Shares of Google Inc. led tech stocks lower Tuesday, closing at a 14-month low following a price target cut at J.P. Morgan Chase that questioned the viability of its fundamentals.
Google’s GOOGL, -3.43% stock closed down 3.4% to $498.16, its lowest close since October 2013. J.P. Morgan analyst Doug Anmuth cut his estimates on Google and lowered his price target to $600, although a broader market selloff pushed tech stocks lower across the board.
European elected officials are preparing to call for a breakup of Google Inc. GOOG, +0.50% GOOGL, +0.39% according to a published report Friday. A draft motion from the European Parliament indicates "unbundling of Google's search engine from other commercial services" would be a solution to the company's dominance, The Financial Times reported.
The European Parliament has no actual power to break up companies, but the move could pressure the European Commission to take action, according to the report.