Apple's Stock Sinks After Report Japanese Antitrust Regulators Are Considering Action

Shares of Apple Inc. took a nosedive in afternoon trade Friday, after a report that Japanese regulators are considering taking antitrust action against the technology giant. The stock was trading little changed at a round 1:30 p.m. ET, then tumbled to a 2.3% loss over the next half hour before bouncing slightly. Japan's antitrust regulators are considering charging Apple for possible violations that may have helped it dominate smartphone sales in the country, Reuters reported, citing senior government sources. Japan isn't the only country going after Apple. Last last month, European Union ordered Ireland to recover about $14.5 billion in taxers from Apple as it ruled that Apple's tax arrangement with Ireland breached state-aid rules. Apple's stock has gained 7.2% year to date, while the SPDR Technology Select Sector ETF has run up 11% and the Dow Jones Industrial Average has advanced 5%.