The Traderszone Network

U.S. stocks had fallen sharply on Wednesday as market turmoil in China, a rout in commodity prices, the Greek crisis and a major outage on the New York Stock Exchange spooked investors. While the NYSE resumed operations late in the trading day on Wednesday, all eyes were on the exchange to see if its systems would withstand heavy opening trade volumes. “NYSE open for trading, business as usual,” the exchange tweeted shortly after the opening bell.

The U.S. Internal Revenue Service is cracking down on hedge funds, challenging a tax strategy called “basket options” that they have used to avoid taxes estimated at billions of dollars. Under IRS guidance issued on Wednesday, hedge funds using the options must report them on their tax returns and correct past returns if they used them since Jan. 1, 2011. The guidance came after a U.S. Senate subcommittee reported last year that at least 13 hedge funds were using basket options created by banks to avoid federal taxes.

Will trouble in the Chinese stock market translate into more or less cash coming into American neighborhoods?

T-Mobile says it will let customers use their phones in Mexico and Canada to make calls, send texts and surf the web without incurring any roaming charges.

McCormick & Company’s underlying growth is good, but the company continues to get hit by a stronger U.S. dollar.

-A Federal Reserve governor on Thursday said the central bank should consider incorporating a planned capital surcharge into its annual “stress tests,” suggesting that a move opposed by bank executives is gaining traction at the central bank’s highest levels.
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Gilead Sciences’ Harvoni has won regulatory approval for use in Japan.