told FOX Business: “Google’s services help people every day, create more choice for consumers, and support thousands of jobs and small businesses across the country. We continue to work constructively with regulators, including attorneys general, in answering questions about our business and the dynamic technology sector.”
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 1,275.77.
The projected lower bound is: 1,139.09.
The projected closing price is: 1,207.43.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 80.9342. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 21 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.41. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 27 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 122.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 7 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed down -6.450 at 1,204.930. Volume was 28% below average (neutral) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,180.61 1,164.88 1,132.04
Volatility: 31 37 35
Volume: 1,204,336 1,392,664 1,552,938
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 6.4% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 9 periods.