U.S. Morning Call: Obama, governors weigh budget proposals
Monday, December 03, 2012 - 03:13
Dec 4 - With just a few weeks remaining before the onset of tax hikes and spending cuts, a bipartisan delegation of governors is set to meet with President Obama to go over solutions.
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Pick your morning call for Tuesday US stocks are edging toward a higher open after struggling on Monday when the White House dismissed a fiscal cliff proposal from Republicans. That include tax reforms and spending cuts but did not meet president Obama's pledged to raise taxes on the wealthy. On today's White House agenda a meeting with governors from both parties on possible ways to grow the US economy. European stocks also roughly positive. As EU finance ministers try to finalize plans that will make the ECB in charge of supervising all the region's banks. A couple of struggling companies looking for their Knight in shining armor let's start with Knight capital. The Wall Street Journal reports cerberus capital is in talks to join virtue financials did. For the US brokerage firm. Virtually get -- have made competing bids valuing the company at a minimum of one point one billion dollars. And it Asia Qualcomm jumping to the rescue of shark. The struggling Japanese TV maker getting a much needed cash injection from Qualcomm as -- invest 120. Million dollars to become the biggest shareholder. The mega deal and today Baxter International buying privately held medical device maker damn -- For four billion dollars the deal is expected to close the first half of 2013. Some stocks are watching today FaceBook may be headed back to court over privacy rights. And Austrian student group plans to -- the social network nothing to protect the privacy of its roughly one billion users. Shares of FaceBook has seen in thirty plus percent run up over the past three weeks -- up slightly in premarket trading this morning. -- -- also looking at oracle the tech company said it would -- over 800 million dollars back to shareholders. In accelerated second third and fourth quarter cash dividends. Oracle joins -- growing number of companies moving up payouts because uncertainties surrounding the fiscal talks. CEO Larry Ellison the company's largest shareholder stands to make it cool 198. Point nine million bucks from the dividends he's entitled to. On the earnings front let's start with told Brothers posted results just minutes ago the largest luxury home builder in the US. Reported higher quarterly profit and said new orders rose sharply indicating a recovery in housing market. AutoZone also out this morning the largest auto parts chain in the US reported higher quarterly profit on strong margins. Earnings per share increased over 15% to five dollars and 41 cents. Also keep an eye on pandora today starting line expects the company to be on earnings by 3.4 percent when it reports after the market closes. Analysts following the stock will also want to know how the Internet radio service is faring against competitors like Spotify. Rumors of apple launching a similar service has led to a sell off in pandora shares last month that's it for your Tuesday morning caught check out our YouTube channel at Reuters dot com slash Reuters TV. Also follow us on Twitter at Reuters Insider I'm Lisa Bernhard this is writers.
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