It was a Wednesday of deals in limbo. While the Qualcomm (QCOM) - Get Report acquisition of NXP Semiconductor (NXPI) - Get Report is all but over, there is still a glimmer of hope -- and I mean the slightest of glimmers -- for the Tribune-Sinclair (TRCO) - Get Report (SBGI) - Get Report deal, explains The Deal's David Hatch in Washington. Though the odds are still stacked against them, a federal appeals court in Washington issued a July 25 decision that could potentially benefit the tie-up. The court upheld a revision to the FCC's media ownership rules that would require only modest divestitures under any combination of the station groups. Still, there's plenty of incentive for the parties to walk away altogether, not the least of which is the waiver of any breakup fees. The parties will have until Aug. 8 to decide the path they'd like to take. Until then, The Deal will be monitoring the situation closely.
Leave it to the French to turn around a struggling business, right GM (GM) - Get Report ? I kid, of course, it's got nothing to do with nationality and everything to do with profits and well, maybe a little bit of geography. PSA Peugeot SA's bet on Opel-Vauxhall is paying off earlier than expected. The French carmaker said this week that the former European unit of General Motors posted a $587 million (€502 million) profit over the first-half of 2018, up from a €179 million loss in the preceding six months. The result puts Opel on track to post a full-year profit, something that GM failed to achieve in nearly 20 years in charge of the business. It also sets the unit up to beat, by more than two years, PSA's own target of returning the operation to profitability within three years. PSA acquired Adam Opel, maker of the German Opel brand and its U.K. equivalent Vauxhall, in March 2017 for €1.3 billion. PSA's CEO Carlos Tavares immediately overhauled management of the business, installing a new team that was given 100 days to come up with a plan to make the unit profitable by 2021. For its part, GM fell 4.6% to close at $37.65 after the company cut its 2018 earnings forecast earlier Wednesdayto an adjusted $6 a share, down from the $6.30 to $6.60 that management had previously guided to.
Markets Today: Stocks surged in late trading on Wednesday, July 25, to end sharply higher on reports the U.S. and Europe have reached an agreement to avoid a trade war The Dow Jones Industrial Average rose 172 points, or 0.68%, to 25,414, the S&P 500 rose 0.91% and the Nasdaq was up 1.17%.
This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.