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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

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Tech giants back legal challenge to Trump's foreign worker restrictions

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08/10/2020 | 11:52am EDT
The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New York

Top U.S. tech firms including Amazon.com Inc and Facebook Inc filed a legal brief on Monday backing a challenge to U.S. President Donald Trump's temporary ban on the entry of certain foreign workers to preserve jobs for Americans during the coronavirus pandemic.

In the brief, filed in a lawsuit brought in California by major U.S. business associations, the companies argued that the visa restrictions will hurt American businesses, lead employers to hire workers outside the United States, and further damage the already struggling U.S. economy.

Trump issued a presidential proclamation in June that suspended the entry of a range of foreign workers until the end of the year, a move his administration said would free up jobs for unemployed Americans amid the economic fallout of the pandemic.

Among those affected by the temporary ban are skilled foreign workers entering on H-1B visas and managers and specialized workers being transferred within a company on L visas - both visa types used by tech companies. Trump's ban also blocks seasonal workers entering on H-2B visas, with an exception for workers in food supply chain jobs.

In the brief filed on Monday, the companies argue Trump's proclamation could do irreparable damage to U.S. businesses, workers and the economy, and was based on a "false assumption" that it would protect U.S. workers.

"Global competitors in Canada, China, and India, among others, are pouncing at the opportunity to attract well-trained, innovative individuals," the brief reads. "And American businesses are scrambling to adjust, hiring needed talent to work in locations outside our nation's borders."

Apple, Microsoft, Netflix and Twitter were among 52 companies that signed the brief, which was filed in a lawsuit brought by the National Association of Manufacturers, which represents 14,000 member companies, as well as in a similar lawsuit brought in Washington, D.C.

(Reporting by Ted Hesson in Washington, Editing by Rosalba O'Brien and Nick Zieminski)

By Ted Hesson

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.92% 3144.88 Delayed Quote.70.19%
APPLE INC. -0.76% 114.09 Delayed Quote.55.41%
FACEBOOK 1.94% 261.79 Delayed Quote.27.55%
MICROSOFT CORPORATION -1.04% 207.26 Delayed Quote.32.81%
NETFLIX, INC. 0.58% 493.48 Delayed Quote.52.51%
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Financials (USD)
Sales 2020 273 B - -
Net income 2020 56 922 M - -
Net cash 2020 73 828 M - -
P/E ratio 2020 35,2x
Yield 2020 0,70%
Capitalization 1 951 B 1 951 B -
EV / Sales 2020 6,88x
EV / Sales 2021 6,11x
Nbr of Employees 137 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 40
Average target price 119,98 $
Last Close Price 114,09 $
Spread / Highest target 31,5%
Spread / Average Target 5,16%
Spread / Lowest Target -37,8%
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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