Pre Market Gainers and Losers for June 14: IGT, OSIR, LNG, CS, DDD, AEGR

Market newsInternational Game Technology (NYSE:IGT) is up 5.90% today at $14.00. IGT has traded 14 thousand shares so far today and trades 3.5 million shares a day on average. IGT shares are jumping today as the company announces $1 billion share repurchase plan. The company has a market cap of 3.90 billion. Sign Up For Free Stock Alerts

Osiris Therapeutics, Inc. (NASDAQ:OSIR) is up 5.37% today at $7.45. OSIR trades on 162 thousand shares a day on average. OSIR shares received second approval for life-saving stem cell drug today and Prochymal granted marketing consent by New Zealand. The company has a market cap of 232.26 million. [Read more...]

Investors Shake off Greek Deal and Jobless Claims Numbers

Stocks are trading flat heading into midday trading as investors shrug off reports of a Greek deal and a drop in jobless claims. Reports came in this morning of a possible deal out of Greece. The deal would allow the financially struggling nation to receive a second bailout package.

Closer to home, jobless claims fell 15,000 to a seasonally-adjusted 358,000 according to the Labor Department. This is the second lowest level in almost four years. Many economists had expected claims to go up 3,000. While jobless claims fell, wholesale inventories rose 1% in December. This was higher than the 0.4% gain analysts were expecting.

Earnings season continues to be busy with companies releasing earnings earlier today and a few slated for after the market close.

Pepsico, Inc. (NYSE:PEP) shares took a hit this morning after the company reported better than expected profits, but guidance saw a 5% decline in 2012 earnings. This decline comes as Pepsico increases advertising and manufacturing costs. The company also announced it will be cutting nearly 9,000 jobs in restructuring. PEP is down 3.84% right now at $64.18.

Credit Suisse Group (NYSE:CS) is seeing a sell off today after the bank posted a quarterly loss. The company reported a net loss of $698 million, analysts were expecting a profit of $471 million. This loss comes as the company took $1.07 billion of charges to speed up cost cutting and dumping of risky assets. CS is down 3.33% at $26.72.

Visa Inc. (NYSE:V) is rallying today after announcing better than expected earnings late yesterday. The company also announced a share repurchase program worth $500 million. Also, many different brokerages increased their target prices for Visa. V is up 4.28% at $112.99.

Cisco Systems, Inc. (NASDAQ:CSCO) is down slightly in midday trading despite posting better than expected results and raising their dividend. CSCO is down 0.08% at $20.4141.

Apple Inc. (NASDAQ:AAPL) share are up today as Canaccord Genuity raised their price target from $650 to $665. Apple shares are up nearly $40 a share in the past week.

Investors will be eying Activision Blizzard, Inc. (NASDAQ:ATVI) and LinkedIn Corporation (NASDAQ:LNKD) as well as other companies after the market close when they report earnings.

IRS Will Get Wealthy Client Names From Credit Suisse

Credit Suisse AG (NYSE:CS), Switzerland’s second-largest bank, has begun notifying certain United States clients suspected of offshore tax evasion that it intends to turn over their names to the Internal Revenue Service, with the help of Swiss tax authorities. Credit Suisse said it would comply with a request from the Swiss government to disclose American client names and account information is the latest twist in a showdown between Switzerland and the United States over the long tradition of Swiss bank secrecy.

Authorities in the United States have suspected tens of thousands of Americans are evading billions of dollars in taxes through privately held Swiss banks. U.S. authorities have been conducting a wide criminal investigation into dozens of Swiss banks.

The IRS “recently submitted a request for administrative assistance to the Swiss Federal Tax Administration” regarding the 1996 double-tax treaty between Switzerland and the U.S., Credit Suisse said today in an e-mailed statement. That request seeks information with regard to accounts of “domiciliary companies belonging to certain U.S. persons as beneficial owners,” according to the Zurich-based bank.

Mario Tuor, a Swiss government spokesman, confirmed the request from the U.S. authorities, and said these requests specifically concerned tax fraud, covered by the 1996 double taxation treaty between Switzerland and the United States. Switzerland and the United States have also worked out a tax agreement that covers tax evasion. The U.S. government still needs to ratify that agreement.

Swiss bank secrecy, which helped the country become the world’s biggest center for offshore wealth with $2 trillion in assets, has come under fire in recent years from cash-strapped governments clamping down on tax evasion. Recently, Switzerland has agreed to do more kn helping other countries hunt tax evaders. Switzerland has secured deals with Britain and Germany to disclose untaxed accounts.

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