Good Evening! US stocks closed down, due in large part to Tesla’s (TSLA) quarterly profit falling below expectations, inconclusive earnings data from different sectors, and underwhelming housing and employment statistics.
The S&P 500 experienced a decline of 0.60%, although it did recover from its previous lows. The Dow Jones decreased by 0.33% and the Nasdaq Composite fell by 0.80%.
ON SECOND THOUGHT... MAYBE NO 5G
The first-quarter earnings report of AT&T (T) revealed unsatisfactory results, causing a decline in share prices. The corporation’s subscriber growth was reported as subpar and its cash flow failed to meet expectations.
- Revenue: $30.14 Billion vs. $30.26 Billion expected
- Free Cash Flow: $1 Billion vs. $3.02 Billion expected
- Earnings Per Share: $0.60 vs. $0.58 expected
What happened? The shortcoming brings back worries regarding AT&T’s challenges in managing the elevated expenses of phone inventory and network construction, coupled with reduced contributions from its waning DirecTV partnership. However, the corporation has stated its anticipation of an increase in free cash flow during the latter half of the year and remains confident in achieving or surpassing its annual objective.
It is not only AT&T… Similar to other industries, telecommunications companies have experienced a negative impact this year due to a decrease in consumer expenditures. This has hindered their efforts to implement 5G technology and expand their broadband network.
TAX SEASON MAY NOT BE OVER
Approximately 1.5 million citizens of the United States have the opportunity to retrieve their unclaimed tax refunds from 2019, which average $893. However, time is running out.
According to the Internal Revenue Service (IRS), approximately $1.5 billion in tax refunds for 2019 remain unclaimed. Individuals entitled to receive a tax refund have three years from the initial tax deadline to assert their claim.
But wait, it has been more than 3 years… Due to the pandemic, the IRS extended the deadline for filing 2019 tax returns to July 17, 2020. Consequently, the deadline for claiming refunds related to these tax returns is pushed back to July 17, 2023. What if we don’t claim it… In the event that taxpayers fail to file their tax returns for the year 2019 and consequently do not claim their refund, the funds in question are subject to being appropriated by the U.S. Treasury.
Always remember though! The withholding of a tax refund is a possible consequence for taxpayers who failed to file their returns for the 2020 and 2021 tax years. Furthermore, it is possible for the IRS or state tax agencies to withhold a refund in order to satisfy outstanding federal debts such as unpaid child support or past-due federal student loans.