CBS Corp said on Wednesday that the Internal Revenue Service gave a favorable ruling to the company's plan to convert its outdoor advertising subsidiary, CBS Outdoor Americas Inc, into a real-estate investment trust (REIT). Media conglomerate CBS holds an 81 percent stake in CBS Outdoor, which went public in late March.CBS Corp has said it plans to divest the stake later this year.As an REIT, a company can avoid paying corporate-level income taxes if it distributes at least 90 percent of its taxable income to shareholders in the form of dividends.CBS Outdoor, whose customers include Apple Inc, McDonald's Corp and Sony Corp, has about 329,100 displays in the United States and about 26,100 displays across Canada and Latin America.
Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 0.2% or $1.037/share to $519.00. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 10880700 shares of AAPL exchange hands on a given day and today's volume is recorded at 6601971.
McDonald?s Corporation franchises and operates McDonald?s restaurants in the global restaurant industry. Shares of MCD fell by 0.16% or $-0.165/share to $100.66. In the past year, the shares have traded as low as $92.22 and as high as $103.34. On average, 5466560 shares of MCD exchange hands on a given day and today's volume is recorded at 2871659.
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