Monopoly in Financial Internet Research

This past weekend, I was watching the talking heads on CNBC. When one of the guys was asked to make a stock pick, he chose Morningstar.com. His reasoning behind it was because he claimed morningstar had a monopoly on the internet stock research industry. Before he could even finish his sentence, there was an argument. His opponent claimed that if anything, the industry would be closer to a perfectly competitive market because the information is about the same and there are so many sites that provide the same free information. (Yes he acually used the words "perfectly competitive.") I wish I could be more specific, but the TV i was watching this on isn't hooked up to DVR.
While Morningstar does have a fee for some of its services, since the free information can be found in so many other places, he disagreed. While I agree Morningstar is probably the titan of fee based research sites, I don't see it as a monopoly because there are so many other substitutes.The thing that impressed me most was words such as "perfectly competitive" and "monopoly" were actually used in conversation. What do you think? Does morningstar have a monopoly?