The Economy
U.S. Congress May Have Final Tax Bill By December 22
The U.S. Congress could conclude its tax negotiations by December 22 and present a final bill to President Donald Trump. According to Republican Senator John Cornyn, the tax negotiators should be able to meet a Trump administration request to iron out the differences between the two bills by that date.
China To Expand Market Access For Foreign Investors
Following its recent move to raise foreign ownership limits in domestic financial firms, China has pledged to expand market access for foreign investors. According to Vice Premier Wang Yang, China will “actively and effectively attract foreign investment, protect legal rights and interests of foreign investors, and create an environment for fair competition.”
The Markets
Bitcoin Breaks Above $14,000 Despite Bubble Market Worries
Bitcoin surged to $14,020 on Wednesday despite widespread concerns over the cryptocurrency’s real value and a possible market bubble. CME Group Inc. (NASDAQ:CME) and CBOE Global Markets are expected to launch bitcoin futures contracts later this week.
UnitedHealth To Buy DaVita’s Primary Care Unit For $4.9 Billion
Unitedhealth Group Inc. (NYSE:UNH) plans to buy DaVita Inc. (NYSE:DVA)’s primary and urgent care services for $4.9 billion. This would be Unitedhealth’s second acquisition this year.
Ford Set To Test Online Auto Sales In China Through Alibaba
Ford Motor Co. (NYSE:F) is expected to enter a deal with Alibaba Group Holding Ltd. (NYSE:BABA) that will allow the automaker to test online car sales in China through Alibaba’s Tmall retail platform. The companies are expected to sign a letter of intent on Thursday.
Top Active Stocks
AeroVironment Inc. (NASDAQ:AVAV) soared by over 30% on Wednesday after posting strong sales numbers for the second quarter. The military drone maker reported a profit of 29 cents per share, while analysts polled by Reuters expected a loss of 6 cents per share.
Another company that posted impressive quarterly results was Dave & Buster’s Entertainment (NASDAQ:PLAY), which recorded earnings per share of 29 cents, higher than the 24 cents per share expected from analysts polled by FactSet. Its stock went as high as $57.15 on Wednesday.
Vistagen Therapeutics Inc. (NASDAQ:VTGN) saw its share price skyrocket by over 100% on Wednesday as the company was granted a U.S. patent related to certain methods of production for AV-101, the company’s lead antidepressant drug candidate.
Another pharmaceutical company, Immunomedics Inc. (NASDAQ:IMMU), surged by 13% following the announcement of updated results of a phase 2 study on the company’s lead investigational antibody-drug conjugate for treating metastatic triple-negative breast cancer.
Shares of OSI Systems Inc. (NASDAQ:OSIS) plummeted by 29.2% on Wednesday after renowned short seller Carson Block called the company “rotten to the core” during an interview with Bloomberg TV.
Featured Image: DepoditPhotos/ JanMika
