Obama: Economy Can’t Afford Tax Increase on all Americans
President Barack Obama insisted Congress to prolong the expiring tax cuts soon for all in a challenge with the Republicans, excluding the nation’s top income earners so as to eliminate almost half of the fiscal cliff, which is threatening the economy to send it back to recession.
Obama, at his first news conference after his re-election, said that he will not extend Bush tax cuts for the 2% wealthiest people for whom they cannot afford.
Obama noted that he had fought on a platform that demanded allowing tax cuts to end on December 31 as scheduled for the highest income earners.
He said that a small increase in tax on the wealthier people will not make any change and still they’ll be wealthy.
Mitch McConnell, Senate Republican leader and House Speaker John Boehner are willing to comprise with Obama to avoid the spending cuts and instant tax increases, planned to take effect by the year end. However, they said that they are against the increase in tax rates for the wealthier people.
The congressional leaders are likely to meet with the president on Friday at the White House for the first time after the election. They are likely to agree to select aides to start the lookup for a compromise.
Obama met with allies from liberal and labor groups on Tuesday. He also invited CEOs for a mid-afternoon session at the White House to concentrate on the menace set to the economic recovery by spending cuts and tax increases.
In the conference, he presented a 2-step process for comprise- one is an immediate extension of tax cuts except for the wealthy and the other is an inclusive agreement in 2013 to renovate the government’s benefit programs such as Medicare, Social security, and Medicaid and also to renovate the tax code.
Obama said that he is ready for new ideas from the Democrats and Republican counterparts to the government to increase revenue, sustain progressivity, reduce their deficit, and ensure that the middle class won’t get hurt.
Jay Carney, White House press secretary said that the president is likely to bring to the table an offer for $1.6 trillion in new taxes on the wealthy and on businesses when he starts discussions with Republicans. This figure was outlined by Obama in the latest budget plan.
Carney said that this figure together with $1.1 trillion in spending cuts might reduce arrears by $4 trillion.
Obama will meet with most of the CEOs, including the heads of Honeywell, Procter & Gamble, Aetna, Wal-Mart, and Ford, and it’d be very interesting to see the outcome of those discussions.
Special News: National Bank of Greece (ADR)(NYSE:NBG), Seadrill Ltd(NYSE:SDRL), Teck Resources Ltd (USA) (NYSE:TCK)
Lakeway, NY — (MARKET NEWS CALL) — 12/18/2014— thenextbigtrade.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market about the small and penny stocks, issues news alert on National Bank of Greece (ADR)(NYSE:NBG), Seadrill Ltd(NYSE:SDRL), Teck Resources Ltd (USA) (NYSE:TCK).
National Bank of Greece (ADR)(NYSE:NBG)’s shares gained 10.56% to $1.99. The 52 week trading range for the company is $1.76 – $5.98. The shares of the company plunged 65% in the last one year. The company is a Greece-based financial institution. It provides a range of financial services including retail and commercial banking, asset management, brokerage, investment banking, insurance and real estate at a global level. Its segments are: Retail Banking, Corporate and Investment Banking, Global Markets and Asset Management and International Banking Operations.
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Seadrill Ltd(NYSE:SDRL) shares jumped 10.55% to $12.16. Levi & Korsinsky on Dec. 16 announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Seadrill Limited American Depository Receipts (“ADRs”) between July 10, 2014 and November 25, 2014. The complaint alleges that Seadrill issued materially false and misleading information to the investing public. In particular, the complaint alleges that the Company issued statements suggesting that the Company would maintain its dividend until at least the end of 2015, but then on November 26, 2014, the Company disclosed it would indefinitely suspend its dividend, citing Seadrill’s need to pay down its debt to strengthen its balance sheet.
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Teck Resources Ltd (USA) (NYSE:TCK)’s shares jumped 10.46% to $12.36. The company on Dec. 17 announced the first shipment of zinc and lead in concentrate from its restarted Pend Oreille Operations in northeastern Washington State to its nearby Trail Operations in British Columbia for processing.
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“The restart of our Pend Oreille zinc mine was completed on time and under budget and allows us to grow our zinc production at a time when global supply is constrained,” said Don Lindsay, President and CEO. “We are pleased to be operating again in Washington State and helping to support jobs and economic activity in the community, region and state.”
