Evercore said the antitrust investigation into Alphabet by the DOJ, will weight on the company.

"Since Friday afternoon, WSJ, NYT, and Bloomberg have reported that the US DOJ is preparing to open an investigation into Google's compliance with antitrust laws. For investors, the investigation comes at a time when the stock's bull case is challenged by concerns of an abrupt revenue slowdown last quarter. Importantly, GOOGL has successfully navigated an antitrust investigation before (2011-2013), and emerged unscathed after a two year inquiry, as the FTC voted 5-0 not to pursue further action. That said, Android and the Play Store have not been pressure tested in a precedent US-led investigation, adding to the complexity of assessing the spectrum of outcomes. Our conclusion is that the announcement of an investigation adds to the near-term challenges facing GOOGL. While precedent suggests that Google enjoys broad discretion over the direction of search results, the questions arising from an investigation will challenge the possibility of multiple expansion."