The Obama administration is calling for new legislation that will limit the benefits of U.S. companies which reincorporate overseas for tax benefits. In the last decade, 50 U.S. firms have relocated for tax inversions. Treasury Secretary Jacob Lew has written to congressional tax-writing committees stating lawmakers "should enact legislation immediately…to shut down this abuse of our tax system."
Yahoo misses by $0.01, misses on revenue
Yahoo (NASDAQ:YHOO): Q2 EPS of $0.37 misses by $0.01.
Revenue of $1.04B (-2.8% Y/Y) misses by $50M.
Shares -1.95% AH.
Intel beats by $0.02, beats on revenue
Intel (NASDAQ:INTC): Q2 EPS of $0.55 beats by $0.02.
Revenue of $13.83B (+8.0% Y/Y) beats by $140M.
Shares +2.21% AH.
well, we all go sometime - you and I included. Ralph is pretty old right and has no financial worries. Again, hope they keep the CEO & CB posts separate.
The LinkIn guy opened his Alliance book with message:
Imagine it’s your first day of work at a new company. Your manager greets you with warm enthusiasm, welcomes you to “the family,” and expresses her hope that you’ll be with the company for many years to come.
Then she hands you off to the HR department, who sits you down in a conference room and spends thirty
minutes explaining that you’re on a ninety- day probation period, and that even after that, you’ll be an “at
will” employee. “At any moment, you can be fired. For any reason, you can be fi red. Even if your boss has no
reason at all, you can be fired.”
Hewlett-Packard (NYSE:HPQ) announces that Chairman Ralph Whitworth has resigned from the company's board of directors in order to focus on his health.
A new chairman will be selected at the next board meeting.
Agree that we had the worst decade after Y2K and now may become of best in our generation. It is unfortunately that many in Main Street had left Wall Street after the back to back tech and housing bubbles.
Jobs gain of 288K; UE rate down to 6.1%
June Nonfarm Payrolls: +288K vs. consensus +212K, +224K previous (revised from 217K).
Unemployment rate: 6.1% vs. 6.3% consensus, 6.3% previous.
" ... in order to return to pre-recession employment level ..." Those jobs between 9/11 and 2007 were mostly bogus jobs created to support the housing bubble built on liar loans.
And of course, many have chosen to retire rather than going from making $200K a year with a real estate sales license to $30K a year as Walmart greeters.
S&P hitting new all time highs many multiple days in June and continuing in July:
Released On 7/3/2014 8:30:00 AM For Jun, 2014
Prior Consensus Consensus Range
Nonfarm Payrolls - M/M change 217,000 211,000 199,000 to 290,000
Unemployment Rate - Level 6.3 % 6.3 % 6.2 % to 6.3 %
NEW YORK (TheStreet) -- GoPro Inc. (GPRO_) was jumping on Thursday, rising as much as 31% to $31.43, as investors scrambled to get a piece of the video-camera maker popular with zealots of surfing, skiiing and other sports.
Shares of the San Mateo, California-based company rose 28% to $30.73 after shares were prices at $24 and opened at $28. GoPro raised roughly $427 million in an offering that values the company at $3 billion.
GoPro is expected to use the proceeds from its initial public offering to cash out some existing investors and pay off its $120 million debt.
Founder Nick Woodman created the first GoPro from a point-and-shoot camera, a broken surfboard leash and a couple of rubber bands. Now GoPro is a $2.25 billion company and has sold 8.5 million cameras since launching its first camera 2009. It sold 3.8 million cameras in 2013 alone, according to a government filing.
It was a good game and could have gone either way.
Besides the rain, the referee calls have swayed the game too much. American couch potatoes will never tolerate the fuzzy calls.
You meant to work for the Chinese by taking on the risks of pipeline ruptures/sabotage, toxins from refinery and ultimately ship the goods to China?
Services PMI Flash Index sees sharpest rise in June since October 2009
June US Services PMI Flash Index: 61.2 vs. 58.1 in May.
New Business 61.6 vs. 58.7
Employment 55.4 vs. 51.7
Prices Changed 53.2 vs. 54.6
Business Expectations 75.9 vs. 79.3
Corporate Profits revised higher
Q1 Corporate Profits: +6.8% vs. 5.3% prior.
GDP contracted 2.9%
GDP Q1: -2.9% vs. -1.8% expected, -1.0% previous.
Money well spent:
Contractor Giving Soars 28% in Bid to Block Defense Cuts
By Jonathan D. Salant May 13, 2014
Top U.S. government contractors are ramping up their political giving before the congressional elections, seeking protection from sales-sapping budget cuts.
The 10 biggest contractors, including Lockheed Martin Corp. (LMT:US) and Northrop Grumman Corp. (NOC:US), boosted political action committee contributions by 29 percent in advance of the 2014 midterm congressional elections compared with 2012, according to Federal Election Commission filings compiled by Bloomberg.
Lawmakers elected on Nov. 4 will help decide the fate of automatic federal spending reductions, which were set at $1.2 trillion over a decade, after a two-year deal easing the cuts expires next year. The companies need Congress’s support because sales are being hurt as agencies tighten spending. Their strategy of pumping up profits through stock buybacks and cost-cutting might be difficult to maintain.
GoPro's IPO is on its way, with $427M of company stock estimated to be sold later this afternoon. The company shares will begin trading Thursday on the Nasdaq. Share price is estimated at $21 to $24, which would value the company at as much as $3.6B. GoPro's (GPRO) cameras were the number one selling camcorders nationwide by sales and units in 2013. Net profit rocketed 88% last year to $61M, and revenue soared 87% to $986M.
U.S. law will now allow some exports of ultra-light crude oil, after the government issued a permit to two companies to export condensate that could be turned into jet fuel or diesel. Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) have been given clearance to export condensates, after a new approach redefined some light oil as fuel. The first shipments may begin as soon as August.