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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Netflix, Inc.    NFLX

NETFLIX, INC.

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

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08/10/2020 | 11:31am EDT
FILE PHOTO: The logos of Amazon Apple Facebook and Google

WASHINGTON, Aug 10 (Reuters) - 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)

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 24 841 M - -
Net income 2020 2 808 M - -
Net Debt 2020 9 959 M - -
P/E ratio 2020 79,8x
Yield 2020 -
Capitalization 218 B 218 B -
EV / Sales 2020 9,16x
EV / Sales 2021 7,84x
Nbr of Employees 8 600
Free-Float 98,4%
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Technical analysis trends NETFLIX, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 518,19 $
Last Close Price 493,48 $
Spread / Highest target 26,7%
Spread / Average Target 5,01%
Spread / Lowest Target -59,5%
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Managers
NameTitle
Wilmot Reed Hastings Chairman, President & Co-Chief Executive Officer
Theodore A. Sarandos Co-CEO, Director & Chief Content Officer
Gregory K. Peters Chief Operating & Product Officer
Spencer Adam Neumann Chief Financial Officer
Adriane C. McFetridge Engineering Director
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