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Amex has first loss in years, IBM to take hit, GM dodges $1B bullet, SoftBank/Uber transaction wraps up

Here’s a look at some of the companies the Yahoo Finance team will be watching for you today.

American Express (AXP) took its first quarterly loss in 26 years because of Trump’s tax overhaul. The stock fell 2.5% on the news. The credit card company also announced it would not buy back shares for the next six months but will continue paying dividends at the current rate.

IBM (IBM) stock also being hit by the new tax law. Despite beating on revenue for the first time in 23 quarters, the tech giant says the higher rate will eat into profits. IBM predicts it will operate at a 16% tax rate compared to 12% in 2017.

General Motors (GM) just dodged a $1B stock payout in its ignition switch case. The judge said the agreement that car owners had reached with a trust that holds many GM liabilities was not valid because the lawyers for the car owners never signed the agreement.

Japan’s SoftBank is now Uber’s largest shareholder. A consortium led by SoftBank closed on the $48B investment which gives it a 15% stake in the ride-hailing service. The deal makes former CEO Travis Kalanick a billionaire. Kalanick made nearly $1.5B from the stock sale.