MoneyGram Stock Plummets After Ant Financial Deal Rejected: LIVE MARKETS BLOG

 | Jan 03, 2018 | 3:11 PM EST
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MoneyGram Stock Plummets After Ant Financial Deal Rejected

Shares of MoneyGram Int'l, Inc. (MGI) were falling over 9% on heavy volume in afternoon trading on Wednesday after the Committee on Foreign Investment in the U.S. denied Ant Financial's acquisition of the money transfer company over national security concerns, both companies said.

It was the most high-profile Chinese deal to be torpedoed under the administration of President Donald Trump, noted the Nikkei Asian Review.

The $1.2 billion deal's collapse represents a blow for Jack Ma, executive chairman of Chinese internet conglomerate Alibaba Group Holding (BABA) , which owns Ant Financial together with Alibaba executives. He was looking to expand Ant Financial's footprint amid fierce domestic competition from Chinese rival Tencent Holding's (TCEHY)  WeChat payment platform, the Review reported.
 
Alibaba's shares were also lower while Tencent's were gaining.

Gun Stocks Misfire

Shares of American Outdoor Brands (AOBC) were down over 7% and Sturm, Ruger & Co. (RGR) were falling more than 5% as background checks for
the month of Dec. totaled 2.586 million vs. 2.771 million year-over-year, according to the FBI's National Instant Criminal Background Check System (NICS) data.

The unadjusted figured for Dec. 2017 is the most unfavorable reading since 2.31 million in 2014. The full year 2017 unadjusted NICS checks slid to 25.2 million vs. 27.5 million in 2016.


Dollar Menu Wars Heat Up

Add YUM! (YUM) Brands' Taco Bell to the ongoing dollar menu war.

Taco Bell announced Wednesday that it will begin selling Nacho Fries for $1 for a limited time starting Jan. 25.

It has long been speculated that Taco Bell would be bringing this international menu item to the U.S., especially after the company held market tests in West Virginia and California last spring, according to CNBC.

They're up against Jack in the Box (JACK) and it's "Value Done Jack's Way," and McDonald's (MCD)  redo of its Dollar Menu with a new three-tiered value menu.

Premarket

U.S. futures were rising premarket Wednesday, once again indicating a strong opening for markets and a new record high for the Dow Jones Industrial Average.

Dow futures climbed 0.22%, while the S&P 500 and Nasdaq futures rose 0.15% and 0.12%, respectively.

Major indices around the world were higher with the key Asian and European markets showing gains. Japan's Nikkei was closed today.

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