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ALPHABET INC.

(GOOGL)
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House Panel Calls for Congress to Break Up Tech Giants -- Update

10/06/2020 | 05:12pm 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 as 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.

The report carries no legal consequences on its own, but lawmakers hope its conclusions 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 they share concerns about the tech companies but disagree with some farther-reaching Democratic 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 targeting its most successful companies. "To undercut our nation's 'crown jewel' companies would take our competitiveness out at the knees."

Write to Ryan Tracy at ryan.tracy@wsj.com and John D. McKinnon at john.mckinnon@wsj.com

(END) Dow Jones Newswires

10-06-20 1711ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.33% 1795.36 Delayed Quote.34.04%
AMAZON.COM, INC. 1.64% 3220.08 Delayed Quote.74.26%
APPLE INC. 3.08% 122.72 Delayed Quote.62.17%
FACEBOOK INC 3.46% 286.55 Delayed Quote.39.61%
LONDON BRENT OIL 0.70% 47.36 Delayed Quote.-27.86%
WTI 1.19% 44.475 Delayed Quote.-26.43%
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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 35,2x
Yield 2020 -
Capitalization 1 215 B 1 215 B -
EV / Sales 2020 6,14x
EV / Sales 2021 5,02x
Nbr of Employees 132 121
Free-Float 90,3%
Chart ALPHABET INC.
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Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 47
Average target price 1 887,24 $
Last Close Price 1 795,36 $
Spread / Highest target 25,3%
Spread / Average Target 5,12%
Spread / Lowest Target -31,1%
EPS Revisions
Managers
NameTitle
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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