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APPLE INC.

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House Democrats discuss tougher antitrust law, some Republicans agree

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10/01/2020 | 10:06pm EDT
The U.S. Capitol building dome is seen in Washington

The U.S. House of Representatives Judiciary Committee's antitrust panel discussed ways to tighten antitrust laws on Thursday, with two Republicans on the Democrat-dominated panel indicating potential support for some changes.

The antitrust subcommittee, chaired by Representative David Cicilline, is expected to release a much-anticipated report into the four big tech companies -- Amazon.com Inc, Facebook Inc, Apple and Alphabet's Google -- as soon as Monday.

In the hearing, Cicilline said the tech companies used strategies such as self-preferencing and predatory pricing to grow. "These once-scrappy, underdog startups have grown into the kinds of monopolies we last saw more than a century ago," he said.

One witness, Bill Baer, who headed the Justice Department Antitrust Division during the Obama administration, argued to the committee that successive court rulings over the years have made it harder to block a merger.

"If courts are unwilling to step back from this overreach, legislation may well be needed to re-set the boundaries," he said.

Representative Ken Buck, a Republican, appeared swayed by calls for tougher antitrust law, including giving more funding to the Justice Department and Federal Trade Commission.

"We also need to seriously consider increasing scrutiny on big tech companies, including shifting the burden of proof required for a market dominant company to prove that a merger is not anti-competitive," he said.

Representative Kelly Armstrong, a Republican, said he agreed with Buck on the need for "more money, more resources, (and) more enforcement." He indicated he would be interested in discussing "tweaks" to antitrust law.

Rep. Jim Jordan, the top Republican on the Judiciary Committee, repeated his concern that Big Tech firms were "out to get conservatives."

The Justice Department is also probing the big four tech platforms, and is expected to file a lawsuit against Google next week.

Facebook and Amazon also face inquiries by the FTC, while U.S. state attorneys general are looking at Facebook and Google.

By Diane Bartz


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.64% 1632.98 Delayed Quote.21.92%
AMAZON.COM, INC. 0.88% 3204.4 Delayed Quote.73.41%
APPLE INC. -0.61% 115.04 Delayed Quote.56.70%
FACEBOOK INC 2.40% 284.79 Delayed Quote.38.75%
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Financials (USD)
Sales 2020 273 B - -
Net income 2020 56 929 M - -
Net cash 2020 74 098 M - -
P/E ratio 2020 35,5x
Yield 2020 0,69%
Capitalization 1 967 B 1 967 B -
EV / Sales 2020 6,93x
EV / Sales 2021 6,14x
Nbr of Employees 137 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 122,07 $
Last Close Price 115,04 $
Spread / Highest target 30,4%
Spread / Average Target 6,11%
Spread / Lowest Target -38,3%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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