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House prepares for crucial tax bill vote

Markets are looking to rebound big today, with Cisco and Walmart driving the early rally. Meanwhile, investors eye DC as the House gets ready to vote on its tax bill. Yahoo Finance’s Alexis Christoforous, Myles UdlandJared Blikre, and Justine Underhill discuss the big stories of the day.

Today’s topics:

  • House set to vote on tax bill
  • GOP Sen. Ron Johnson opposes tax plan
  • Pres. Trump to visit GOP House members
  • Stocks open higher—first time in 7 sessions
  • Walmart shares surge to record highs
  • Cisco shares soar to 16-year high
  • Almost 1.5M people have signed up for Obamacare during open enrollment
  • Hasbro, Mattel lower after Mattel rejects takeover offer: Reuters
  • L Brands sinks after VS says cutting swimwear slashed sales
  • RH soars after raising Q3 and fiscal 2017 guidance
  • Viacom misses on EPS after losing US ad revenue
  • More women accuse Roy Moore of sexual misconduct
  • NFL accuses Dallas Cowboys owner of hurting league
  • Leonardo da Vinci painting goes for $450.3M

TWITTER POLL:
How serious is the Jerry Jones controversy for the NFL?
-Major hit to the league
-Bad considering timing
-Not as bad as the Giants
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  • A former GE exec who trained new managers found that almost all of them were making the same mistake
    Business
    Business Insider

    A former GE exec who trained new managers found that almost all of them were making the same mistake

    Beth Comstock is the former vice chair of General Electric. Comstock would hand out "permission slips" authorizing employees to take risks — but she also said it's important for people to stop hiding behind their excuses. Beth Comstock doesn't tolerate excuses.

  • Ken Langone: 'Who the hell in their right frame of mind would be buying bonds now?'
    Business
    Yahoo Finance

    Ken Langone: 'Who the hell in their right frame of mind would be buying bonds now?'

    Billionaire investor and philanthropist Ken Langone, the founder of The Home Depot (HD) and chairman of Invemed Associates, argued that there’s some “big time” structural problems in the market right now. “A big fear to me is who the hell in their right frame of mind would be buying bonds now?

  • Advanced Micro Devices (AMD) Q3 Earnings Preview: Here's What to Look Out For
    Business
    Zacks

    Advanced Micro Devices (AMD) Q3 Earnings Preview: Here's What to Look Out For

    Advanced Micro Devices (AMD) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2018. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 24, 2018, might help the stock move higher if these key numbers are better than expectations.

  • 7 Stocks to Buy and Hold Through Any Market Selloff
    Business
    InvestorPlace

    7 Stocks to Buy and Hold Through Any Market Selloff

    Last week’s market collapse made headlines throughout the world. Since the sharp correction has negatively impacted virtually all investment sectors, you’re going to find discounted deals everywhere you look.

  • Legal pot in Canada putting pressure on US
    Business
    Yahoo Finance Video

    Legal pot in Canada putting pressure on US

    Canada’s moves to legalize recreational marijuana could have major impacts on the US. Yahoo Finance’s Alexis Christoforous speaks with Alexis Keenan about the state of legalization in this country.

  • Finance
    InvestorPlace

    5 Things to Think About Before Buying Exxon Stock

    For investors in Exxon Mobil (NYSE:XOM), the last year has been a very interesting ride. Exxon is one of the largest energy stocks on the planet with a massive resource base and billions in cash flows, so XOM should be flying high as well. The question for investors now is whether or not, Exxon is truly getting over those humps and is back to being the leader in the oil patch.

  • Is There Any Steam Left in AES Stock after Such a Steep Rally?
    Business
    Market Realist

    Is There Any Steam Left in AES Stock after Such a Steep Rally?

    AES Corporation (AES), one of the smallest constituents of the Utilities ETF (XLU), has surged more than 35% so far this year, beating peers. Its expansion of renewable energy sources and its recently launched LNG terminal in Central America have driven its stock so far this year. AES stock presently looks strong considering the premium to both its support levels.

