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Business News

Business News


Stocks had their worst week in 2 months last week as investors turned cautious after violence in Iraq sent oil prices soaring.

US Medical device maker Medtronic is planning to merge with Covidien in a $40+ Billion deal.  The merger will move Medtronic's headquarters to Ireland where Covidien is based in order to sharply lower their corporate taxes.  Pfizer recently did a similar deal with the European based Astrazeneca to lower their tax rate.  The American medical-device industry is moving out of this country in response to Obamacare which has a provision to tax medical-device makers at a higher rate to help pay for Obamacare.  I doubt this is the last deal like this we will see.(marketwatch.com)

The International Monetary Fund just cut its growth estimate for the U.S. to 2% for 2014, down from the 2.8% it projected in April. The IMF still expects 3% growth in 2015.   Though there is a "meaningful" rebound happening, the IMF said it won't be enough to offset the first quarter that was hit by a harsh winter.(yahoo finance)

14 Companies are scheduled to go public this week and 124 companies have gone public in 2014 which is up 57% from the same period last year.  Some investors, including this one, see too much froth in the IPO market, especially with the valuations some of these companies are commanding.  Investors Beware! (marketwatch.com)
 


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