| 2017-07-17 11:56:00|
GOOG, QCOM 11:56 07/17 07/17/17
Google pulls back after EU antitrust decision on Qualcomm
Shares of search giant Google (GOOG) pulled back after reports from various major news outlets that chipmaker Qualcomm (QCOM) can't stall European Union requests for antitrust information. According to Bloomberg, Qualcomm "faces fines of 580K euros per day after losing a bid to block EU efforts for requiring it to supply information for an antitrust investigation into the chip makers sales practices," according to the report. GOOGLE ANTITRUST PROBLEMS: In June, the EU competition authority levied a fine of 2.4B euro for unfairly favoring its own shopping service. Additionally, antitrust regulators are also considering a record fine against Google over its Android mobile operating system, and yet another case over its AdSense for Search platform. PRICE ACTION: Shares of Google hit a session low of $952.37 earlier and are underperforming the broader tech sector, down fractionally to $953.27, while Qualcomm is down over 0.5% to $56.50 per share. Qualcomm had hit an intraday low of $56.45 per share earlier in trading.