Here are three things you must know at midday on Tuesday, Dec. 5:
1. -- Walt Disney Co. (DIS - Get Report) was closing in on a deal with Twenty-First Century Fox Inc. (FOXA and it could come as soon as next week, CNBC reported, citing sources familiar with the matter.
TheStreet previously reported that Disney, the owner of ESPN and Disneyland, restarted discussions with Fox to buy up some of the media empire's assets. CNBC said Tuesday, Dec. 5, that the deal could be worth as much as $60 billion.
Disney shares fell 2.8% on Tuesday, while Fox shares gained 2%.
Jim Cramer is confident that the transaction will get done.
"Twenty-First Century Fox Inc.'s properties outside of sports and news will be bought by Walt Disney Co.," Cramer said, assigning a price tag of at least $25 billion. It would come as Disney faces decreasing value for one of its top assets in ESPN. Buying Fox's media assets would give Disney the greater scale needed to compete in the Netflix Inc. (NFLX - Get Report) fueled era of cord-cutting."
2. -- Snap Inc. (SNAP - Get Report) got a lift from two investment banks that lifted their recommendations on the social media app as it goes head-to-head with Facebook Inc. (FB - Get Report) in the youth messaging market.
Snap rose more than 9% on Tuesday to $14.82.
Jefferies raised its recommendation on the messaging app maker to "buy" from "hold," while Barclays raised the Venice, Calif.-based Snap to "overweight" with a price target of $18 a share, up from a previous forecast of $11.
In fact, Barclays analyst Ross Sandler said now may be a "good time" to start accumulating shares," noting that the company may start hitting -- or beating -- consensus revenue estimates into the new year. He also suggested the recent narrative that Facebook is "killing" Snap may be starting to reverse. "In short, we think the worst is behind SNAP and company is likely to get back on track in 2018," Sandler wrote.
3. -- McDonald's Corp. (MCD - Get Report) was one of the strongest gainers on the Dow Jones Industrial Average on Tuesday after Jefferies upgraded the restaurant company to "Buy" from "Hold" and increased its price target to $200 from $150, about 17% upside from current levels.
The stock gained 1.8% to $173.61.
Jefferies analyst Andy Barish said digital ordering and delivery were catalysts to get the stock higher.
The Dow was up 0.1% midday on Tuesday.
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