Here Are 3 Hot Things to Know About Stocks Right Now
- General Electric Co. (GE) fell 0.3% on Wednesday after getting booted from the Dow Jones Industrial Average
- The Dow declined again on Wednesday but the Nasdaq closed at a new record high.
- Walt Disney Co. (DIS) increased its bid for Twenty-First Century Fox Inc. (FOX) 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
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) increased its bid for Twenty-First Century Fox Inc. (FOX) 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) .
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.
General Electric Co. (GE) fell 0.3% on Wednesday after getting booted from the Dow Jones Industrial Average.
- General Electric Booted From Dow, Replaced by Walgreens
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Shares of Starbucks Corp. (SBUX) 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%.ORCL) 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) 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) is in talks to acquire advertising technology company AppNexus, The Wall Street Journal reported, citing people familiar with the matter.
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