Indian Pins IBM for Taxes, GM Blows By Estimates, and 3 More Hot Stocks
International Business Machines Corp. (NYSE:IBM): IBM has been approached by the Indian government, which is asking for $865 million in taxes, a senior income-tax official told The Wall Street Journal on Friday. India contends that IBM only reported 20-30 percent of its business in the country for the fiscal year that ended in March 2009; an IBM India spokeswoman says that the company is in the process of appealing the charge. The company joins a multitude of others — including Nokia, Vodafone, and Shell — that have been targeted by India for tax reasons.
General Motors Co. (NYSE:GM): Unit sales at General Motors for October clocked it at 15.7 percent, to 226,402, trouncing estimates calling for a 7.9 gain. Retail sales grew 16 percent while fleet sales saw a 14 percent gain; Chevrolet surged 14.7 percent, GMC lifted 15.7 percent, Buick leapt 31.2 percent, and Cadillac racked up 9.5 percent. The show’s only getting started, too, as General Motors is prepping a new Colorado pickup, a new Chevy Suburban and Tahoe, and a new Escalade all due over the next couple of years, among others.
Facebook Inc. (NASDAQ:FB): Facebook has rung up 6 percent since its earnings despite an after-hours trading loss, which it has since made up as Argus commends the social network’s strong mobile engagement and mobile growth with a Buy rating on the stock. JPMorgan argues that rising advertiser interest in Facebook will allow the company to grow its News Feed ad revenue via higher prices despite a flattening of the ad load.
Groupon Inc. (NASDAQ:GRPN): A refreshed site and redesigned apps are fueling a 7 percent run-up in Groupon on Friday as the site transitions from just a daily deals-centric page to a “marketplace” for personalized deals (many of which are long-term) that users frequently browse and search through. The new homepage now offers personalized deals and new filters, and auto suggestions have been given to the search features.
Kraft Foods Group (NASDAQ:KRFT): Kraft’s macaroni and cheese, famed for its iconic gooey orange color, will be losing the artificial food dyes responsible for that in favor of natural spices for its 2014 version, instead opting for a blend of paprika and beta-carotene to give the kids’ favorite its traditional look instead of potentially harmful Yellow No. 5; the new formula is already in service in Europe.