Apple Shares Drop To Session Lows On Reports Of DoJ Anti-Trust Probe

The latest scoop on the Trump Administration's big-tech anti-monopoly push comes courtesy of Reuters, which just sent Apple shares reeling by reporting that the DoJ will lead an anti-monopoly probe into the consumer-tech giant.

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A fusillade of reports about the DoJ-FTC joint anti-trust push into Silicon Valley's largest and most powerful companies began on Friday with a WSJ report published just before midnight. According to that report, which was swiftly confirmed by other news orgs, the DoJ is taking the lead on the investigation into Google. Then, on Monday, that initial report was followed by a handful of reports on Monday about investigations into Amazon, Facebook and, now, Apple.

Here's more from Reuters:

The U.S. Justice Department has jurisdiction for a potential antitrust probe of Apple Inc as part of a broader review of technology companies, two sources told Reuters.

The Justice Department’s Antitrust Division and Federal Trade Commission (FTC) met in recent weeks to give the Justice Department the jurisdiction to undertake a potential antitrust probe of Google, owned by Alphabet Inc and Apple, the sources said.

Here's who's leading the investigation into whom, at last count:

FTC: Facebook, Amazon

DoJ: Apple, Google

And just like that, the 'Bullard bounce', which briefly sent stocks into the green, is being eroded.

As WSJ explained on Monday in a report about the investigation into Facebook, both agencies will likely be involved with various aspects of each probe, even as they divide up who which agency will take the lead investigating various companies.

The Reuters report hit just as Tim Cook was presenting at Monday's Apple developer conference.

At this point, it appears the Trump Administration is launch anti-monopoly crackdowns on all of the high-flying FAANG stocks, except Netflix.