U.S. markets extended their winning streak to two days Tuesday as markets continue to shake off fears of a trade war with China to push higher.
The Dow Jones Industrial Average rose 0.87%, or 213 points to 24,786, while the Nasdaq jumped 1.74%, or 125 points to 7,281, and the S7P 500 climbed 1.07%, or 29 points to 2,706.
Icahn Releases Paper Explaining Why Xerox CEO Must Be Ousted
Icahn called the process behind the merger "conflict-tainted" and pointed to the fact that the company's stock price was 37% below the deal's value of $45 per share.
"This is a strange and irregular transaction that is simply not comparable to any other transaction I have seen in over 45 years of observing the 'merger and acquisition' marketplace. A CEO of the target, facing likely ouster, serves as the loyal agent of the acquirer, designing a deal that is too good to be true: a cheap price, little governance protections, no market check, and a process that ignores other bidders," Icahn quoted noted Columbia law professor Jeff Coffee in his release.
Dick's Plans to Destroy Unsold Firearms Pulled From Stores
Dick's Sporting Goods (DKS) plans to destroy the unsold firearms it pulled from its stores in the wake of the shooting at a Parkland, FL high school in February.
The company announced that it would no longer sell assault-style rifles at its stores in response to public outcry for stricter gun laws. The company also changed its rules to require customers be 21 before purchasing firearms at the store.
"We are in the process of destroying all firearms and accessories that are no longer for sale as a result of our February 28th policy change," a spokesperson from Dick's Sporting Goods told the Pittsburgh Post Gazette. "We are destroying the firearms in accordance with federal guidelines and regulations."
Walmart Updates E-Commerce Site
Walmart (WMT) updated its e-commerce website, adding "relatable" photography and more personal features as the company continues to search for inroads into the digital space dominated by rival Amazon (AMZN) .
The new site features the home specialty section that was launched earlier this year, and the new Lord and Taylor section of the site will be up later this year.
IMF Forecasts Global Growth of 3.9% in 2018
The International Monetary Fund is forecasting global growth of 3.9% this year, if that level is reached it will represent the strongest global growth since 2011.
Favorable market sentiment, accommodative financial conditions and domestic and international repercussions of expansionary fiscal policy in the U.S. are all catalysts that could help drive growth around the world this year, according to the IMF.
World trade volumes are also forecast to increase by 5.1% this year after rising 4.9% in 2017 and 2.3% in 2016.
Kraken Leaves Japan Amid Crypto Regulatory Pressure
San Francisco-based cryptocurrency exchange Kraken is pulling out of Japan, ending trading services for Japanese residents, due to increased regulatory pressure from Japanese officials.
Kraken will continue to focus on other countries, and may even resume operations in Japan at a later date, the company said in an email to customers Tuesday.
Japan now requires exchanges to get a license and has threatened stricter controls after more than $500 million was stolen at Japanese exchange Coincheck in January.
Roku Jumps Following Addition of ESPN+ Streaming Content
Roku (ROKU) shares were up 8% premarket after the company announced the availability of ESPN+, ESPN's new streaming-only service, to its platform.
"Roku customers have enjoyed the ESPN channel for years. The launch of ESPN+ marks an exciting moment for the OTT sports experience, giving consumers more sports content from their favorite pastimes than ever," said Scott Rosenberg, General Manager of the Platform Business at Roku. "Roku customers that subscribe to ESPN+ will enjoy access to more live sports events, original shows and films, exclusive studio programs and ESPN's unmatched on-demand library."
Additionally, the success of Netflix's (NFLX) latest quarter isn't hurting Roku Tuesday. Netflix, which is also available through Roku, topped analysts revenue and subscription estimates when it reported its quarterly results Monday after the closing bell.
Judge Allows Facebook Facial Recognition Suit to Proceed
A federal judge in California is allowing a class action lawsuit filed by Nimesh Patel's lawsuit against Facebook (FB) over its facial recognition technology to proceed.
Patel accuses Facebook of violating the Illinois Biometric Information Privacy Act which stipulated that citizens must give consent to have their biometric information gathered, including information about faces.
Patel's lawsuit centers on Facebook's "tag suggestion" feature, which allows friends to identify acquaintances in pictures without their consent.
China Slaps Duties on U.S. Sorghum
China announced that it is placing temporary anti-dumping measures on U.S. sorghum in the next salvo in the burgeoning trade war between the U.S. and China.
The crop, which is used in animal feed and alcohol brewing, will face a 178.6% tariff once imported.
China's latest tariff comes a day after the U.S. banned domestic firms from selling parts to Chinese phone-maker ZTE Corp. for seven years.
U.S. futures were rising ahead of the opening bell, indicating another strong open for markets following a successful day of trading Monday.
Dow futures were rising 0.7%, indicating an open 169 points higher, while Nasdaq futures rose 0.43%, indicating an open 29 points higher, and S&P futures gained 0.46%, indicating an open 12 points higher.
World markets were mixed thanks to weakness in Asia. The Shanghai Composite dropped 1.41% and the Hang Seng declined 0.83% Tuesday. Meanwhile, the Nikkei was able to hold on to a 0.06% increase.
Markets in Europe were fairing better. The DAX in Germany led the way, rising 0.76% while the CAC 40 rose 0.44% and the FTSE 100 increased 0.13% with about four hours left in trading.