Stocks finished mixed on Tuesday, May 8, as markets digested a decision from President Donald Trump on the U.S. pulling out of the Iran nuclear deal and renewing sanctions on the oil-rich nation.
The Dow Jones Industrial Average finished up 3 points, or 0.01%, to 24,360 after trading lower for much of the session. The S&P 500 was down 0.03% and the Nasdaq rose 0.02%.
Global oil prices retreated from their three-and-a-half year peaks on Tuesday, as markets were clearly focused on Trump's decision. U.S. benchmark West Texas Intermediate crude oil declined by 2.4%, settling at $69.06 a barrel.
Comcast Corp. (CMCSA) shares fell 5.5% after reports said it has explored financing for a bid to challenge Walt Disney's purchase of much of Twenty-First Century Fox.
Comcast has asked investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the Fox assets, Reuters reported, citing sources. Takeda Pharmaceutical Co. (TKPYY) said Tuesday it reached an agreement to acquire Dublin-based drugmaker Shire PLC (SHPG) in a deal valued at $62.4 billion.Takeda said it has offered $30.33 in cash for each outstanding Shire share, as well as either 0.839 in new Takeda shares or 1.678 in existing Takeda American depositary shares. The deal values Shire at ?49.01 per share, a 27.1% premium to the stock's closing price on Friday, May 4. Shire shares gained 1.4% to finish at $163.73.
Takeda Pharmaceutical Agrees $62.4 Billion Takeover of ShireActivist investor ValueAct Capital Partners LP has built a roughly $1.2 billion stake in Citigroup Inc. (C) , The Wall Street Journal reported. The stake amounts to about 0.7% of Citigroup, which has a market value of $175 billion.
Citigroup shares rose 3.7% on Tuesday.
Valeant Pharmaceuticals International Inc. (VRX) rose 8.7% after first-quarter revenue topped expectations and the company raised guidance for 2018 revenue. Valeant also said it was changing its name to Bausch Health Cos.
Can a Bold Name Change Help Valeant Escape Its Tarnished Reputation?SeaWorld Entertainment Inc. (SEAS) posted a first-quarter loss of 73 cents a share. Adjusted for non-recurring costs, the loss was e 53 cents a share, narrower than analysts' estimates that called for a loss of 77 cents. The theme park operator posted first-quarter revenue of $217.2 million, which also topped forecasts of $198.4 million. SeaWorld shares jumped 7%.
Snap Inc. (SNAP) rose 1.8% after it was announced that Drew Vallero, chief financial officer, was stepping down. Vallero has been with Snap for two years. Since Snap's high-profile initial public offering in March 2017, a number of high-level executives have left the company.
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