Here are five things you must know for Tuesday, March 13:
1. -- Trump Blocks Broadcom's Takeover of Qualcomm
Donald Trump blocked chipmaker Broadcom Ltd. (AVGO) of Singapore from pursuing a hostile takeover of rival Qualcomm Inc. (QCOM) , nixing the proposed combination because of national security concerns.
"There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore (Broadcom) ... through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action that threatens to impair the national security of the United States," said a statement from the White House on Monday, March 12.
Trump's decision effectively blocks the contentious merger battle between the two tech titans. Broadcom was pursuing a $117 billion bid to buy Qualcomm, a deal that would have been the largest ever completed in the tech industry.
Broadcom said it was reviewing the order, adding it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns."
TheStreet's founder Jim Cramer quickly hopped onto Twitter, voicing what many were probably thinking off the news.
"Presidential order to shut down Broadcom bid! WOW! Maybe it will be an earnings story now," Cramer tweeted.
Qualcomm shares fell nearly 5% in premarket trading on Tuesday. Broadcom rose 1.4%.
2. -- Stocks Trade Steady
U.S. stock futures were posting modest gains on Tuesday, March 13, as investors began to weigh the impact of Donald Trump's increasingly protectionist stance on business activity in the world's largest economy.
Contracts tied to the Dow Jones Industrial Average rose 52 points, while those tied to the broader S&P 500 rose 5.75 points.
Broader market sentiment Tuesday was hit by Trump's decision to block Broadcom's bid for Qualcomm on the grounds of national security.
The Dow Jones Industrial Average finished lower on Monday, losing momentum from the sharp gains last week that followed a stronger-than-expected U.S. jobs report. The Dow closed down 157 points, or 0.62%, to 25,178 and the S&P 500 declined 0.13%. The Nasdaq jumped 0.36% to a new closing high of 7,588.
The main highlight of Tuesday's economic calendar is the Consumer Price Index for February at 8:30 a.m. ET. Economists surveyed by FactSet expect the measure of consumer inflation to rise 0.2% in February from a month earlier, taking the annual rate to 2.2% from 2.1% in January.
If you'd like to receive the free "5 Things You Must Know" newsletter, please register here.
3. -- U.S. Steel Gets Tariff Bump
U.S. Steel Corp. (X) raised its full-year outlook for earnings before interest, taxes, depreciation and amortization on Monday by $200 million to $1.7 billion, with the steel giant crediting recent tariff actions by the Trump administration for the profit hike.
"The company expects the benefits from these actions [on tariffs] will be primarily reflected in our results in the second half of the year, as recent price changes become more fully realized for spot and contract volumes, and shipments increase from Granite City Works," U.S. Steel said in a statement.
Trump announced a plan last week to impose a 25% tariff on imported steel and a 10% levy on non-American aluminum.
Shares of U.S. Steel rose 0.9% in premarket trading on Tuesday.
4. -- Apple to Buy Texture, a Digital Magazine Service
The acquisition of Texture, for an undisclosed amount, was mentioned Monday during an appearance by Apple's Internet software and services chief Eddy Cue at the South by Southwest Festival in Austin, Texas.
TheStreet's Eric Jhonsa wrote that some important takeaways from Cue's talk included Apple's continued appetite to find new ways to grow its services revenue, and that the tech giant was unlikely to make a big media acquisition.
5. -- GE's Top Executives Won't Get Bonuses
General Electric Co. (GE) said its senior managers won't be receiving bonuses for 2017, the first time the industrial giant eliminated bonuses for its top leaders in its 126-year history.
GE cited the company's "poor performance" in a corporate filing on Monday.
David Joyce, head of GE's aviation business, was the lone exception -- he received a $1.4 million bonus because the unit "performed very strongly in 2017."
Shares of General Electric have declined 50% over the past 12 months. The stock fell 2.1% in premarket trading.
This article has been updated with fresh stock prices.