Pipeline company Equitrans Midstream spiked around 40% on Tuesday because the agreement contains a surprising call to speed up the creation of a stalled natural gas pipeline called the Mountain Valley Pipeline. Equitrans is the lead developer of the pipeline project, known as MVP, which has been championed by Democratic Sen. Joe Manchin.
That loss of funding to the IRS is a “positive” for both H&R Block and TurboTax owner Intuit because it lowers the odds the IRS will build an expansive electronic tax filing system, according to BTIG’s Boltansky. Earlier this month the IRS released a cost study about developing a free electronic tax filing system and launched a limited pilot program. H&R Block gained more than 1% on Tuesday, while Intuit shares inched higher.
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