Shares of U.S. retail stocks plunged Thursday after a federal judge ruled that the Trump administration failed to disclose the contents of an investigation into the retail industry.
Shares of Amazon.com Inc., which has a $5.6 billion market capitalization, slid 2.8% in afternoon trading, while Microsoft Corp. slid 5.6% in early trading.
Shares in Apple Inc. plunged 9.3% in after-hours trading after a U.K. appeals court ruled that a federal agency failed to properly investigate whether the tech giant improperly concealed information about its tax affairs.
Apple Inc. rose 6.9% in Thursday trading on the news, while IBM Corp. rose 3.4% in the second-quarter.
Microsoft Corp. fell 5.3%, while JPMorgan Chase & Co. slid 4.3%.
Shares in Target Corp. and Amazon.ca fell.
Shares dropped after a Federal Appeals Court in Virginia ruled Thursday that the Treasury Department failed to adequately disclose a separate probe into the tax affairs of two Canadian retailers.
The Treasury Department in May filed a complaint with a federal court in Washington, D.C., seeking information from Target Corp., Amazon.co.com Ltd.
and other companies about how they may have disclosed tax information related to a $100-million tax-exempt investment fund the Treasury created to invest funds in companies in the United States and overseas.
The companies that are part of the investment fund were ordered to produce the information by a U-Haul trucking firm in April.
The government argued that it was required to disclose because the fund is a private entity and therefore could be shielded from disclosure under the Foreign Corrupt Practices Act, which is designed to prevent foreign governments and individuals from influencing American elections.
The Justice Department has argued that the companies had to disclose to avoid disclosing the details of the fund.
The Justice Department said in court papers that Target, Amazon.net and other U.F.P.P.-exempt entities “may not be able to comply with their duty to disclose information about their investment fund investments unless they are compelled to do so by the tax law.”
The companies argued that disclosing the information would give the public a false impression that the fund was invested in companies located outside the United Kingdom and could undermine U.B.C. laws that prohibit foreign investment in U.N. funds.
The cases are not expected to affect the size of Target’s $5 billion investment fund, which the company established in 2013.
It has pledged to invest $2 billion in companies worldwide.
Shares for Amazon.tv, which offers video streaming services including Amazon.org, fell 8.4%.
The U.R.S.-based company is part of Amazon’s $90 billion video-on-demand video business.
Amazon has said that it has more than 4,000 employees worldwide, including thousands in the U.A.E.