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LogMeIn Inc. announced Tuesday that it will combine with Citrix Systems Inc.’s GoTo business in a reverse-merger deal valued at $1.8 billion. In connection with the deal, LogMeIn, a cloud communication company, has declared a special cash dividend of 50 cents a share, to be paid Aug. 26 to shareholders of record on Aug. 8. The combined company is expected to have annual revenue of more than $1 billion, and to achieve cost synergies of $65 million within the first year and $100 million in the second year. Details of the deal include Citrix creating a wholly-owned subsidiary, or GetGo to hold the GoTo business, then distribute that subsidiary to its shareholders. The GetGo subsidiary will then merger with a wholly-owned subsidiary of LogMeIn. Prior to trading halts, LogMeIn’s stock surged 6.7% in afternoon trade and Citrix shares gained 1.2%. Year to date, shares of LogMeIn tacked on 3.9%, Citrix soared 18% and the S&P 500 gained 6.1%.

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CBS Corp. and Apple Inc. said on Tuesday the two have reached an agreement for the tech giant’s music streaming service Apple Music to be the exclusive home for the network’s new “Carpool Karaoke” TV series. Terms of the deal weren’t disclosed, but it will be an exclusive first-window licensing agreement. The series is based on the viral hit started on “The Late Late Show with James Corden” where celebrities ride and sing along with the host. The series is expected to have 16 episodes and a host has not yet been named. CBS said the “Carpool Karaoke” segment on “The Late Late Show with James Corden” will also continue.

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The S&P 500 Index and the Nasdaq Composite Index finished slightly higher Tuesday, while the Dow Jones Industrial Average closed lower, as investors were reluctant to place any big bets ahead Wednesday’s policy decision from the Federal Reserve. The Dow industrials slipped 19.31 points, or 0.1%, to 18,473.75, weighed down by shares of McDonalds Corp. , which closed 4.5% lower. The S&P 500 advanced 0.70 points, or less than 0.1%, to close at 2,169.18, as the materials and industrials sectors rallied and the telecom and utilities sectors declined. The Nasdaq rose 12.42 points, or 0.2%, to finish at 5,110.05, for its highest close of 2016.

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Chinese company LeEco said Tuesday it has reached an agreement to buy privately owned Vizio for $2 billion. Vizio, based in Irvine, Calif., makes affordable flat-screen TVs and other electronics goods. The company filed for an initial public offering in July of 2015, but did not close on the deal.

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Shares of Linear Technology Corp. shot up $14.02, or 29%, to the highest level in over 15 years in afternoon trade Tuesday, prior to a trading halt for news pending, after Bloomberg reported that the the chip equipment maker was in talks to be acquired by Analog Devices Inc. . Linear’s stock surge is on track to be the biggest one-day price and percentage gain since it went public in May 1986. The stock is headed for the highest close since Feb. 15, 2001. Bloomberg reported, citing people familiar with the matter, that a deal could be announced as soon as Tuesday. Analog Devices’ stock surged 3.9% prior to a trading halt. At the last prices traded, Linear Technology had a market capitalization of $14.94 billion, according to FactSet, while Analog Devices’ market cap was $19.32 billion.

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Marvel Entertainment, whose comic book characters include Iron Man, Doctor Strange and Spider-Man, has launched the Marvel Insider loyalty program. Existing subscribers can log on to their account and confirm they want to be part of the program to start earning points. Members are rewarded for things like purchasing digital comics and checking out content posted on Marvel.com. Points can be redeemed for limited-edition merchandise and more. Marvel Entertainment is a wholly-owned subsidiary of The Walt Disney Co. . Disney shares are down 0.8% in Tuesday trading and down 18.8% for the past year. The S&P 500 Index is up 4.2% for the last 12 months.

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From:: Stock Market News

Oil futures settled under $43 a barrel on Tuesday, holding ground at their lowest level in three months, as traders continued to fret over the prospects for slowdowns in demand growth and production declines. September WTI crude fell by 21 cents, or 0.5%, to settle at $42.92 a barrel on the New York Mercantile Exchange. That was the lowest settlement for a most-active contract since April 25, according to FactSet data.

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From:: Stock Market News