Dow Jumps to New Intraday High as Deal News Boosts Wall Street
Stocks were into the green Thursday, if only by a bit, as deal news propelled big names.
Wall Street was abuzz early Thursday after Disney (DIS) - Get Report announced it's buying most of Twenty-First Century Fox's (FOXA) - Get Report media assets for $52.4 billion - making it Disney's biggest acquisition ever. News of a deal came after several weeks of speculation and more than a few rumored suitors for Fox. Fox's stock had increased more than 30% since the deal rumors started. Both Fox and Disney shares were teetering into the red and green throughout the morning Thursday.
Teva (TEVA) - Get Report stock was flying high Thursday after the Israeli generic drug maker announced a spate of job cuts to the tune of 14,000 people globally. That's more than a quarter of its staff gone over the next two years. The cuts are the most recent effort in a campaign to lower the embattled company's costs by $3 billion by the end of 2019.
And as the holiday season merrily continues, retail sales for November rallied higher 0.8% over the previous month, topping analyst expectations of a 0.3% gain. Year over year, retail sales are up 5.8%. Now that's something to celebrate.
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