U.S. President Barack Obama on Thursday hammered U.S. companies that avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions" and called on Congress to pass a bill to curb the practice.During remarks to a rowdy crowd at the Los Angeles Technical College, Obama promoted what he called "economic patriotism" and made clear he believed the companies that were engaging in such practices were not being patriotic. The president was in California on a three-day fund-raising swing for Democrats.So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.Nine inversion deals have been reached this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie Inc, and more are under consideration.
AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV fell by 0.73% or $-0.4/share to $54.08. In the past year, the shares have traded as low as $42.25 and as high as $58.27. On average, 7980000 shares of ABBV exchange hands on a given day and today's volume is recorded at 11712776.
Chiquita Brands International, Inc. (CBII), along with its subsidiaries, is an international marketer and distributor of bananas and other fresh produce, sold under the Chiquita and other brand names in 70 countries, and packaged salads sold under the Fresh Express and other brand names primarily in the United States. Shares of CQB fell by 0.29% or $-0.03/share to $10.18. In the past year, the shares have traded as low as $9.24 and as high as $13.68. On average, 354133 shares of CQB exchange hands on a given day and today's volume is recorded at 334922.
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