|Energy may see further weakness as key names report|
The group has been falling alongside crude oil prices, which are down about 60 percent since June. For the full year, earnings are seen down almost 45 percent, nearly twice the decline of 23.3 percent forecast on Jan. 1.
|Obama targets foreign profits with tax proposal, Republicans skeptical|
By Jeff Mason and Kevin Drawbaugh WASHINGTON (Reuters) - President Barack Obama's fiscal 2016 budget will seek new taxes on trillions of dollars in profits accumulated overseas by U.S. companies, and a new approach to taxing foreign profits in the future, but Republicans were skeptical of the plan on Sunday. Reviving a long-running debate about corporate tax avoidance, Obama will target a loophole that lets companies pay no tax on earnings held abroad, the White House said. In his budget plan to be unveiled on Monday, Obama will call for a one-time, 14 percent tax on an estimated $2.1 trillion in profits piled up abroad over the years by multinationals such as General Electric , Microsoft , Pfizer Inc and Apple Inc . He will also seek to impose a 19 percent tax on U.S. companies' future foreign earnings, the White House said.
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