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Stocks Crushed as Wall Street Girds for Fiscal Cliff Battle

Shares of Papa John's (PZZA) fell on news the company is facing a $250 million class-action lawsuit relating to the pizza chain's alleged involvement with excessive text messaging. The stock lost 3.1%.

Late in the session, news came down that Starbucks (SBUX - Get Report) has agreed to acquire Teavana Holdings (TEA) for $620 million in cash. The deal values Teavana shares at $15.50 each. Starbucks's stock finished Wednesday at $48.84, down nearly 3%, while Teavana's stock shot up more than 50% to close at $15.45.

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse.

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SBUX $62.19 0.37%
AAPL $118.03 -0.71%
FB $105.41 -0.31%
GOOG $748.15 -0.02%
TSLA $229.64 5.22%


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

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