Under the bill, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price.
The stock sale is a primary way for the endowment, one of the largest private philanthropic foundations in the United States, to raise cash to make grants to arts, education, religious and community development organizations.
Inflation tightened its grip on businesses and consumers during the second quarter and investors expect to see a dent in the latest round of corporate earnings.
At the close of trading June 24, Bloomberg’s Indiana Index was trading at $375.30, up 0.55% from the beginning of the year. The S&P 500 was down 18.45% and the tech-heavy Nasdaq was down 26.59%.
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
Financial markets shuddered Thursday as they adjusted to the Federal Reserve’s latest attempts to address inflation.
Wall Street is back in the claws of a bear market as worries about inflation and higher interest rates overwhelm investors.
The prospect that the Fed will accelerate its credit tightening, further raising borrowing costs for households and businesses, drove the stock market sharply lower Monday. The broad S&P 500 index fell into bear-market territory.
A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s.
Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. Other retailers suffered steep drops in their stock prices Wednesday.
Several analysts said Elanco faces a bright future, implying that the market might be overreacting to the lowered revenue and profit guidance.
U.S. stocks are tumbling toward their lowest point in more than a year as renewed worries about China’s economy pile on top of markets already battered by rising interest rates.
The sell-off was a sharp reversal of fortunes after markets posted large gains on Wednesday, a whiplash caused by temporary confusion over the Federal Reserve’s approach to raising interest rates this year.
Putting Musk on Twitter’s board and limiting the amount of stock he can acquire while as a director may be a strategic move on Twitter’s part.
Twitter co-founder Jack Dorsey stepped down as CEO in November. Musk’s stake in Twitter is now more than four times the size of Dorsey’s, who had been the largest individual shareholder.
Twitter shares exploded 26% in premarket trading after the Securities and Exchange Commission filing showed that Musk snapped up more than 73 million shares, valued at $2.89 billion.
Since early March, the Lilly Endowment has sold 1.3 million shares of Eli Lilly and Co. stock, raising $391 million, according to government filings.
The “yield curve” is watched for clues to how the bond market is feeling about the U.S. economy’s long-term prospects. On Tuesday, a closely followed part of the yield curve gave investors some cause for concern.
The Carmel-based auction services company declined to say how many of its 1,000 employees in Indiana would be affected by the transaction. But it said the buyer—Carvana Co.—will not require any employees to relocate.
Sporttrade Inc. offers users a betting exchange through which they can trade sports bets as if they were stocks.
