After weeks of back-and-forth statements from both sides, the House passed the GOP’s major tax reform bill on Thursday. The bill will lead to $1.5 trillion in tax cuts for businesses and individuals. Additionally, the bill is supposed to create a repatriation tax holiday. This allows corporations to bring foreign cash back to US accounts without incurring additional US taxes. Usually this leads to greater share repurchases and dividends for large-cap companies which is why markets as a whole finished in the green after Thursday’s action.


Apple’s (AAPL) battle to compete with Google’s Home (GOOG) and Amazon’s Alexa (AMZN) hit a speedbump this week as they announced that the Apple HomePod will not be delivered in time for the holiday season. Investors do not seem to shocked by the news and probably are keeping their attention towards new iPhone sales as the stock declined nearly 2% over the course of the week.


Bitcoin rebounded from a $40 billion decline (5%) last week and soared to record highs.CME Group announced that they will begin trading bitcoin futures in beginning of december which may smooth price fluctuations and provide more stability for the speculative currency that is up over 1000% since last year.


General Electric (GE) announced one of its largest shakeups in company history this past week. Newly-appointed CEO John Flannery declared that all future dividends will be cut in half for the time being as lowered revenue in the company’s energy business has hurt the stock intensely since last year. Shares were down over 10% following the news which is unsurprising as investors take a step back to evaluate the negative news.


Merger and acquisition rumors throughout this week have skyrocketed several potential buyout companies. Mattel (MAT) turned down Hasbro’s (HAS) latest bid to acquire the 2nd largest toy manufacturer in the country on Wednesday, however, shares soared more than 20% when discussions had intensified early this week. Barnes & Noble (BKS) shares rose over 10% following rumors about the company seeking a buyout. And in presumably the largest potential deal, Comcast (CMCSA) approached 21st Century Fox (FOX) about a potential buy-out on Thursday. Shares of 21st Century Fox are up almost 10% after-hours following the news.


Trump finished his 5-country Asia trip this past weekend as he vowed for better trade deals and closer relationships with several market leaders of the East. Markets responded well towards the end of last week, however, they turned around drastically heading into this week due to tension with North Korea. Trump tweeted on Saturday following claims that Pyongyang’s leader had called him “old” that he would never call the Korean leader “short” and “fat”. Here at Rapunzl, we are glad that our president will show such restraint going forward.