On Tuesday, Alibaba Group Holding Ltd (NYSE:BABA)’s shares inclined 3.67% to $64.90.
Yahoo! Inc.’s plans to spin off its stake in Alibaba Group Holding Ltd. without incurring a multibillion-dollar tax bill were left in doubt after U.S. officials outlined new concerns over transactions that mostly are intended to cut tax obligations. Bloomberg Reports
The Internal Revenue Service said Monday that it has misgivings about deals like the one Yahoo is contemplating. The new notice shows that the IRS is stepping up scrutiny of transactions in which the business being spun off contains mainly investment assets or when the active business is small. Shares of the Web company rose 2.4 percent to $31.04 at the close in New York on Tuesday, leaving them down 39 percent this year.
Under Chief Executive Officer Marissa Mayer, Yahoo is planning to spin off its 15 percent stake in China-based Alibaba, potentially saving about $9 billion. There’s been growing concern since May that Mayer won’t be able to complete the proposal, after the IRS initially raised red flags. The agency early this month declined to grant Yahoo an advance ruling blessing the deal. The IRS elaborated on its thinking Monday without mentioning Yahoo specifically, according to the Bloomberg.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online wholesale marketplace; Alitrip, an online travel booking platform; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Kinder Morgan Inc (NYSE:KMI)’s shares gained 1.05% to $30.17.
Kinder Morgan, Inc. (KMI) declared it will extend its current binding open season to review shipper comments and interest received to date, in addition to continue to seek commitments for the projected Utica Marcellus Texas Pipeline (UMTP) project, which would transport natural gas liquids and condensate produced from the Utica and Marcellus basins to delivery points along the Texas Gulf Coast, counting connectivity to a Kinder Morgan dock located along the Houston Ship Channel. The binding open season planned to end recently will now end at 5 p.m. Central Time on Dec. 15, 2015.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline and storage systems; natural gas and crude oil gathering systems, and natural gas processing and treating facilities; and natural gas liquids fractionation facilities and transportation systems. The CO2 segment produces, transports, and markets CO2 for use in improved oil recovery projects; and owns interest in oil-producing fields, gas processing plants, and crude oil pipelines located in the Permian Basin region of West Texas.
At the end of Tuesday’s trade, Advanced Micro Devices, Inc. (NASDAQ:AMD)‘s shares surged 2.20% to $1.86.
AMD (AMD) declared the promotion of Raja Koduri (47) to senior vice president and chief architect, Radeon Technologies Group, reporting to president and CEO Dr. Lisa Su. In his expanded role, Koduri is responsible for overseeing all aspects of graphics technologies used in AMD’s APU, discrete GPU, semi-custom, and GPU computer products.
The AMD G-Series SoC features improved security for enterprise IT operations, enabling security between the thin client and the server and allowing only authorized software to run on the thin client device. It also lends improved power administration technology, resulting in an excellent cost-performance ratio for business users.
Koduri has more than 20 years of hands-on experience advancing the visual computing experience on personal computers, from content creation to GPU system architecture and design. Koduri most recently was responsible for driving AMD’s visual and accelerated computing innovations, counting the development of the industry’s first graphics chip with integrated High-Bandwidth Memory (HBM) to deliver new levels of performance in smaller, more power-efficient graphics cards. Koduri has also been responsible for leading AMD’s LiquidVR™ initiative to deliver the best possible virtual reality (VR) experiences through the development of new technologies and partnerships designed to make everything from gaming to VR cinema every bit as immersive and interactive as the real world. He joined AMD from Apple, where he was director of graphics architecture. Preceding to joining Apple, Koduri served in a range of graphics leadership roles at AMD and ATI. Koduri holds a Master of Technology degree in Electronics and Communications from IIT Kharagpur, India.
Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company’s products primarily comprise x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs), and semi-custom System-on-Chip (SoC) products. It provides x86 microprocessors for desktop PCs under the AMD A-Series, AMD E-Series, AMD FX CPU, AMD Athlon CPU and APU, and AMD Sempron APU and CPU brands; and microprocessors for notebook and 2-in-1s under the AMD A-Series, AMD E-Series, AMD C-Series, AMD Z-Series, AMD FX APU, AMD Phenom, AMD Athlon CPU and APU, AMD Turion, and AMD Sempron APU and CPU brands.
DryShips Inc. (NASDAQ:DRYS), ended its Tuesday’s trading session with -4.30% loss, and closed at $0.218.
DryShips declared that it has reached firm sales agreements with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels.
The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of $377.0 million, counting their existing employment agreements and the assumption of $236.7 million of debt as of September 10, 2015, associated with some of the vessels. All of the individual transactions are predictable to close in the fourth quarter of 2015 and certain transactions remain subject to the approval of the applicable lending banks. These transactions were approved by the independent directors of the Company.
As a result of the Company’s decision to sell these vessels, the Company anticipates to recognize an impairment charge of about $373 million in its results for the third quarter of 2015.
DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through Drybulk, Tanker, and Drilling segments. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Drilling segment offers ultra deep water drilling services.
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