We all know that the most important hour in stock trading is the last hour of the day. That’s why you need to watch “Countdown to the Closing Bell” with super host Liz Claman. Yesterday I was on her show and the topic was the major decision by the Supreme Court that states can compel retailers to collect sales taxes even if they don't have a physical presence in the state, overturning its 1992 ruling.
Claman asked me what two companies I thought might benefit the most and be hurt the worst by this ruling. I replied that I thought that Walmart would be the biggest winner as it goes head to head with Amazon. My biggest loser I said would be eBay, which is already struggling with an online identity crisis. As we spoke, I mentioned other companies and in passing, I mentioned Groupon as a company that might take a hit on the ruling, but I was wrong and I wanted to clarify that.
Groupon put out a statement. “While Groupon sits in a unique position and expects no significant impact from today's ruling -- consumers already pay sales tax when they redeem a local deal, and we've long remitted sales tax for our direct consumer products business -- it nonetheless underscores the importance of a level playing field that keeps local businesses competitive with online sellers in terms of sales tax.”
Ok, I better start shopping for a dinner for tonight at Groupon!
Trade war talks with China could restart, according to reports. Natural gas saw a bearish 91 billion cubic feet as analysts were expecting on 85 billion cubic feet increase. The five-year average for the week is an injection of 83 billion cubic feet, and last year’s storage increase for the week totaled 63 billion cubic feet. Record production is kicking in.