Internet giant Yahoo! Inc. announced yesterday that the IRS will not grant the private letter ruling the company requested in regards to the proposed tax-free spin-off of its remaining stake in Alibaba Group Holding Ltd.
The markets had been expecting Q2 earnings season to be negative, with earnings and sales growth both dipping. However, that is not the way things are going so far. There have been some notable earnings beats with Google, Bank of America, and Citigroup all posting better than expected results for the three months to June.
The Obama administration has been locked in internal wrangling over what position to take in high profile litigation between two American technology giants, Google and Oracle, according to multiple sources familiar with the discussions.