With earnings season in full swing, investors are starting to learn which companies were overly optimistic about their tax cuts. Casino chain Las Vegas Sands Corp. has already taken a $727 million hit to its fourth-quarter profit, after a corporate tax regulation proposed in November made the 2017 tax overhaul less favorable than the company expected. International Business Machines Corp. said the same provision reduced its profit by $1.9 billion in the fourth quarter.

Source: Wall Street Journal February 03, 2019 12:00 UTC