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Four 'blue' states to sue federal government over local tax deduction loss External Link

The governors of New York, New Jersey, Connecticut and Maryland on Tuesday announced they would sue the federal government for taking away taxpayers' ability to deduct the full amount of state and local taxes they pay from their federal returns. New York Governor Andrew Cuomo called the so-called SALT tax law change, passed in late 2017 by Congressional Republicans, "un-American." He added: "What you did was you divided the states, you penalized the Democratic states." The suit seeks a court judgement that the tax policy is unconstitutional, and also asks for injunctive relief, Cuomo said. Among other precedents, it cites the 16th Amendment, which says the federal government's tax power can't be used to intrude on the sovereign authorities of the states to determine their own fiscal policies. Policymakers and advisors, in drafting the federal tax policy, spoke openly about their desire to punish states with majority Democratic bases, the suit notes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 17 Jul 2018 14:34:49 GMT
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Johnson & Johnson shares rose 3.7% on Q2 earnings, revenue beatsExternal Link

Johnson & Johnson shares rose 3.7% in Tuesday morning trade after the company reported second-quarter earnings and revenue beats. Earnings for the latest quarter rose to $3.95 billion, or $1.45 per share, from $3.83 billion, or $1.40 per share in the year-earlier period. Adjusted earnings-per-share were $2.10, above the FactSet consensus of $2.07. Revenue rose to $20.83 billion from $18.84 billion, above the FactSet consensus of $20.39 billion. Pharmaceutical sales beat the consensus, with above-consensus sales for Simponi, Stelara, Prezisa/TMC, Concerta, Invega, Darzalex, Imbruvica and Zytiga, and below-consensus sales of Remicade, Edurant and Xarelto. Sales of medical devices also came in above the consensus. Yet consumer sales came in below consensus, with oral care and women's health sales above consensus, while baby care, oral care, skin care and wound care sales were below consensus. Johnson & Johnson now expects 2018 sales of $80.5 billion to $81.3 billion, reflecting an increase in expected operational growth and offset by an estimated lower favorable impact of currency; the guidance is below the FactSet consensus of $81.4 billion. Johnson & Johnson shares have dropped 0.7% over the last three months, compared with a 3.3% rise in the S&P 500 and a 1.1% rise in the Dow Jones Industrial Average .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 17 Jul 2018 14:25:48 GMT
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Netflix's stock plunge paces peers' and broad-market's losersExternal Link

Shares of Netflix Inc. sank 11% in morning trade on heavy volume, after the streaming video service reported disappointing second-quarter results, to pace its peers and and the broader market in losses. With 12 million shares traded in the first half hour after the open, which was already more than the full-day average of 11.6 million shares, the stock was the most actively traded on the Nasdaq exchange. The percentage decline would be the biggest in two years, since the company reported second-quarter results in July 2016. The stock was also the biggest decliner among components of the SPDR Consumer Discretionary Select Sector ETF , the Nasdaq 100 Index and the S&P 500 index . The next biggest decliner in the Nasdaq 100 was Dish Network Corp. shares , down just 1.7%, while the next biggest decliner in both the consumer discretionary ETF and the S&P 500 was Omnicom Group Inc.'s stock , which fell 6.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 17 Jul 2018 14:07:48 GMT
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IQiyi stock slides after peer Netflix reports disappointing resultsExternal Link

Shares of iQiyi Inc. , the Netflix Inc. of China, are down 3.3% in Tuesday morning trading after Netflix reported disappointing quarterly results. Netflix missed subscriber estimates and delivered a more downbeat forecast than analysts had been expecting. IQiyi, which went public in WHEN, offers streaming-video services in China. The company announced Tuesday that it had acquired Skymoons Inc., which focuses on developing and publishing mobile games, for RMB1.27 billion. Shares gained 8.8% in Monday's session and are up 82% over the past three months, while the S&P 500 has gained 0.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 17 Jul 2018 14:03:03 GMT
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Powell says more gradual interest-rate hikes is the 'best way forward' External Link

Federal Reserve Chairman Jerome Powell on Tuesday said continued gradual interest-rate hikes was the "best way forward" for monetary policy. "With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the FOMC believes that - for now - the best way forward is to keep gradually raising the federal funds rate," Powell said in testimony to the Senate Banking Committee. Powell said the unemployment rate is expected to fall further and the Fed's challenge will be to keep inflation close to 2%. Key unknowns are the outcome of the ongoing trade disputes and the impact of the Trump tax cuts and boost in federal spending, he said. "Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate," he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 17 Jul 2018 14:00:11 GMT
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