Here Are 3 Hot Things to Know About Stocks Right Now
- General Electric Co. (GE) - Get Free Report fell 0.3% on Wednesday after getting booted from the Dow Jones Industrial Average undefined .
- The Dow declined again on Wednesday but the Nasdaq closed at a new record high.
- Walt Disney Co. (DIS) - Get Free Report increased its bid for Twenty-First Century Fox Inc. (FOX) - Get Free Report to $71.3 billion.
Wall Street Overview
Stocks finished mixed on Wednesday, June 20, but investors remained cautious amid the deepening trade dispute between Washington and Beijing.
Wall Street also was processing comments from Federal Reserve Chairman Jerome Powell, who said at a European Central Bank conference in Portugal that the central bank was likely to gradually increase interest rates.
"The case for continued gradual increases in the federal funds rate is strong," Powell said.
The Dow Jones Industrial Average undefined closed down 42 points, or 0.17%, to 24,657. The S&P 500 undefined gained 0.17% and the Nasdaq undefined was up 0.72%. The tech-heavy Nasdaq posted a new record close of 7,781.
Stocks fell sharply on Tuesday after President Donald Trump threatened to unleash a fresh round of tariffs on $200 billion worth of goods from China.
Did you miss 'Morning Jolt' on Wednesday? Catch up below.
Walt Disney Co. (DIS) - Get Free Report increased its bid for Twenty-First Century Fox Inc. (FOX) - Get Free Report on Wednesday to $71.3 billion, just hours before the board of the Rupert Murdoch-controlled company was set to meet to discuss a rival offer from Comcast Corp. (CMCSA) - Get Free Report .
Disney said it will pay $38 a share for certain media assets of Fox, the company said, a figure that is around $10 higher than the company's first approach that was made in December. The new bid is constructed as a 50/50 "cash and shares" proposal, Disney said. Fox said the new bid would mean it will cancel its planned shareholder meeting regarding the $65 billion bid -- or $35 a share -- from Comcast and could not, at this time, consider it a "superior proposal."
Disney shares rose 1.11% to $107.28 following the new bid approach. Fox shares surged 7.2% to $47.50 while Comcast was up 1.7% to $33.39.
GE said it was "focused on executing against the plan" it has laid out to improve the company's performance, saying in an email to TheStreet that the "announcement does nothing to change those commitments or our focus in creating a stronger, simpler GE."
- General Electric Booted From Dow, Replaced by Walgreens
- General Electric Extends Declines After Shares Dropped From the Dow
Shares of Starbucks Corp. (SBUX) - Get Free Report slumped 9% on Wednesday following an announcement from the world's largest coffee chain that it planned to close as many as 150 U.S. stores and cafes in its upcoming fiscal year as competition from rivals has intensified.
The company said it plans to close U.S. stores at triple the normal pace while it looks at strategic options, such as the licensing of company-owned stores, in order to gain a foothold in under-represented markets, including China. Starbucks said it sees global comparable same-store sales growth of around 1% in the current quarter, sharply lower than the consensus forecast of 3%.
fell 7.4% on Wednesday after the company issued disappointing guidance and said it no longer plans to break out cloud revenue by itself.
FedEx Corp. (FDX) - Get Free Report posted fiscal fourth-quarter adjusted earnings of $5.91 a share, beating analysts' expectations of $5.70. Revenue of $17.3 billion came out slightly ahead of estimates that called for $17.22 billion. The stock was down 2.7%.
AT&T Inc. (T) - Get Free Report is in talks to acquire advertising technology company AppNexus, The Wall Street Journal reported, citing people familiar with the matter.
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