'We like Facebook on this kind of correction' and antitrust issues won't affect fundamentals, Mark Mahaney of RBC Capital Markets says.
that the same department has been given jurisdiction over Apple's practices as part of a broader probe into tech companies' behavior.and their impact on the competition.
Both Facebook and Alphabet closed down more than 6% on Monday, while Amazon dropped 4.6% and Apple fell 1%., sending the tech-heavy index into correction territory — down more than 10% off its record high set in April. While companies such as Facebook could wind up spending billions on regulatory fines, there won't likely be any change in their topline demand, Mahaney said.
"At the end of the day, investors are still going to look at these as scarce secular growers," he noted. He also thinks it is "highly unlikely" that any antitrust investigation will result in "any sort of forced sale of assets, forced disposal of assets" for the tech giants.is second on his list, since it faces the least regulatory risk. Amazon comes in at No. 3, and Alphabet is No. 4.
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