Microsoft’s Tax Practices Scrutinized and 3 Dow Movers Trading Today

JPMorgan Chase & Co.’s (NYSE:JPM) division has been taken on by the United States Federal Energy Regulatory Commission to show that it did not violate federal regulations in its submission of misleading information and omitting facts in regards to dealings with the regulator and California’s electricity grid operator, says Reuters. However, the regulator claimed that the company could have violated regulations under the Federal Power Act when it didn’t comply with a data request in a timely manner, along with other allegations.

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Kraft Foods Inc. (NYSE:KFT) has lost its former Chief Technology Officer and Vice President, Global Information Services Michael Cunningham to Green Mountain Coffee Roasters, Inc. (NASDAQ:GMCR), where he will become the latter firm’s chief information officer. Cunningham had joined Green Mountain in July. In another appointment, Michael Jacobs has been named chief logistics officer and an executive officer at the same company; he held the prior position of VP, enterprise logistics and distribution.

Microsoft Corporation (NASDAQ:MSFT) and Hewlett-Packard Co.(NYSE:HPQ) are accused by a United States Senate subcommittee that is looking into how multinational companies exploit the intricate U.S. corporate-tax code of employing accounting strategies to keep their U.S. tax bills down while moving profits in and out of the country, according to the Wall Street Journal. Although most of that appears to comply with the letter of current tax regulations and both firms maintain that their methods are legitimate, Senate investigators say that some of the practices used by H-P are indeed potentially abusive and subject to challenge.

Pfizer Inc. (NYSE:PFE): Mylan Inc. (NASDAQ:MYL) reports that its subsidiary Mylan Pharmaceuticals Inc. has received a final okay from the FDA for its Abbreviated New Drug Application for Meclizine Hydrochloride Tablets USP, 12.5 mg, 25 mg and 50 mg. This drug is the generic version of Pfizer’s Antivert, which is indicated for the management of nausea and vomiting, and dizziness that is associated with motion sickness. Antivert Tablets, which come in 12.5 mg, 25 mg and 50 mg, saw domestic sales of around $53.5 million for the 12 months ending on June 30th, reports IMS Health.

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