CBO Says Obamacare Leads to Job Loss

CBO Says Obamacare Leads to Job Loss. According to the nonpartisan Congressional Budget Office, Obamacare will lead to a sharp decline in the number of hours worked equating to 2 million full-time jobs by 2017. We have already seen companies hiring part time workers instead of full time workers due to the law. Now the CBO says the law will cause some lower income workers to limit their hours to avoid losing federal subsidies provided by Obamacare.  House of Representatives Speaker John Boehner said in a statement. "The president's healthcare law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers. The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse."

Upgrades:

Archer Daniels Midland (ADM): Scotia Capital raised their rating from Sector Perform to Outperform. Pre-market: 38.47 +0.24 (0.63%)

Archer Daniels Midland (ADM): Citigroup raised their rating from Neutral to Buy and placed a target price of $45.00 on the company. Pre-market: 38.47 +0.24 (0.63%)

Becton Dickinson (BDX): Raymond James raised their rating from Underperform to Market Perform.

BlackRock (BLK): Susquehanna raised their rating from Neutral to Positive and raised their target price from $321.00 to $348.00. Pre-market: 289.74 -0.01 (0.00%)

Church & Dwight (CHD): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $65.00 to $71.00.

Zillow Inc. (Z): CRT Capital raised their rating from Fair Value to Buy. Pre-market: 78.76 +0.15 (0.19%)

Downgrades:

Eaton Corp (ETN): MKM Partners lowered their rating from Buy to Neutral. Pre-market: 67.58 -1.07 (-1.56%)

Sirius XM (SIRI): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $4.20 to $3.80.

Coverage Initiated:

Deckers Outdoors (DECK): B Riley initiated coverage with a Buy rating and target price of $98.00. Pre-market: 75.58 -0.17 (-0.22%)

Laboratory Corp. (LH): Maxim initiated coverage with a Buy rating and target price of $110.00.

Earning Reports:

AFLAC (AFL): Reported EPS of $1.40 beating estimates by +$0.01. After Hours: 62.00 +0.53 (0.86%)

Cognizant Tech (CTSH): Reported EPS of $1.15 in-line with estimates. Pre-market: 92.25 -4.76 (-4.91%)

Estee Lauder (EL): Reported EPS of $1.09 beating estimates by +$0.03. Pre-market: 69.40 +0.21 (0.30%)

GlaxoSmithKline (GSK): Reported EPS of $0.30 in-line with estimates. Pre-market: 52.05 +1.15 (2.26%)

Humana (HUM): Reported EPS of -$0.19 missing estimates by -$1.12.

Merck (MRK): Reported EPS of $0.88 missing estimates by -$0.01. Pre-market: 54.28 +0.77 (1.44%)

Time Warner (TWX): Reported EPS of $1.17 beating estimates by +$0.01. Pre-market: 62.50 +0.10 (0.16%)

Markets: 

Futures at 7:55: Dow -0.16%. S&P -0.27%. Nasdaq -0.21%. Crude +0.58% to $97.75. Gold +0.62% to $1259.00. U.S. 10 Year +6/32 to 2.612%.

Europe: London +0.27%. Paris -0.05%. Frankfurt -0.17%. 

Asia, Japan +1.23% to 14180. Hong Kong -0.60% to 21269. China closed. India +0.24% to 20261. 

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