Category: Stock Market News

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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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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Shares of Texas Instruments Inc. soared 6% to a 16-year high in morning trade Tuesday, after the chip maker’s better-than-expected second-quarter results and upbeat outlook prompted an upgrade at Bank of America Merrill Lynch. Analyst Vivek Arya raised his rating to buy, after being at neutral for the past 15 months, and lifted his stock price target to $80 from $64. Arya wrote in a note to clients that the “strong” results and outlook address his near-term concerns over the impact of Brexit and other macro issues on the company’s auto and industrial businesses. He said the next potential catalyst could be a dividend boost in September or October. The stock has run up 28% year to date, while the VanEck Vectors Semiconductor ETF has climbed 18% and the S&P 500 has gained 5.8%.

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Twitter Inc. was downgraded to hold from buy at S&P Global as analysts expressed concern over social competition. The analysts said Twitter stock was close to their $21 price target but that the stock hasn’t been performing consistently. They expect competition from Facebook, especially in news and live video, as well as Instagram and Snapchat taking up a larger portion of market share. Twitter’s live-streaming deals will not have “much of a positive financial impact,” they say. Shares of Twitter were down 1% Tuesday, compared to the S&P 500’s drop of less than 1%.

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Amazon.com Inc. said Tuesday that the Prime membership program has launched in India in more than 100 cities. Amazon is offering a 60-day trial period and an introductory discounted annual rate of INR 499 (about $7.41), down from INR 999 (about $14.83). For cities that are not yet eligible for one- or two-day delivery, members will receive free delivery with no minimum purchase. Amazon shares are down 0.2% in Tuesday trading, but up 39.5% for the past year. The S&P 500 Index is up 4.3% for the last 12 months.

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U.S. stocks opened little-changed on Tuesday, as investors remained cautious ahead of the two-day Federal Reserve policy meeting and a barrage of earnings reports. Shares of McDonald’s Corp slumped after the world’s largest fast-food restaurant chain missed earnings expectations. Lower oil prices continued to weigh on energy stocks. The S&P 500 index was flat at 2,168. The Dow Jones Industrial Average was off by 11 points, 0.1% to 18,481, while the Nasdaq Composite Index began the session unchanged at 5,096.

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Shares of Tokai Pharmaceuticals Inc. plummted 68% toward a record low in active premarket trade Tuesday, after the company said it was discontinuing a late-stage trial of its prostrate cancer treatment. volume of 257,000 shares was more than four-times the full-day average. The company said following a review of safety and efficacy data, it did not believe the phase 3 study of galeterone for the treatment of metastatic castration-resistant prostate cancer would meet its primary endpoint. “We are very disappointed by this outcome,” said Chief Executive Jodie Morrison. “An immediate priority is to analyze the unblinded study data in detail as we evaluate potential paths forward for galeterone and our pipeline.” Prior to the premarket selloff, the stock, which closed at its record high of $23.76 on the day it went public on Sept. 17, 2014, had tumbled 40% year to date.

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