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House Panel Calls for Congress to Break Up Tech Giants

10/06/2020 | 04:59pm EST

By Ryan Tracy and John D. McKinnon

WASHINGTON -- America's biggest technology companies have leveraged their dominance to stamp out competition and stifle innovation, according to a Democratic-led House panel, which called on Congress to force tech giants to separate popular online platforms from other business lines.

The report released Tuesday from Democratic staff of the House Antitrust Subcommittee capped a 16-month inquiry into the market power of Amazon.com Inc., Facebook Inc., Alphabet Inc.'s Google and Apple Inc.

It says Facebook and Google have monopoly power, while Apple and Amazon have "significant and durable market power," and criticizes U.S. antitrust enforcement agencies for failing to curb their dominance.

The 449-page report recommends Congress consider a series of measures in response, including legislation forcing them to separate their popular online platforms from other business lines as well as changes to antitrust laws to reinvigorate a perceived lack of strong enforcement.

On its own, the report carries no legal consequences. Lawmakers hope the findings it contains will spur policy makers to action.

"To put it simply, companies that once were scrappy, underdog startups that challenged the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons," the report says. "These firms have too much power, and that power must be reined in and subject to appropriate oversight and enforcement. Our economy and democracy are at stake."

Republicans on the House panel didn't sign on to the report, and have said in interviews in recent days that while they share concerns about the tech companies, they don't agree with some of the Democrats' farther-reaching policy recommendations.

"It's very important that we proceed with a scalpel and not a chain saw, " said Rep. Ken Buck (R., Col.), a member of the subcommittee.

The companies are expected to vigorously challenge the report's findings.

Ahead of the report's release, the Consumer Technology Association, an industry group, published a statement saying the tech sector is "the reason for America's global innovation leadership and powers our economy" and warned against action hamstringing its most successful companies. "To undercut our nation's 'crown jewel' companies would take our competitiveness out at the knees."

(END) Dow Jones Newswires

10-06-20 1658ET

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WTI 0.75% 45.095 Delayed Quote.-29.68%
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 705 M - -
Net cash 2020 118 B - -
P/E ratio 2020 34,6x
Yield 2020 -
Capitalization 1 195 B 1 195 B -
EV / Sales 2020 6,03x
EV / Sales 2021 4,93x
Nbr of Employees 132 121
Free-Float 90,3%
Duration : Period :
Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 47
Average target price 1 884,54 $
Last Close Price 1 763,90 $
Spread / Highest target 27,6%
Spread / Average Target 6,84%
Spread / Lowest Target -29,9%
EPS Revisions
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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