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President Donald Trump is nominating Jon Huntsman to be U.S. ambassador to Russia, the White House announced late Tuesday. Huntsman, a former Utah governor, served as ambassador to China under former President Barack Obama. The Republican has served in five presidential administrations, and ran for president himself in 2012. The nomination was not a surprise, and word had leaked in March that Huntsman was the top candidate for the job. If confirmed, Huntsman will take the post during an especially tumultuous time, as Russia has been accused of meddling in the presidential election, and some top Trump campaign advisers have been suspected of colluding with Russian officials.

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Shares of Scripps Networks Interactive Inc. and Discovery Communications Inc. both jumped in the extended session Tuesday following a report of a possible merger. Scripps shares surged 10% to $74 while shares of Discovery rallied 9.4% to $28.50 after hours. The moves followed a Wall Street Journal report that Scripps and Discovery are in talks to combine companies, a tie-up that had been discussed back in 2014 but later abandoned, according to people familiar with matter.

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Brocade Communications Systems Inc. said late Tuesday the closing of its deal with Broadcom Ltd. has been delayed to give a U.S. government inter-agency committee more time to go over the proposed deal. Broadcom agreed to buy Brocade last year, and shareholders approved the deal in January. Earlier this week, however, following discussions with the U.S. Committee on Foreign Investment, the companies agreed to withdraw and re-file a voluntary notice to the committee to allow more time for a review. Once the committee accepts the notice, a new 30-day review period will start, and that may be followed by a 45-day investigation period, Brocade said. Shares of Brocade rose 0.2% in late trading and ended the day down 0.5%; shares of Broadcom rose 0.5% in the late session and ended the regular session up 0.8%. “Brocade and Broadcom have been and will continue to be actively engaged with CFIUS during its review of the proposed acquisition. There can be no assurances, however, that CFIUS will ultimately agree that the parties may proceed with the proposed acquisition,” they said. The delay also affects Extreme Networks Inc. , which had agreed to buy Brocade’s data-center networking business from Broadcom. Extreme said in a statement it expects to close its transaction with Broadcom within two to three business days of the completed acquisition of Brocade by Broadcom.

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Shares of Blue Apron Inc. closed at their lowest level yet Tuesday, adding to the company’s position as the worst performing IPO in 2017 among large issuers, according to Renaissance Capital, a manager of IPO-focused ETFs. Blue Apron shares have fallen 36% from its IPO price of $10, giving it the worst returns among IPOs that have a deal size of $100 million or greater so far this year, according to Renaissance. Blue Apron raised $300 million in its IPO. Also included in the category is Snap Inc. , which raised $3.4 billion in its March initial offering and has fallen 13% from its issue price. Blue Apron shares began trading on the New York Stock Exchange June 29, and along the way the stock has faced questions over its high customer-acquisition cost as well as increasing competition from Amazon Inc. Amazon has moved into the meal-kit space, with prepared meals already available for some Prime customers on its site. Blue Apron shares have fallen 3.5% in the past week, while the S&P 500 has stayed largely flat.

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Shares of Abercrombie & Fitch Co. rose more than 2% late Tuesday after hedge fund SLS Capital Management LLC made public a letter to the retailer’s board of directors urging a share buyback and other measures to lift the stock. The board hasn’t been “aggressive enough” in maximizing shareholder value, SLS said in the letter, which goes on to mention earlier letters to Abercrombie as well as meetings with management to urge a “Plan B” for the company. Given the current conditions, Abercrombie should be buying back stock and reducing its share count, it said. There’s “a time in every company’s life for buybacks and a time for dividends. With the stock trading at current valuations and a margin of safety from the value of non-core assets, this is the time for buybacks,” SLS said. Abercrombie shares ended the regular session up 0.1%.

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Shares of Apple Inc. erased an early loss to close up 0.3% Tuesday, to stretch its winning streak to eight sessions. That’s the longest such streak since the nine-session stretch ending Aug. 25, 2014. The stock was down as much as 0.6% at the intraday low of $148.67 around 10:05 a.m. ET, the started rising to close just below its intraday high of $150.13. The stock has rallied 5.2% during its streak, but is still 4% away from the May 12 record close of $156.10. Apple’s win streak matches that of the tech-heavy Nasdaq 100 , which has also gained for eight straight sessions, matching the eight-day win streak it managed seven weeks ago. Meanwhile, the Dow Jones Industrial Average has declined two straight days, and in three of the past eight sessions.

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From:: Stock Market News