U.S. markets retreated Tuesday afternoon during the testimony of new Federal Reserve Chair Jerome Powell, closing the day at session lows.
The Dow Jones Industrial Average fell 1.17%, or 301 points, while the Nasdaq declined 1.23%, or 20 points, and the S&P 500 fell 1.27%, or 35 points.
Disney Invests 2 Billion Euros Into Disneyland Paris
Disney DIS announced plans to expand its Disneyland Paris theme park in France, investing 2 billion euros in te sprawling property.
Disney plans to add three new areas devoted to Marvel characters, its animated film Frozen and its Star Wars franchise.
"The expansion plan is one of the most ambitious development projects at Disneyland Paris since its opening in 1992 and underscores the company's commitment to the long-term success of the resort as Disney's brand beacon in Europe," Walt Disney said in a statement.
Disneyland Paris is Europe's most visited theme park and accounts for 6.2% of France's tourism income.
TheStreet to Launch Bitcoin Webinar Wednesday
TheStreet's Scott Gamm will host a one-hour live broadcast on Wednesday, February 29 from 1 PM to 2 PM featuring a panel that includes cryptocurrency and blockchain experts:
- James Altucher, noted cryptocurrency commentator and author
- Eric Ervin, CEO of Reality Shares - the firm behind a new blockchain ETF
- Oliver Pursche, chief market strategist at Bruderman Brothers. Oliver personally owns many cryptocurrencies
- Kathleen Moriarty, partner at Chapman and Cutler, a financial law firm that also advises companies and investors in the cryptocurrency space.
Microsoft Clashes With DOJ in Data Case
Microsoft (MSFT) was before the Supreme Court Tuesday arguing that government officials cannot compel the company to make data stored overseas available to investigators.
A ruling on the case is expected by the end of June.
The case centers around a 2013 warrant obtained by U.s. prosecutors for emails of a suspect in a drug trafficking investigation that were stored on Microsoft servers in Dublin. Microsoft challenged the legality of the warrant.
The Justice Department argues that because Microsoft is based in the U.S., it has jurisdiction over its servers in other countries.
Home Prices Rise More Than 6% in December
The much-watched S&P CoreLogic Case-Shiller national home price index revealed that U.S. home prices rose 6.3% year over year in December.
The agency pegged the rise in prices to low supply mixed with high demand.
"The rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility," David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a release.
San Francisco, Seattle and Las Vegas averaged the biggest increases while Washington D.C., Cleveland, and Chicago saw the smallest pricing gains.
Facebook Launches Program for Local News Outlets to Boost Digital Subs
Facebook's (FB) Journalism Project announced the debut of a new program dubbed "Local News Subscription Accelerator" that aims to boost digital subscriptions for local news outlets.
The three-month program, which has $3 million in funding, will work with 10 to 15 news organizations to help boost digital subscriptions. Confirmed news outlets participating in the program include:
The Atlanta Journal-Constitution, The Boston Globe, The Chicago Tribune, The Dallas Morning News, The Denver Post, The Miami Herald, The Minneapolis Star Tribune, The Omaha World-Herald, The Philadelphia Inquirer, The Seattle Times, The San Francisco Chronicle, and Newsday.
"Providing a venue for metro news organizations to collaboratively develop audience and subscriber acquisition strategies is a smart way to tackle what's been a vexing problem for most publishers," said Christian Hendricks, President of the Local Media Consortium. "There's no doubt the combined-forces fast-paced structure of the Accelerator will produce a positive outcome benefitting all publishers."
FTC Lawsuit Against AT&T's Alleged Throttling Will Move Forward
The Federal Trade Commission's claim that AT&T (T) of throttling data speeds on its unlimited data plans will move forward in the form of a lawsuit after a federal appeals court ruled against AT&T.
The Ninth U.s. Circuit Court of Appeals ruled that the lawsuit could go forward because AT&T does not fall under the list of "common carriers" that are exempt from the oversight of the FTC as AT&T claimed.
"Permitting the FTC to oversee unfair and deceptive non-common-carriage practices of telecommunications companies has practical ramifications," Judge M. Margaret McKeown wrote in her decision. "New technologies have spawned new regulatory challenges...Reaffirming FTC jurisdiction over activities that fall outside of common-carrier services avoids regulatory gaps and provides consistency and predictability in regulatory enforcement."
