The Economy
Tax Reform Bill Gets Final Approval
The U.S. House of Representatives has given final approval on the biggest tax overhaul in 30 years. The tax bill was passed on a vote of 224-201, with all Democrats and only a dozen Republican members voting against it.
U.S. Commerce Department Upholds Steep Duties on Bombardier Jets
The U.S. Department of Commerce has issued a final ruling to uphold steep anti-subsidy duties on Bombardier’s CSeries jets. The ultimate verdict on the ongoing Bombardier-Boeing spat will come when the U.S. International Trade Commission decides whether Boeing was harmed by Bombardier’s pricing actions in the U.S.
EU Classifies Uber as Transportation Service
The European Union’s top court has handed down a verdict stating that Uber should be classified as a transport service and regulated like other taxi operators. Uber had previously argued that it was merely a digital app that acted as an intermediary between drivers and customers and should be regulated under lighter EU rules for online services.
The Markets
Wall Street Dips as Congress Passes Tax Bill
The U.S. stock market dipped slightly on Wednesday following the passage of a new tax bill by the Congress. The Dow, S&P and Nasdaq fell by 0.11%, 0.08% and 0.04% respectively at market close.
United Therapeutics to Pay $210 Million to Resolve U.S. Kickback Investigation
United Therapeutics Corp. (NASDAQ:UTHR) has agreed to pay $210 million to settle claims that the company allegedly violated the False Claims Act by paying kickbacks to Medicare patients through a charity.
Blackstone Acquires Taliesin Property Fund for 260 Million Euros
U.S. investment firm Blackstone (NYSE:BX) has acquired real estate specialist Taliesin Property Fund Ltd. for 260 million euros cash. This is a 10% premium over Taliesin’s closing price on December 19.
Top Active Stocks
Micron Technology Inc. (NASDAQ:MU) went up by 4% to $45.75 as the company posted strong earnings results for fiscal Q1. Micron beat both its EPS and revenue estimates for the quarter by large margins.
BlackBerry Ltd. (NYSE:BB) reported its third quarter results on Wednesday, beating analyst forecasts with strong software sales numbers despite a fall in revenue. The company’s stock has gone up by nearly 12%, now trading at $12.17.
Philip Morris International Inc. (NYSE:PM) fell by 2.5% to $104.37 following news that the company is being investigated for allegedly releasing misleading information to the public. According to a Reuters report, former company employees and contractors have detailed irregularities in the clinical experiments that underpin its FDA application for the iQOS smoking device.
FedEx Corp. (NYSE:FDX) moved up 3.5% as the company beat analyst expectations for the second quarter and raised its fiscal 2018 guidance. FedEx is projecting that the new tax bill would give the company a $1.5 billion earnings boost next year.
Featured Image: DepositPhotos/billperry
