Treasury Sheds More GM Stock, Google’s Tax Loophole, and 3 More Hot Stocks
General Motors Co. (NYSE:GM): The U.S. Treasury has sold another $570.1 million in General Motors stock, in September, and could completely shed its holding in the automaker over the next six months. The treasury notes that it has now recovered about $36 billion of its $49.5 billion infusion into GM, and still holds a 7 percent or so holding in the company, Detroit News says.
Google Inc. (NASDAQ:GOOG): Search engine giant Google has moved an estimated 8.8 billion euros worth of cash to Bermuda in order to take advantage of the country’s lenient tax codes that bring Google’s international tax rates to 5 percent, less than half the tax that’s charged in low-tax Ireland where Google records most of its overseas sales. The Financial Times said Google has also been targeted by its use of Holland as a conduit for its earnings to avoid withholding taxes, effectively creating a ‘Dutch Sandwich.’
Starbucks Corporation (NASDAQ:SBUX): Starbucks CEO Howard Schultz is now calling on business leaders and his own employees and customers to petition Congress to reopen the government, pay its debts on time, and pass a long-term budget deal by year-end, the Wall Street Journal is reporting. ”What’s become clear to me, aside from the continued dysfunction we see from elected officials, is the sad and striking realization that Americans have no platform to express their frustration and outrage over the government stalemate,” Mr. Schultz, one of the more outspoken business leaders in Washington, said.
JetBlue Airways Corp. (NASDAQ:JBLU): JetBlue has reported that traffic in September increased 1.6 percent from September of 2012, on a capacity increase of 0.6 percent. Load factor for the month was 79.5 percent, an increase of 0.9 points, while JetBlue’s preliminary completion factor was 99.8 percent and its on-time performance was 83.1 percent.
Vivus, Inc. (NASDAQ:VVUS): Vivus has signed a licensing agreement for the exclusive rights to market its Stendra erectile-dysfunction drug in Canada to Auxilium Pharmaceuticals. Seeking Alpha says that Vivus will receive as much as $300 million in regulatory and sales milestones, including $30 million upfront and $15 million that’s contingent on a potential label amendment. Vivus will also receive royalties on any sales.