  • Steven Mnuchin, Who Sat on Sears' Board for Years, Could Impact the Pensions of Thousands of Workers
    Business
    Fortune

    Steven Mnuchin, Who Sat on Sears' Board for Years, Could Impact the Pensions of Thousands of Workers

    Long before he was Secretary of the Treasury, Steven Mnuchin was a student at Yale University. One of those was Eddie Lampert. Lampert, of course, is the recently departed CEO of Sears Holdings, which filed for Chapter 11 bankruptcy Monday.

  • IBM disappoints, more Facebook accusations, Apple apologizes
    Business
    Yahoo Finance

    IBM disappoints, more Facebook accusations, Apple apologizes

    Here’s a look at some of the companies the Yahoo Finance team will be watching for you today. IBM investors aren’t thrilled with the latest earnings report. The company posted a beat on earnings but revenue missed. CEO Ginni Rometty says the results show

  • Canada Greets Legal Cannabis With Lineups and a ‘Wake and Bake’
    World
    Bloomberg

    Canada Greets Legal Cannabis With Lineups and a ‘Wake and Bake’

    Stores in St. John’s, Newfoundland were the first to sell recreational cannabis, followed by more than 100 outlets and websites opening across the country of 37 million people. “I’m super happy, this is an historic day for Canadians and for the world because we’re really setting a precedent here," said Isaac Langille outside a store in Halifax where he bought the legal limit of 30 grams, spending C$344 ($264) on products from Aphria Inc. and Organigram Holdings Inc.

  • Comparing AT&T’s Valuation amid the October Market Sell-Off
    Business
    Market Realist

    Comparing AT&T’s Valuation amid the October Market Sell-Off

    What Investors Should Know about AT&T’s Growth Prospects (Continued from Prior Part) AT&T’s scale In this part, we’ll look at AT&T’s (T) valuation after the recent sell-off. On October 11, AT&T’s market capitalization was $230.6 billion, making it the

  • Better Buy: The Home Depot, Inc. vs. Lowe's
    Business
    Motley Fool

    Better Buy: The Home Depot, Inc. vs. Lowe's

    Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) have helped countless homeowners increase the value of their homes. They've also made many investors rich. With their shares having soared 879% and 484%, respectively, over the past decade, Home Depot and Lowe

  • Is Wells Fargo & Company a Buy?
    Business
    Motley Fool

    Is Wells Fargo & Company a Buy?

    North America's biggest banks have made for pretty great investments over the past few years. Since the beginning of 2016, Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) have delivered total returns of 72% and 75%, respectively

  • ‘Mr. Wonderful’ staying on sidelines as legal pot comes to Canada
    World
    Yahoo Finance Video

    ‘Mr. Wonderful’ staying on sidelines as legal pot comes to Canada

    Recreational marijuana is now legal in Canada, but one prominent investor is staying on the sidelines. ‘Mr. Wonderful,’ Kevin O’Leary, says he won’t be putting his money into legal pot, for now. He spoke with Yahoo Finance’s Alexis Christoforous.

  • Finance
    Barrons.com

    Berkshire Hathaway Stock Looks Cheap by Warren Buffett’s Measure

    By using a financial measure called “look-through earnings,” which seeks to incorporate the profits of the companies in Berkshire’s huge $200 billion equity portfolio into Berkshire’s earnings, its shares suddenly seem cheaper, according to a report Wednesday from JPMorgan analyst Sarah DeWitt. Buffett has often referred to look-through earnings in his annual shareholder letters as a good way to analyze the company. Berkshire’s class B shares are off $1.33, or 0.6%, to $208.50 in morning trading Wednesday.

  • Business
    Benzinga

    Bernstein Initiates On Tobacco Stocks: Philip Morris 'Leads The Way In The New Nicotine World'

    Tobacco stocks are facing an uphill battle when it comes to regulation and public perception, but one Wall Street analyst says tobacco companies have a long track record of success for investors. The Analyst Bernstein analyst Callum Elliott has initiated

  • Prince Harry and Meghan Markle's Child Will Probably Not Be a Prince or Princess. Here's What the Title Will Be Instead
    News
    Time

    Prince Harry and Meghan Markle's Child Will Probably Not Be a Prince or Princess. Here's What the Title Will Be Instead

    Prince Harry and Meghan, Duchess of Sussex announced Monday they are expecting their first child and many Brits have responded with the same enthusiasm that met news of Prince William and Kate Middleton’s impending arrivals: Prince George, Princess Charlotte and Prince Louis. “At the time, there were revolutions happening across Europe and many monarchies collapsing,” she says.

