Markets had a second strong day of trading Thursday.
The Nasdaq recovered from an earlier dip to close trading up 0.003%, the S&P 500 rose 0.12% and the Dow Jones Industrial Average climbed 0.18% Thursday.
TheStreet has further coverage of what you should know about the afternoon session here.
Treasury Department Expects $2 Trillion in Growth From Tax Reform
3:17 PM EST
Treasury Secretary Steve Mnuchin says that the GOP tax plan will result in $2 trillion in growth and cut the national deficit by $1 trillion.
The framework for the plan that was revealed Wednesday has already drawn criticism from Democrats, but markets have reacted positively to the long-anticipated changes to the corporate tax rate.
"We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficits by a trillion dollars. That's a large number," Mnuchin told Fox Business Network Thursday.
Roku Shares Climb More Than 50% in Debut
1:23 PM ET
Shares of video streaming products manufacturer Roku Inc. (ROKU) popped Thursday in the debut of the company's stock on the market.
The stock was priced at $14 late Wednesday ahead of Thursday's IPO, shares were up 56% to $21.79 in afternoon trading Thursday.
Roku generated nearly $400 million in revenue in last year.
Southwest Says Hurricanes and Earthquakes took a Toll on its Top Line
11:42 AM ET
Southwest Airlines (LUV) shares could face pressure after the company said that a more-devastating-than-usual hurricane season and multiple earthquakes cost the company $100 million in revenue.
The airline said that about 5,000 flights had been canceled through Wednesday because of natural disasters. As a result, revenue per available seat mile, a key industry metric, will be relatively flat in the current quarter. (LUV is an Action Alerts PLUS holding.)
Nike Grass Roots Basketball League Served FBI Subpoena
11:02 AM ET
While the Elite Youth Basketball League is not named in the FBI's case, a former employee, Merl Code, is at the center of the FBI's investigation into pay-for-play schemes that were unfolding behind the scenes at multiple colleges across the country.
Ten people were arrested this week, after a three-year undercover investigation by the FBI. Louisville head coach Rick Pitino was placed on administrative leave after it was revealed that at least $100,000 was being funneled to the family of one of his recruits.
Rite Aid Names Former Walgreens Boots Exec as New President
10:16 AM ET
Rite Aid (RAD) shares were falling more than 11% Thursday morning after the company reported a second-quarter same-store sales decline of 3.4%. Revenue for the quarter fell 4.4% from the previous year.
Separately, the retailer announced that it had appointed former Walgreens Boots Alliance (WBA) executive Kermit Crawford as its new president and chief operating officer effective Oct. 5. Crawford spent 30 years with Walgreens, which terminated plans to acquire Rite Aid due to regulatory hurdles.
Wall Street Journal Compiled a List of Winners and Losers from Tax Reform Plan
10:01 AM ET
Markets responded positively to the rollout of the GOP's latest attempt at tax reform Wednesday. The Wall Street Journal compiled a list of winners and losers should the bill become law.
Winner: People who don't take deductions, as the new plan doubles the amount of the standard deduction to $24,000 for couples and $12,000 for individuals.
Winner: The children of the rich will be able to keep more of their inheritance, as the new bill does away with the estate tax. Currently, the estate tax applies to individuals with assets greater than $5.5 million and couples with more than $11 million.
Loser: Residents of states with high tax rates. The GOP plan looks to do away with deductions for state and local income, property and sales taxes. Such deductions cost the federal government $100 billion annually.
Loser: Higher-wage earners will lose if the yet-to-be-determined fourth tax rate above 35% becomes law, as the bill hopes to be at least as progressive as the current tax laws.
You can read the Journal's full list here.
Southwest, British Airways Among Airlines Affected by Network Issue
8:30 AM ET
Passengers reported major delays at airports from the U.K. to Australia Thursday after passenger management system Amadeus Altea said that a "network issue" caused disruptions to the company's systems.
"Amadeus technical teams took immediate action to identify the cause of the issue and restore services as quickly as possible. That action is ongoing with services gradually being restored," Amadeus said in a statement, according to BBC.
Roku Set to Debut at $14 Per Share
8:03 AM ET
Video streaming device maker Roku is set for its public debut Thursday at $14 per share, valuing the 15-year-old company at $1.3 billion.
Roku generated nearly $200 million in revenue over the first six months of the year, a 23% increase over the previous year.
In its last private funding round last November, Roku raised $45 million, at a $992 million valuation.