Here are five things you must know for Thursday, Nov. 16:
In a tweet on Wednesday, Nov. 15, Donald Trump said, ""Big vote tomorrow in the House. Tax cuts are getting close! Why are Democrats fighting massive tax cuts for the middle class and business (jobs)? The reason: Obstruction and Delay!"
However, Sen. Ron Johnson of Wisconsin potentially threw up a roadblock to tax overhaul after he became the first Republican senator to say he opposed his party's tax legislation. The Senate is expected to vote on its tax plan early next month.
U.S. stocks on Wednesday finished lower as investors remained uncertain over the future of tax reform and oil prices fell sharply.
The terms Hasbro has proposed for its rival toymaker couldn't be learned, and it is not clear whether negotiations between the two companies will continue. The companies have engaged in multiple rounds of deal talks over the last two decades, Reuters noted.
Mattel shares fell 1.8% in premarket trading.
3. -- Time Inc. (TIME) is in talks again to sell itself to Meredith Corp. (MDP - Get Report) , with the deal being backed by billionaire brothers Charles G. and David H. Koch, The New York Times reported.
The Times said that current discussions are a revival of earlier unsuccessful talks between Meredith and Time, adding that the involvement of the Kochs could spur the deal to fruition.
The paper, quoting unnamed sources with knowledge of the talks, said the Kochs would back Meredith with an equity injection of $500 million. The Times said a spokesman for Koch Industries declined to comment on Wednesday. Representatives of Time and Meredith couldn't be reached lfor comment on the report.
Time, which includes more than 100 brands and publishes Sports Illustrated and People, was up for sale this past spring and had held talks with Meredith, which includes among its publications Shape, Better Homes and Gardens and Family Circle.
4. -- Shares of Cisco Systems Inc. (CSCO - Get Report) were rising 6.7% in premarket trading on Thursday after the networking giant matched fiscal first-quarter earnings expectations and said it would return to growth in its second quarter.
CEO Chuck Robbins told investors that software and recurring revenue growth continues. Robbins also touted Cisco's partnerships with large customers such as Alphabet Inc.'s Google, Microsoft Corp. and Alibaba Group Holding Ltd. that are developing hybrid cloud architecture.
Cisco earned 61 cents a share in the quarter, topping forecasts of 60 cents. Revenue of $12.1 billion declined 2% but matched forecasts. Importantly, Cisco said it expects fiscal second-quarter revenue to grow 1% to 3%, with non-GAAP earnings of 58 to 60 cents a share.Cisco Forecasts Return To Growth, Shares Jump
Cisco's Earnings Have Much in Common With Beat-Up IBM
Peltz said Wednesday, Nov. 15, that the independent inspector reviewed the votes and came to the conclusion that he actually won the election. Procter & Gamble quickly issued a press release noting that Peltz was "ahead" with a lead of about 42,780 shares, about 0.0016% of the vote.
P&G, the packaged goods giant, said that the results were still "preliminary" and "subject to review," suggesting that it wasn't yet fully ready to concede defeat. It added that P&G will disclose the final results after receiving the independent inspector of elections' final certified report "in the weeks ahead."Nelson Peltz Gets Last Laugh in Bruising Battle With Procter & Gamble
Procter & Gamble Gains in Premarket After Peltz Claims Victory in Proxy Battle
This story has been updated to include earnings from Walmart, Viacom and Best Buy.
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