Wednesday, December 1, 2010

EU Investigates Google (Video, Stock Chart) *Complaints of abusing its dominance* GOOG


GOOG Drops on European Commission Anti-Trust Investigation Announcement

EU Investigates Google for Abusing Its Dominance

Competitors have complained to the European Commission that Google is "abusing its dominance as the world's leading search engine". The Commission has opened a formal investigation. Competitors specifically allege Google, through its search algorithm, downgraded their sites in web search results because they are rivals. Amelia Torres, European Commission Spokeswoman for Competition, stated the allegations against Google Inc. are “very serious", "we are at the very beginning of an investigation", and "the allegations we received merit an investigation". A Google spokesperson responded, "It's normal for companies who don't come out on top of a search to be a little worried", but "Google is ready to work with the Commission".

(Reuters) "EU Launches Official Google Probe" Nov 30 - Google is the subject of a formal investigation by the European Commission over complaints Google is abusing its dominance. Conway G. Gittens reports.

GOOG Drops on EU Anti-Trust Investigation Announcement

GOOG has had a tough week from the Friday, November 26 close of 590.00. GOOG closed Monday down, at 582.11, then closed Tuesday down, at a dismal 555.71. Today, Wednesday, GOOG closed up at 564.35. Therefore, at this point, the 555.71 is support (lowest yellow horizontal line on the daily chart below). The previous support, the 583.00 area, is now resistance (middle yellow horizontal line on the daily chart below). Further above is the benchmark price, and resistance, of 600.00 (highest yellow horizontal line on the daily chart below). Below is the GOOG daily chart since early October 2009.

GOOG found support at the 555.00 area, closing on Tuesday, November 30, 2010 at 555.71. This corresponds with the October 26, 2009 close of 554.21 and the April 20, 2010 close of 555.04.

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