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Stocks Highlights: Synta Pharmaceuticals Corp. (NASDAQ:SNTA), StemCells Inc. (NASDAQ:STEM), Geron Corporation (NASDAQ:GERN)
StemCells Inc. (NASDAQ:STEM)’s shares declined 2.42% to $2.02. The company on July 7 announced the appointment of Alan Trounson, Ph.D. to its Board of Directors. Dr. Trounson most recently served as President of The California Institute of Regenerative Medicine (CIRM), the largest scientific funding body for stem cell research in the world. Dr. Trounson has been the recipient of over 30 awards and distinctions for his scientific work, including pioneering work in the fields of in-vitro fertilization and stem cells. As part of his academic research, Dr. Trounson pioneered a new stem cell biology approach for the treatment of a broad range of diseases and injuries, which was awarded the first ever Australian Center of Excellence in Biotechnology grant worth $110 million dollars.
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Synta Pharmaceuticals Corp. (NASDAQ:SNTA)’s shares decreased 4.48% to $4.37. The 52 week trading range for the company is $3.70 – $7.85. The company is a biopharmaceutical company. The Company is focused on discovering, developing, and commercializing small molecule drugs to severe the medical conditions of the patients with cancer and inflammatory diseases. As of December 31, 2011, it had two drug candidates in clinical trials for treating multiple types of cancer and several drug candidates in the preclinical-stage of development.
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Geron Corporation (NASDAQ:GERN)’s shares dropped 0.68% and closed at $2.91. The company on June 12 announced that the U.S. Food and Drug Administration (FDA) has removed the partial clinical hold on the investigator-sponsored clinical trial of imetelstat in myelofibrosis (Myelofibrosis IST). The partial clinical hold was placed in March 2014 due to a safety signal of hepatotoxicity that was identified in clinical trials of imetelstat. In order to resolve the partial clinical hold, the investigator, Dr. Ayalew Tefferi of Mayo Clinic, Rochester, Minnesota, was required to provide follow-up information regarding reversibility of hepatotoxicity for all patients who received imetelstat in the Myelofibrosis IST. In its letter dated June 11, 2014, the FDA informed the investigator that it had completed the review of his complete response submission and concluded that the Myelofibrosis IST may proceed.
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Hot Stocks Alert: Walter Energy, Inc. (NYSE:WLT), AK Steel Holding Corporation (NYSE:AKS), Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)
Walter Energy, Inc. (NYSE:WLT)’s shares gained 0.73% to $5.55. Walter Energy’s stock price target was lowered to $3 from $5 at Goldman on June 6 and reiterates its Sell rating citing downside risk to its met coal price forecast.
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Additionally, the company on June 2 issued the following statement this morning regarding the release of EPA’s CO2 emission limits regulations for existing power plants: “Because the rules issued by EPA are aimed at controlling CO2 emissions from existing domestic power plants, we do not expect the regulation will have any material impact on Walter Energy. We primarily mine and sell metallurgical grades of coal that are used in making steel, not generating electricity. Approx. 95% of the company’s coal-related revenues come from the export of metallurgical coal.”
AK Steel Holding Corporation (NYSE:AKS)’s shares dropped 2.11% to $7.44. The company on June 11 said that it plans to release its second quarter 2014 financial results before the opening of trading on the New York Stock Exchange on July 29, 2014.
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Additionally, the company on June 19 provided guidance for its second quarter 2014 financial results. AK Steel said it expects to report a net loss of $0.19 to $0.23 per diluted share of common stock, which is a substantial improvement over its first quarter results. Adjusted to exclude the loss of $0.17 per diluted share for mark-to-market losses on derivatives, the company’s adjusted net loss for the second quarter would be $0.02 to $0.06 per diluted share.
Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)’s shares gained 0.31% to $6.57. The company announced that its Annual Meeting of Stockholders will be webcast live on June 25, 2014.
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Additionally, the company on June 12 announced the pricing of $200 million aggregate principal amount of its 3.625% convertible senior notes due 2019 (the “Notes”) in a private placement. The Notes will be offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”).