The FTC accuses AT&T of throttling network speeds for users after they passed certain usage thresholds.
Google Gets Transparent About Business in Europe
Google (GOOGL) has received 2.4 million requests from citizens in the European Union to remove URLs pertaining to them from search result dating back to May 2014 when the EU introduced its "right to be forgotten" laws.
Google is making the information public in an effort to satisfy EU transparency demands. Google also plans to show a breakdown of private individuals and non-private individuals making the requests, the content of the requests, the content of the site and the content delisting rate.
Nearly a third of the removal requests were related to social media posts and directory services, while 21% were requests for the removal of URLs related to news outlets and government websites that documented individual's legal history.
Google has oversight over whether to grant the requests.
Southwest Flight Forced to Land Following Reported Engine Fire
A Southwest Airlines (LUV) flight from Salt Lake City to Los Angeles was forced to land at the Salt Lake City airport after the engine reportedly caught fire during flight.
The flight took off around 6:38 AM before landing back at its point of origin around 7:20 AM. The pilots turned the plane around "after receiving a cockpit indication of a performance issue," according to a Southwest statement to CNN.
Southwest shares were flat in morning trading Tuesday.
John Malone and Liberty Media Offer Life Preserver to iHeart
Liberty Media Corp. placed a $1.16 billion bid for a 40% stake in struggling radio broadcaster iHeartMedia Inc. if it files for bankruptcy in near future, as is expected.
iHeartMedia is currently in a 30-day payment grace period among the company and its creditors after the company missed an interest payment to bondholders on February 1.
iHeart, formally known as Clear Channel Communications, has more than $15 billion in debt at the company's radio business. Liberty Media is building a position in the company's debt in order to gain a foothold in the company's restructuring.
Orders for Durable Goods Fell Nearly 4% in January
An expected decline in orders for passenger planes resulted in a 3.7% decline in U.S. durable goods orders in January, according to the U.S. Census Bureau.
New orders for manufactured durable goods fell $9.2 billion in the first month of the year to $239.7 billion. January's decrease follows up two consecutive monthly increases in December and November.
Inventories of manufactured durable goods, which has increased in 18 of the past 19 months, rose $1.3 billion, or 0.3%, to $408.5 billion.
Man Who Says He Created Bitcoin Sued for Stealing $5 Billion in Crypto
Australian entrepreneur Craig Wright, who claims he is Satoshi Nakamoto, the person credited with creating bitcoin, is being sued by a former business partner over an alleged scheme to steal $5 billion worth of cryptocurrency and other assets.
The lawsuit, which was filed in the U.S. District Court of Southern Florida, alleges that Wright tried to defraud IT security expert Dave Kleiman out of hundreds of thousands of bitcoins and intellectual property rights to numerous blockchain technologies.
According to the lawsuit, between the two of them, Wright and Kleiman controlled more than 1.1 million bitcoins.
Comcast Makes Play for Sky TV
Comcast (CMCSA) is looking to expand its broadcast empire with a $30.9 billion bid for British television network Sky.
The offer of £12.50 per share is above the £10.75 rival 21st Century Fox (FOXA) is offering for the 60% of the network that it doesn't already own.
The media landscape is quickly consolidating after Disney (DIS) agreed to purchase a large portfolio of Fox's assets for more than $52 billion. Comcast took over full control of NBC in 2013 and AT&T (T) has proposed to buy Time Warner Inc. (TWX) for $85 billion.
U.S. futures were declining ahead of the opening bell Tuesday, indicating a rough start for markets that had a strong day of trading to kick off the week Monday.
Dow futures were down 0.13%, indicating an open 34 points lower, while Nasdaq futures were declining 0.16%, indicating an opening 11 points lower, and S&P 500 futures were falling 0.15%, indicating an open 4 points lower.
World markets were mixed with the Nikkei being the lone major index in Asia to close the day in the green, rising 1.07%. The Shanghai Composite and Hang Seng were down 1.13% and 0.73% respectively.
In Europe, the CAC 40 was even while the FTSE 100 and Dax were experiencing slight declines.