These are the stocks posting the largest moves before the bell.Market Insiderread more
Despite a disappointing earnings report, Wall Street analysts are sticking by the stock and looking ahead to the third quarter.Marketsread more
Treasury Secretary Steven Mnuchin says if the call goes well, he would expect in-person meetings to take place.Marketsread more
Netflix shares are cratering after it missed Wall Street's target for international subscriber growth.Investingread more
Billionaire hedge fund manager Ray Dalio just picked gold as a prime long-term opportunity. Here's why one market watcher says he could be wrong.Trading Nationread more
Philip Morris International beat second-quarter earnings and revenue estimates while hiking its full-year forecast as its new tobacco products gain momentum.Health and Scienceread more
Toys R Us is opening two permanent stores in November — at Simon Property Group's Galleria mall in Houston and at Unibail-Rodamco-Westfield's Garden State Plaza mall in...Retailread more
Warren wants to make private equity firms responsible for debts and pension obligations of companies they buy and change executive compensation rules to ensure that bankers...2020 Electionsread more
Netflix blamed its content slate, regional price increases and a 'pull-forward effect' of its strong Q1 growth for the miss.Technologyread more
Revenue of $10.24 billion exceeded the consensus estimate by almost $250 million.Financeread more
The pace of companies moving production out of China is accelerating, according to the Nikkei Asian review.Marketsread more
UPDATE: The Tax Policy Center has issued a statement saying it found an error in its analysis involving the child tax credit component of the proposed legislation. The center said it is revising its analysis and will release a corrected version soon.
A new nonpartisan analysis highlights a pitfall of the House GOP tax plan.
The report shows that the House GOP bill would increase federal deficits substantially in the short and long run in ways that would vastly increase the difficulty of passing it in the Senate. The report comes from the University of Pennsylvania's Penn-Wharton economic model directed by Kent Smetters, a former economic advisor to President George W. Bush.
The Penn-Wharton model shows that the House GOP tax bill would reduce tax revenue by $1.7 trillion over the next 10 years. That exceeds the $1.5 trillion permitted under the budget "reconciliation" rules that allow Senate Republicans to sidestep Democratic filibusters.
Moreover, the model projects that the House bill would lose another $2.6 trillion in revenue during the 12 years after 2027. Under the no-filibuster rules, the tax bill would not be permitted to increase the deficit at all after its first 10 years.
The House's tax-writing Ways and Means Committee is considering the legislation this week. If the bill passes the House in its current form, it could be changed in the Senate to avoid long-term revenue increases by making tax cuts temporary, or by identifying new sources of revenue. But either step would diminish the political appeal of the bill to Republicans eager to enact permanent reforms to the tax code.
Separately, a report from the Tax Policy Center was also released, analyzing how much of the tax cut benefits would go to the country's top earners. That study was pulled by the nonpartisan think tank, however, which said its staff had discovered an error in its analysis.