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U.S. Morning Call: Stock futures surge on fiscal deal

Wednesday, January 02, 2013 - 03:12

Jan 2 - Global shares are rallying after lawmakers passed a bill preventing huge tax hikes and spending cuts.

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-- -- morning call for Wednesday we can put Robert fiscal cliff at a fourth -- lawmakers in Washington finally approved a deal to prevent huge tax hikes. And spending cuts. That could -- the US into a recession. What is the steel President Obama and middle class Americans. Losers beat a rich income tax rates will now rise on families earning more than 450000. Dollars a year. Best to bring it over 600 billion in revenue over ten years. He inheritance tax will also rise to 40% for states over ten million per couple. And it extends unemployment insurance benefits for one year as well. But the drama in Washington is far from over as the deal delay is one point two trillion dollars an automatic spending cuts by two months. Also the debt ceiling debate looms in the background with the government not sitting pretty on a sixteen trillion dollar deficit. Markets of caught of course loving the news of the deal this morning Dow S&P and NASDAQ futures surging ahead in the premarket. European stocks also rising today shrugging off weak factory data as new orders tumbled. Asian markets rallying as well with manufacturing. Activity expanding. Driven by revival in China's economy in the US we've got our unsatisfactory data coming out later today at ten man. Look for a slight rise in the ISM index also due out data on construction spending. More analysts liking FaceBook in the new year at this time it's JPMorgan giving that social network boost. Raising its price target to 35 dollars and 29 just about shy of the IPO price. Twelve not a great. Your overall for FaceBook after their highly anticipated initial public offering fizzled quickly. Shares were selling for more than half off by August of last year that they've regain some of those losses. FaceBook still faces class action lawsuit for allegedly disclosing financial information to privileged insiders but not to the public. Let's sit through today's morning merger car rental company Avis Budget -- by zip car for about 500 million in cash. The offer of twelve dollars and 25 cents per share is at a 40% premium to zip cards Monday close. Avis it expects the deal to close in the spring. Finally best buy will be minus two board of directors in 2013. Before ringing in the new year the electronics giant said that gene might meet -- and acting all are resigning. Paul retire from the board in April but -- is stepping down effective immediately to service president of Eddie Lambert hedge fund ESL investments. The -- board members are getting out after rotten year for the stock shares of best buy it lost 50% of their value in 2012. That's it for you Wednesday morning caught -- us on Twitter at Reuters Insider in check out our way -- to check out at Reuters dot com slash. It. I'm Lisa Bernhard this is way.

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U.S. Morning Call: Stock futures surge on fiscal deal

Wednesday, January 02, 2013 - 03:12

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