Congressional Republicans need to stop kissing up to their cronies. The US Congress should have written and passed legislation a long time ago. This is an election year issue. Rather than Republicans spouting hubris, they should be stating why they can't seem to conquer the national debt and funding problems for US domestic problems. DON'T let them get away with this!!!!
Believe me, when Congressional candidates are faced with serious issues, they will stop spouting hubris and rhetoric and FINALLY LISTEN to their constituents.
The USA national debt is driven by these give away programs. Why are legislators VOTING AGAINST the American people?
April 4, 2016
By Chris Dieterich
Another stock favorite (click here) among hedge funds, Allergan (AGN), is knifing more than 20% lower in post-market trading after the U.S. Treasury Department and Internal Revenue Service announced new rules to curb corporate tax “inversions.”
The market seems to be interpreting the rules a deal-breaker for a proposed Allergan merger with Pfizer (PFE).
New rules are intended to “further reduce the benefits of and limit the number of corporate tax inversions,” according to the government’s release. Recall that Allergan, which is legally domiciled in Ireland, agreed last year to merge with Pfizer in order to cut taxes and unlock cash trapped overseas.
Allergan’s shares plunged 21% in heavy after-hours trading while shares of Pfizer jumped 2.1%. This deal faced scrutiny as the latest between drugmakers to take advantage of lower tax rates abroad.
Things could get ugly tomorrow since Allergan is among the most widely held stocks in hedge fund portfolios, at least at the end of last year. Goldman Sachs’ analysis of hedge fund holdings (as of the end of 2015) found that 80 hedge funds counted Allergan as a Top 10 holding, more than any other stock. Moreover, fully 16% of the stock’s market capitalization was held by hedge funds. Of course, this could have changed over the past three months, but the pending deal with Pfizer means that Allergan was likely a big holding in so-called merger-arbitrage hedge funds, among other strategies. Allergan was also third, behind only to Alphabet (GOOGL) and Facebook (FB), in terms of the number of hedge fund investors at the end of last year (165). And this came as hedge funds started this year out the most concentrated they’ve ever been....
Believe me, when Congressional candidates are faced with serious issues, they will stop spouting hubris and rhetoric and FINALLY LISTEN to their constituents.
The USA national debt is driven by these give away programs. Why are legislators VOTING AGAINST the American people?
April 4, 2016
By Chris Dieterich
Another stock favorite (click here) among hedge funds, Allergan (AGN), is knifing more than 20% lower in post-market trading after the U.S. Treasury Department and Internal Revenue Service announced new rules to curb corporate tax “inversions.”
The market seems to be interpreting the rules a deal-breaker for a proposed Allergan merger with Pfizer (PFE).
New rules are intended to “further reduce the benefits of and limit the number of corporate tax inversions,” according to the government’s release. Recall that Allergan, which is legally domiciled in Ireland, agreed last year to merge with Pfizer in order to cut taxes and unlock cash trapped overseas.
Allergan’s shares plunged 21% in heavy after-hours trading while shares of Pfizer jumped 2.1%. This deal faced scrutiny as the latest between drugmakers to take advantage of lower tax rates abroad.
Things could get ugly tomorrow since Allergan is among the most widely held stocks in hedge fund portfolios, at least at the end of last year. Goldman Sachs’ analysis of hedge fund holdings (as of the end of 2015) found that 80 hedge funds counted Allergan as a Top 10 holding, more than any other stock. Moreover, fully 16% of the stock’s market capitalization was held by hedge funds. Of course, this could have changed over the past three months, but the pending deal with Pfizer means that Allergan was likely a big holding in so-called merger-arbitrage hedge funds, among other strategies. Allergan was also third, behind only to Alphabet (GOOGL) and Facebook (FB), in terms of the number of hedge fund investors at the end of last year (165). And this came as hedge funds started this year out the most concentrated they’ve ever been....
