Economy News Shares

Facebook Shares Fall After FTC Antitrust Rumors


Facebook Inc. shares fell 3% in after-hours trading after a report that the Federal Trade Commission is preparing to file an lawsuit that is antitrust the social-media giant Tuesday. The Wall Street Journal reported afternoon that the FTC is considering filing the suit by the end associated with 12 months, based on unnamed sources Tuesday. The Journal reported that Twitter Chief Executive Mark Zuckerberg has testified to FTC staff in the investigation, which the Journal noted could nevertheless end without charges as the commission that is five-member to vote on filing the lawsuit.

Facebook has admitted in filings using the Securities and Exchange Commission it is under research by the FTC and the Justice Department for possible charges which are antitrust. Tuesday Facebook stock closed having a 2.4% gain at $272.42, then ducked less than $265 in after-hours trades following the release of the report.

Shares of Facebook took a leg down after Kim Kardashian announced that she’d join other celebrities in a boycott that is one-day of and Instagram on Wednesday. The move is area of the Stop Hate for Profit campaign that is Facebook that is lobbying other social news companies to higher police hate speech and related content on their platforms. Day the stock has gained about 2% for the it is more than 1% off its session.

Tuesday Bank stocks struggled on, because of the KBW Bank Index shedding 1.6. Citibank has been one for the biggest losers within the sector, falling 4.8%. That uses a 5.6% drop for the stock on following a report from the Wall Street Journal that issues with regulators hastened the recently announced departure of CEO Michael Corbat, whom will retire in Monday February. Facebook Inc. shares fell 3% in after-hours trading after a report.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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