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MarketScreener Homepage  >  Equities  >  Nyse  >  Sysco Corporation    SYY

SYSCO CORPORATION

(SYY)
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Judge in Google Lawsuit Presided Over Major Antitrust Case

10/21/2020 | 11:29am EST

By Brent Kendall

WASHINGTON -- The Justice Department's lawsuit against Google has been assigned to U.S. District Judge Amit Mehta, an Obama appointee who has presided over a major antitrust case.

Judge Mehta joined the bench in early 2015 and a short time later received his welcome gift: a case in which the Federal Trade Commission was seeking to block the proposed merger of the nation's two largest food distributors, Sysco Corp. and US Foods.

That summer, the judge issued an injunction blocking the deal, saying in a 128-page ruling that the tie-up was the type of large combination that spurred Congress, decades earlier, to give the government the power to halt mergers. Sysco abandoned the transaction days later.

Because antitrust cases rarely go to court, many judges have little experience with them, which can present challenges for litigants.

Though Judge Mehta ruled for the FTC, he grilled the government throughout the proceedings, questioning economic calculations presented by the commission.

More recently, Judge Mehta issued a high-profile ruling last year that said President Trump couldn't block a subpoena from a House committee seeking financial records from his longtime accounting firm.

That case remains in litigation after making a trip to the Supreme Court.

The Justice Department's lawsuit against Google, filed Tuesday, marks the government's most aggressive antitrust case in the tech sector in more than two decades.

The department alleged that the Alphabet Inc. unit uses anticompetitive tactics to preserve a monopoly for its flagship search engine and related advertising business. Google called the lawsuit deeply flawed, saying it maintains its top market position because consumers want to use its services, many of which are free.

Write to Brent Kendall at brent.kendall@wsj.com

(END) Dow Jones Newswires

10-21-20 1128ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.83% 1754.4 Delayed Quote.30.99%
LONDON BRENT OIL -0.29% 47.56 Delayed Quote.-27.73%
SYSCO CORPORATION 0.07% 71.29 Delayed Quote.-16.66%
US FOODS HOLDING CORP. -2.39% 31.48 Delayed Quote.-24.85%
WTI -0.49% 44.985 Delayed Quote.-26.73%
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More news
Financials (USD)
Sales 2021 51 602 M - -
Net income 2021 989 M - -
Net Debt 2021 8 461 M - -
P/E ratio 2021 36,9x
Yield 2021 2,50%
Capitalization 36 312 M 36 312 M -
EV / Sales 2021 0,87x
EV / Sales 2022 0,77x
Nbr of Employees 57 000
Free-Float 66,5%
Chart SYSCO CORPORATION
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Technical analysis trends SYSCO CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 71,70 $
Last Close Price 71,29 $
Spread / Highest target 23,4%
Spread / Average Target 0,58%
Spread / Lowest Target -21,4%
EPS Revisions
Managers
NameTitle
Kevin P. Hourican President, Chief Executive Officer & Director
Edward D. Shirley Executive Chairman
Joel Todd Grade Chief Financial Officer & Executive Vice President
Michael P. Foster Chief Information & Technology Officer
John M. Cassaday Independent Outside Director
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