![]() The consensus estimate for the period was 235,000. On the economic data front, initial claims for the last week rose to 249,000 - an increase of 10,000 form the last week. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Moreover, this rally in tech shares also bolstered the Nasdaq which gained 87.08 points to finish in the green. Such gains were made possible by a surge in the shares of Cisco after posting an earnings beat. The Technology Select Sector SPDR ETF (XLK) surged 1.4%. Of the 11 major sectors of the S&P 500, nine ended in the green, with tech shares leading the advancers. Such gains also boosted the S&P 500 which surged 21.02 points. Wal-Mart also raised its full-year earnings guidance to help its stock price hit a new intraday trading high of $98.01 per share. ![]() The Arkansas-based retailer posted $123.18 billion in quarterly revenues and adjusted EPS of $1.00 per share, which both beat Wall Street expectations. Whereas the shares of Wal-Mart gained almost 11% after posting third quarter 2017 earnings which surpassed the expectations. Revenues declined 1.7% year over year to $12.14 billion and were almost in line with the Zacks Consensus Estimate. Acquisitions have negatively impacted earnings by a penny in the quarter. However, the figure remained unchanged on a year-over-year basis. reported first-quarter fiscal 2018 non-GAAP earnings of 61 cents per share beating the Zacks Consensus Estimate by a penny. Shares of Cisco gained 5.2% on Thursday after posting stupendous earnings for first quarter of fiscal 2018. This also led to the Dow gaining more than 200 points earlier in the session. While gains for the Dow were boosted primarily by the Tax Bill being passed in the House, a surge in the shares of Cisco CSCO and Wal-Mart WMT helped the blue-chip index post a brilliant show. This comes just a day after the blue-chip index posted its worst one-day drop since Sep 5. The Dow amassed 187.08 points to close in the green on Thursday. However, broader markets gained traction on Thursday after the Tax Bill was passed by the House. ![]() This would be Senate Finance Committee's proposal to delay the implementation of the corporate tax cut - the most important facet of the legislation - to 2019. Such Republicans particularly did not support the abolishment of state and local income tax deductions under the Bill.Įconomists believe that the Bill has yet to clear the biggest hurdle. In all, thirteen Republicans refused to vote for the Bill. Moreover, Republicans from New York and New Jersey also did not vote for the legislation. Not so surprisingly, none of the Democrats cast their vote for the Bill. Eventually, the United States will move to a territorial tax system, under which a company can be taxed only where income is earned. It also reduces tax brackets to just four slabs from the current seven slabs and also revokes the estate tax system. House Speaker, Paul Ryan even commented that the legislation would result in more jobs, increased wages and above all, 'better take-home pay.' The Bill reduces the corporate tax rate to 20% from the current rate of 35%. Members of the GOP remained positive about the how the Bill would actually improve the overall economy. tax code but also took President Trump and his team one step closer toward realizing their most important agenda - tax reforms. This not only refurbished the existing U.S. In a 227 to 205 vote on Thursday, House of Representatives finally passed the much awaited tax cuts legislation now named as the Tax Cuts and Jobs Act.
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