Obama State Of The Union 2011 Video
January 26, 2011 by USA Post
Obama State Of The Union 2011 Video, (AP) – Stocks headed for a higher opening Wednesday, the big companies released another set of earnings reports and Barack Obama called for an overhaul of corporate tax.
During his State of the night the Union address Tuesday, Barack Obama said he would eliminate corporate tax loopholes and use the additional revenue to lower corporate tax rate for the first time in 25. Business leaders from both political parties would appreciate this gesture since the U.S. has some of the highest corporate tax rates in the industrialized world.
“If he can take steps to simplify the tax code, either for individuals or corporations, I think it would be much easier to do business,” said Jack Ablin, chief investment officer at Harris Private Bank.
Obama’s speech came during a week when many companies have also disseminated the results of earnings.
On Wednesday, Xerox Corp. said its fourth quarter net income had fallen by 5 percent from a year ago, largely because of restructuring costs. The company also posted a modest profit forecasts for the first quarter, which sent its stock down 3.8 percent to 10.97 and ahead of the opening bell.
Boeing Co. fell 3.1 percent to 69.99 $ in trade pre-market after the aircraft manufacturer and defense said that its fourth-quarter earnings fell 8 percent from the same period last year. Boeing also said that delays of its new 787, and higher pension costs hurt its profit in 2011.
Eastman Kodak Co. reported fourth quarter net income fell 95 percent as the results were affected by lower revenues camera and a large gain in the previous year. That sent its shares down 2.7 percent to 4.40 and the pre-market trade.
Continental U.S. Holdings Inc. said it lost 325 million in the fourth quarter because of expenses from the combination of United Airlines and Continental. Excluding these costs, the largest airline in the world would have made a profit. This share has increased 2 percent to $ 24.62 in pre-trade market.
Starbucks Corp., Netflix Inc. and Qualcomm Inc. will report earnings after the market close.
Before the opening bell, the Dow Jones industrial average term was up 12 points, or 0.1 percent, to 11,934.
Standard & Poor’s 500 futures index is up 4, or 0.3 percent, to 1291. Nasdaq 100 index futures are up 8 or 0.3 percent, to 2309.
Later in the day, the Commerce Department will report on new home sales for December. Is expected to show a slight improvement over the previous month. However, economists expect home sales for the entire year to the lowest on record dating back nearly half a century.
The Federal Reserve also publishes a statement of its last policy meeting, but there are no plans to announce changes to interest rates or the Fed and 600-billion bond program to buy.
Copyright © 2011 The Associated Press. All rights reserved.
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