Wariness On Bank Tax Proposal

U.S. stocks rose Tuesday as positive results from companies including Harley-Davidson Inc. (HOG) and Coach Inc. (COH) buoyed confidence on consumer spending. The S&P 500 and Nasdaq Composite each climbed 0.8%, though concerns over Coca-Cola Co.'s (KO) revenue and International Business Machines' bookings limited gains for the blue-chip Dow Jones Industrial Average to 0.2%.

 U.S. stock futures were mixed Wednesday as optimism over Apple's blowout earnings was tempered with wariness over a proposal that could tax banks to the tune of $2 trillion.
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Futures on the tech-heavy Nasdaq 100 climbed 5.25 points to 2029.50, while S&P 500 futures fell 2.2 points to 1203.20 and those on the Dow Jones Industrial Average fell 27 points.

After markets shut on Tuesday, Apple Inc. (AAPL) reported a 90% jump in quarterly profit on 49% revenue growth, both well ahead of estimates as iPhone, iPod and Macintosh shipments climbed.

"We believe Apple's fiscal second-quarter report was very strong and that the company's EPS and gross margin guidance is quite conservative for the fiscal third quarter. We continue to believe Apple's valuation is very attractive and we look forward to even more new products including a major iPhone upgrade cycle later this year," said Ben Reitzes, an analyst at Barclays Capital, who hiked his price target to $315 from $300.

Apple shares rose 5% in premarket trade. Apple's suppliers in Europe including ARM Holdings PLC (ARMH, ARM.LN) advanced as well.

Outside of techs, however, the bank sector could see pressure as the BBC and The Wall Street Journal reported that the International Monetary Fund is proposing that the Group of 20 leading industrialized nations should adopt two banks taxes: one on balance sheet size, and another based on profits and compensation.

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