President Barack Obama could act without Congress to limit U.S. corporations moving their tax domiciles abroad in inversion deals, a tax expert says.» Read More
WASHINGTON, July 29- Corporations that move their tax domiciles abroad would be denied federal contracts under legislation offered on Tuesday by Democrats in the U.S. Congress, targeting tax-driven deals known as inversions.
CVSCaremark fell$. 74 or. 9 percent, to $78.38. Rite Aid fell$. 36 or 5.1 percent, to $6.69. Walgreen fell $1.84 or 2.5 percent, to $71.45.
*By invoking 1969 law, Obama could bypass Congress- former Treasury official. *Treasury Secretary Lew renews call for urgent action by U.S. Congress.
NEW YORK— Shares of some top drugstore companies are down at 1 p.m.:. Rite Aid fell$. 24 or 3.4 percent, to $6.81. Walgreen fell $1.42 or 1.9 percent, to $71.88.
NEW YORK— Shares of some top drugstore companies are down at 10 a.m.:. Rite Aid fell$. 07 or 1.0 percent, to $6.98. Walgreen fell$. 96 or 1.3 percent, to $72.33.
WASHINGTON, July 28- President Barack Obama could act without congressional approval to limit a key incentive for U.S. corporations to move their tax domiciles abroad in so-called "inversion" deals, a former senior U.S. Treasury Department official said on Monday.
CVSCaremark rose$. 76 or 1.0 percent, to $78.89. Rite Aid rose$. 09 or 1.2 percent, to $7.38. Walgreen rose$. 18 or. 2 percent, to $73.08.
At least eight European law firms are pitching their services to major U.S. law firms and Wall Street banks, hoping that U.S. companies considering an inversion choose Ireland, Britain or the Netherlands for their new tax domicile, according to people with knowledge of the matter.
NEW YORK— Shares of some top drugstore companies are up at 1 p.m.:. Rite Aid rose$. 11 or 1.4 percent, to $7.40. Walgreen rose$. 44 or. 6 percent, to $73.34.
NEW YORK— Shares of some top drugstore companies are up at 10 a.m.:. Rite Aid rose$. 02 or. 3 percent, to $7.31. Walgreen rose$. 17 or. 2 percent, to $73.07.
LOS ANGELES— Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded "economic patriotism" from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers. "I don't care if it's legal," Obama declared.
CVSCaremark rose$. 83 or 1.1 percent, to $77.87. Rite Aid rose$. 19 or 2.7 percent, to $7.28. Walgreen rose $1.19 or 1.7 percent, to $72.86.
NEW YORK— Shares of some top drugstore companies are up at 1 p.m.:. Rite Aid rose$. 16 or 2.3 percent, to $7.25. Walgreen rose $1.13 or 1.6 percent, to $72.80.
Democrats, searching for campaign issues before November's congressional elections, have jumped on inversions, and several of them have offered bills that would curb the deals.
NEW YORK— Shares of some top drugstore companies are up at 10 a.m.:. Rite Aid rose$. 11 or 1.6 percent, to $7.09. Walgreen rose $1.32 or 1.9 percent, to $71.50.
The drugmaker AbbVie has reached a deal worth roughly $55 billion to combine with British counterpart Shire and become the latest U.S. company to seek an overseas haven from tax rates back home. But the new company will be controlled by shareholders of North Chicago, Illinois- based AbbVie, who will own about 75 percent of the new company's stock.
Treasury Secretary Jacob Lew urged Congress on Wednesday to take steps quickly to discourage U.S. companies from moving their tax domiciles abroad to avoid federal taxes. "Congress should enact legislation immediately," Lew told a business conference in New York hosted by cable television channel CNBC.
Wells Fargo posted quarterly earnings that met expectations Friday, while revenue exceeded Wall Street estimates.
Some of 2014's biggest winners are slated to share their next big ideas at this year's Delivering Alpha Conference.
For the larger companies, the initiative ensures that their own suppliers are robust and "demonstrates a recognition that a healthy supply chain is good for business," the White House said in a statement.