Author: FX_Trdr

Target (TGT) had its numbers reduced by Jefferies (JEF) after a tough holiday season. A $59 price target was set with a buy rating.

Pepco (POM) was upgraded by Wells Fargo (WFC) to outperform from market perform, as a better regulatory environment should add to the bottom line. Shares are higher by about 2.9 percent.

In trading on Wednesday, transportation services shares were relative leaders, up on the day by about 7.1%. Leading the group were shares of Zipcar (ZIP), up about 48.2% and shares of Echo Global Logistics (ECHO) up about 3.2% on the day.

Though the Senate and Congress passed a deal that prevented the United States from going over the dreaded fiscal cliff, nearly all Americans will be paying higher taxes in 2013. The legislation that was passed did not extend a two percent payroll tax holiday enacted during the recession, which would mean that a worker earning $50,000 per year should expect to pay about $1,000 more in taxes this year.

Congress has finally come through for the American people. After drama-filled, last-minute voting, both the Senate and the House of Representatives approved new legislation to avert the fiscal cliff.

President Obama is praising the bill that staves off the fiscal cliff tax hikes and spending cuts. The House of Representatives followed the Senate’s lead, and passed the bill late Tuesday.

President Obama says the fiscal cliff deal makes the tax code more fair, while helping the US avoid falling back into recession. The President spoke after the House passed the bill Tuesday night.

Republicans are dropping their demands for additional spending cuts and will hold a House vote on whether to give final congressional approval to the Senate-approved compromise averting “fiscal cliff” tax increases and spending cuts.

Now it goes to the House. A bill to stop the across-the-board tax increases and program budget cuts that went into effect at midnight was approved by the Senate early this morning on an 89-8 vote.

House Speaker John Boehner and House Majority Leader Eric Cantor arrived at the U.S. Capitol on New Year’s Day following the overnight passage of a Senate bill to avert the sharp spending cuts and tax hikes known as the fiscal cliff.