"Everybody's always tempted to use the [Alan] Greenspan phrase 'irrational exuberance,' and that's what it is," said Dan North, Euler Hermes North America's chief economist. "Stocks run on emotions, and they're running on optimism and hope for the pro-growth Trump agenda."
Akzo Nobel shares traded in Amsterdam declined 1.1%.
PPG had sought to have the Enterprise Chamber, a division of the Amsterdam Court of Appeal that handles corporate proceedings, launch an investigation into board mismanagement at Akzo Nobel and force a shareholder vote to oust Chairman Antony Burgmans for failing to engage in talks with PPG despite numerous takeover attempts. The panel rejected that request Tuesday, meaning Pittsburgh-based PPG had until Thursday to make a formal bid for Akzo Nobel or walk away for at least six months.
Conagra's approached Pinnacle Foods in the last few weeks, the sources told Reuters. There is no certainty that Pinnacle Foods will choose to engage, or that Conagra will pursue a potential deal further, the sources said on Wednesday.
Conagra's interest shows that Pinnacle Foods remains an acquisition target, three years after its $4.3 billion sale to Hillshire Brands was canceled after Hillshire agreed to sell itself to Tyson Foods for $7.7 billion, Reuters noted.
Hillshire was led at the time by Sean Connolly, who is now CEO of Conagra. His second attempt at an acquisition of Pinnacle Foods underscores the need for further consolidation in the frozen food and condiments sectors, as sales continue to decline with consumers opting for healthier choices, Reuters said.
Conagra has a market value of $16.2 billion, while Pinnacle Foods' market value is $7.2 billion.
Pinnacle Foods shares rose 5.2% in premarket trading on Thursday.
4. -- Hewlett Packard Enterprises (HPE) shares fell 1.1% in after-hours trading after the enterprise technology company posted weaker-than-expected earnings in its fiscal second quarter and forecast third-quarter adjusted profit below Wall Street estimates.
5. -- Uber, the ride-sharing company, lost more than $700 million in its first quarter, and said its finance head, Gautam Gupta, was leaving the company to join a start-up.
A year earlier, Uber posted a loss of $991 million. Revenue in the quarter rose 18% to $3.4 billion.
"These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers," an Uber spokesman told TheStreet.
"Over the last four years," Kalanick said, "he has been indispensable in helping build Uber from an idea into the business it is today. We couldn't have done it without him, and I will miss his energy, focus and infectious enthusiasm. All of us at Uber wish him well in this next challenge."
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