  • Netflix is ditching freeloaders from subscriber forecasts after volatile stock moves
    Business
    MarketWatch

    Netflix is ditching freeloaders from subscriber forecasts after volatile stock moves

    After two consecutive off-the-mark quarters, falling short of its own forecasts for subscriber growth, Netflix Inc. hopes to put an end to the big swings in its stock price with some changes to its accounting. Three months ago, Netflix reported weaker-than-expected subscriber growth, sending its stock tumbling about 12% in the next trading day. From last quarter: Is Netflix stock falling down a mountain, or just tripping over a molehill?

  • Business
    Benzinga

    Kinder Morgan's Q3 Earnings Preview

    Kinder Morgan (NYSE: KMI) will be releasing its next round of earnings Wednesday. For all of the relevant information, here is your guide for the Q3 earnings announcement. Earnings and Revenue Analysts expect Kinder Morgan earnings of 21 cents per share

  • Finance
    TheStreet.com

    General Electric Rises on Reported Iraq Power-Generation Deal

    for a multi-billion-dollar deal to supply power to Iraq. Munich-based Siemens had been close to securing a contract to supply 11 gigawatts of power-generation equipment to Iraq, a deal worth about $15 billion, but then the Trump administration intervened on behalf of GE, the Financial Times reported, citing unnamed people familiar with the matter. The Trump administration reportedly pressured the Iraqi government, and now "GE is expected to take a substantial share of the sale," the Financial Times said.

  • Pot Stocks Tumble in First Hours of Canada’s Legal Weed Market
    Business
    Bloomberg

    Pot Stocks Tumble in First Hours of Canada’s Legal Weed Market

    (Bloomberg) -- Investor reaction to Canada’s newly legal cannabis market took a brighter turn by late Wednesday morning, with a few stocks turning positive after the sector started the day in the red.Pyxus International Inc. led the gains, rising as much

  • Business
    TheStreet.com

    Has Big Blue Become Big Red?

    My first thought after that... I wonder if CEO Ginni Rometty has a problem. Getting even more granular, the "Cognitive Solutions" segment of the business, which would include artificial intelligence and the Watson supercomputer saw revenue decline significantly, about 5% year over year.

  • Why Marijuana Stocks Cronos Group, Canopy Growth, and Tilray Jumped Today
    Business
    Motley Fool

    Why Marijuana Stocks Cronos Group, Canopy Growth, and Tilray Jumped Today

    The stock market pulled back on Monday, with major benchmarks failing to build on the positive momentum from last Friday. Cronos Group (NASDAQ: CRON), Canopy Growth (NYSE: CGC), and Tilray (NASDAQ: TLRY) were among the best performers. All three of these stocks have something in common: They all stand to benefit from Wednesday's effective date for legal sales of recreational cannabis product in Canada.

  • Boeing delivers first 737 Max 8 BBJ and unveils Max 7 luxury interior (Photos)
    Business
    American City Business Journals

    Boeing delivers first 737 Max 8 BBJ and unveils Max 7 luxury interior (Photos)

    Boeing has delivered its very first 737 Max 8 business jet to a paying customer. It's the first of 20 BBJ Max jets that buyers from around the world have ordered from the Chicago-based jetmaker since they went on sale. Boeing spokesman Dmitry Krol declined to identify the buyer of the jet, which is the second of its kind made at Boeing's Renton 737 factory.

  • Boeing (BA) Q3 Earnings Preview: What to Expect
    Finance
    Zacks

    Boeing (BA) Q3 Earnings Preview: What to Expect

    Boeing (BA) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended September 2018. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 24, 2018, might help the stock move higher if these key numbers are better than expectations.