As more U.S. corporations do deals to cut taxes by shifting their tax domiciles overseas, the Senate Finance Committee will hold a hearing on Tuesday focused on these transactions known as inversions.Nine such deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International, Inc to drugmaker AbbVie Inc and more are being considered. The transactions are setting a record pace since the first inversion was done 32 years ago.Witnesses at the Senate Finance Committee's hearing will include government officials and academics. Chairman Ron Wyden, a Democrat from Oregon, is expected to call for stand-alone legislation to respond to the flurry of inversions that has Washington on edge.Democrats, searching for campaign issues before November's congressional elections, have jumped on inversions, and several of them have offered bills that would curb the deals.
AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV fell by 1.66% or $-0.91/share to $54.00. In the past year, the shares have traded as low as $42.25 and as high as $58.27. On average, 7641510 shares of ABBV exchange hands on a given day and today's volume is recorded at 22334992.
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 2.11% or $-0.22/share to $10.19. In the past year, the shares have traded as low as $9.24 and as high as $13.68. On average, 355356 shares of CQB exchange hands on a given day and today's volume is recorded at 193229.
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