Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), and Cisco (NASDAQ:CSCO) are lobbying congress for a tax holiday for overseas profits that would allow U.S. companies to repatriate over $1 trillion in profits at a lower 5.25% tax rate rather than the usual 35%. The move would cost the U.S. government $78.7 billion in foregone tax revenue.
Micron (NASDAQ:MU) shares are trading lower after the company reported a major EPS miss for its fourth quarter, plummeting margins, and significant cash burn.
Hewlett-Packard (NYSE:HPQ) won’t finalize plans to spin off its PC business until the end of the year, according to DigiTimes.
The FCC and the Justice Department have signed off on Level 3 Communications’ (NASDAQ:LVLT) buyout of Global Crossing. The transaction is expected to be completed as early as next year.
Samsung is offering Apple (NASDAQ:AAPL) a deal on a patent dispute over the two companies’ tablet computers that would allow Samsung to release its Galaxy Tab 10.1 device in Australia. While details of the deal have not been released, Apple’s attorney concedes that the agreement has some potential benefits.
Amazon (NASDAQ:AMZN) is expected to ship 4 million Kindle Fire units in 2011, a solid start considering the tablet was only launched on September 28, but well below the 11 million to 15 million iPads Apple (NASDAQ:AAPL) expects to ship during the fourth quarter.