Legal action for Google, new record for Apple shares and Biden’s antitrust decree | R Blog RU

Last week was distinguished by a wealth of news feeds, so today we will delight you with a digest of the most interesting news. 36 states have sued Alphabet, Apple’s stock price has hit a record, and the US president has signed an antitrust decree that will definitely make life difficult for IT giants. How do you like it? We said that the news is interesting. Well, everything, from words to deeds – let’s go!

Why are Americans suing Alphabet?

According to Politico, on July 7, 36 states and the District of Columbia went to federal court in California, accusing Google of violating antitrust laws. Say, the IT corporation has taken over 90% of the market for mobile applications for Android devices and stifles other app stores, making it difficult to promote and popularize them.

The plaintiffs point out that Alphabet does not allow users to install other mobile application stores through Google Play. In addition, these stores do not have the ability to purchase ads from Google and YouTube. We have not forgotten the cases when the company unreasonably questioned the safety of using third-party app stores.

In addition, a sore point for the tech giant has surfaced again: the 30 percent commission charged to mobile app developers for every in-product sale. Recall that from July 1, the commission will be reduced to 15%, but this benefit will only apply to the first million dollars earned by the developer.

On July 8, the day after the news appeared in the media, shares of Alphabet (NASDAQ: GOOGL) fell 1.13% to $ 2,500.9 per share. During the trading session, the quotes dropped even lower – to $ 2,483.5.

What is the record for Apple stock?

On July 9, Apple’s stock (NASDAQ: AAPL) hit $ 145.65 during the trading session, a record high. The previous high for the Cupertino-based stock was $ 145.09. Recall that this result was demonstrated on January 25 this year.

According to Bloomberg, Wall Street is confident that the value of Apple’s shares will continue to rise. Samik Chatterjee, an analyst at JPMorgan, has revised its target price for the IT corporation from $ 165 to $ 170. Dan Ives, an analyst at Wedbush, believes that in 2022 the capitalization of the apple producer will exceed $ 3 trillion. Now this figure is $ 2.43 trillion.

The reasons for this position are explained by the confidence in the growth of sales of Apple devices, including the expected iPhone 13 model.

What decree was signed by the President of the United States?

On July 9, Joe Biden signed a decree aimed at countering attempts by large corporations, including tech giants, to create monopoly in their niches. The decree contains 72 initiatives for 10 federal agencies.

Now the activities of bigtech representatives will be “rewarded” with even more attention from regulatory bodies. This will be especially true for mergers, competition methods, and the collection of user data.

It was an interesting coincidence that a few days later, on July 12, the finance ministers of the G20 countries signed a declaration on the introduction of an international minimum tax (at least 15%) on profits for transnational corporations, primarily technological ones. It remains to approve this agreement in October. It seems that an interesting stage begins in the life of IT giants.

Technical analysis of Alphabet and Apple shares by Maxim Artyomov

“Google, having updated all-time highs, is forming a correctional wave. Given that the quotes are still within the upward channel, we can assume that the upward trend will continue in the near future. Despite the lawsuits, we note that the potential for growth remains. the correction will be supported by the support at $ 2,423. In the future, Alphabet shares have every chance of growth to the $ 2,600 mark. The confirmation of the growth is the 200-day moving average. “

“On the daily chart, Apple shares continue their upward trend. Having updated their maximum values, quotes are testing new” heights. “Considering that the price continues to move within the ascending channel, it can be assumed that the upward trend will continue for the near future. The moving average, which has been below the price for a long time. The target for the continuation of the upward trend is the level of $ 155. At the same time, a correction wave before the test of this mark is not excluded. “

Technical analysis of Apple shares on 07/12/2021

Summing up the result

The week passed under the slogan of fighting the monopoly of technology corporations. On July 7, 36 states filed a lawsuit against Alphabet, accusing it of violating antitrust laws. On July 9, Joe Biden signed a decree protecting competition and limiting bigtech monopoly in the United States. However, on the same day, Apple shares, which will also be affected by this decree, set a new price record.

What else to read about the promotions of IT companies on the R Blog?

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