The Economy
Republicans Finalize Tax Bill, Expand Benefits For Low-Income Families
The Republicans have finalized a new tax bill that would include an expanded child tax credit aimed to boost benefits for low-income families. This change was deemed necessary to win the support of senators Marco Rubio and Mike Lee. Voting on the final bill is planned for next week.
EU to Impose Stricter Rules on Bitcoin Exchanges to Prevent Money Laundering
The European Union has agreed to implement more stringent rules on bitcoin and cryptocurrency exchange platforms in order to clamp down on money laundering activities. This agreement is part of a set of measures aimed to prevent financial crimes and tax evasion.
The Markets
Wall Street Hits Record High On Optimism For Tax Overhaul
Wall Street indexes hit a record high on Friday as the much-anticipated tax bill to reduce corporate tax rates reached its closing stages. The S&P 500 was up by 1.02% and the Dow by 0.71%, both on track to close higher for the fourth straight week. The Nasdaq went up 1.25%, its first weekly gain in three weeks.
Unilever to Sell Spreads Business to KKR
Anglo-Dutch consumer goods company Unilever (NYSE:UL) has agreed to sell its margarine and spreads business to U.S. buyout fund Kohlberg Kravis Roberts & Co. (NYSE:KKR) for 6.8 billion euros. KKR managed to beat out both CVC Capital Partners and Apollo Global Management in its bid for the Unilever unit.
Lockheed Martin, Aerion to Develop World’s First Supersonic Business Jet
Lockheed Martin Corp. (NYSE:LMT) has partnered with Nevada-based aircraft manufacturer Aerion Corp. to develop the world’s first supersonic business jet. Aerion expects the supersonic jet to be operational by 2025.
FCC to Fine Sinclair Broadcasting $13.3 million Over Commercials
The U.S. Federal Communications Commission plans to fine Sinclair Broadcast Group Inc. (NASDAQ:SBGI) $13.3 million over failure to disclose information on TV commercials.
Top Active Stocks
Costco Wholesale Corp. (NASDAQ:COST) gained 3.3% after beating its earnings expectations with earnings per share of $1.36 (analysts expected $1.34). The company’s revenue grew by 12.2% in fiscal Q1 compared to the same quarter a year go. It also saw a huge jump in same-store and online sales.
The struggling Under Amour (NYSE:UA) also saw a boost on Friday following an analyst upgrade, citing improved sales quality and cost-structure management. The stock went up by 9.4% to $13.62 at market close.
Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) shares went up by 7.5% after Goldman Sachs upgraded the stock on positive outlook regarding the drugmaker’s cost-cutting strategy. Yesterday, Teva announced plans to cut 25% of its workforce over the next two years.
CSX Corp. (NYSE:CSX) was down 7.6% as CEO Hunter Harrison took a medical leave amid the company’s controversial turnaround plan.
Oracle Corp. (NASDAQ:ORCL) shares dropped by 3.8% following a disappointing forecast for its cloud business, which is aimed to rival Amazon’s database.
Featured Image: DepositPhotos/ stu99
