Closing Bell
U.S. markets didn't end the day the same way they started, giving up all of their earlier gains to close near session lows across the board Monday.
The S&P 500 led markets lower, falling 0.82%, or 22 points to 2,648, while the Nasdaq dropped 0.75%, or 54 points to 7,066, and the Dow Jones Industrial Average declined 0.61%, or 147 points to 24,174.
DOJ Makes Final Case Against AT&T/Time Warner Merger
Justice Department lawyer Craig Conrath urged the judge overseeing the AT&T (T) Time Warner (TWX) antitrust case to consider "alternative" remedies if he chooses not to block the deal, the Wall Street Journal reported Monday.
For 75 minutes Conrath laid out the government's case against the merger in his closing arguments, concluding that the judge should at least force AT&T to divest some assets if the deal is approved.
Closing arguments will continue Monday afternoon with AT&T and Time Warner rebutting Conrath's argument.
Weedkiller Found in Wide Range of Products, Internal FDA Docs Show
Wheat crackers, granola cereal and cornmeal that were tested by the Food and Drug Administration all had "a fair amount" of glyphosate, best known as the weedkiller present in Monsanto's (MON) Roundup, in them, internal FDA documents showed.
The only food FDA chemist Richard Thomspon found that didn't contain the weedkiller was broccoli, according to an email he sent in January 2017.
Glyphosate is used on corn, soybean, wheat, oats, almonds and a wide range of other crops.
Another email showed that FDA chemists found glyphosate levels of 6.5 parts per million, well above the legal limit of 5.0 ppm.
Prologis to Acquire DT Industrial Trust for $8.4 Billion
Prologis (PLD) shares were down Monday afternoon after the company agreed to purchase industrial real estate investment trust DCT Industrial Trust (DCT) for $8.4 billion.
DCT shares were up 11.17%.
DCT shareholders will receive 1.02 Prologis shares for each share they own, valuing the deal at $67.91, a roughly 16% premium over the stock's closing price on Friday.
Prologis had an estimated 676 million square feet of warehousing space under its control as of the end of 2016, according to National Real Estate Investor. That same year DCT ranked tenth in the world with 74 million square feet of warehouse space.
Marriott Vacations Purchases Outstanding Shares of Timeshare Operator ILG for $4.7 Billion
Marriott Vacations Worldwide (VAC) announced plans to purchase the outstanding stake of timeshare company ILG (ILG) for $4.7 billion, the two companies announced on Monday.
ILG shareholders would receive $14.75 and 0.165 Marriott Vacations shares for each share they own under terms of the deal. The purchase price is a 13% premium over ILG's closing price on Friday.
Marriott Vacations shares were down 8.8% Monday morning while ILG shares were up 5.3%.
"This transaction will combine two of the premier global vacation ownership companies to create a more diversified company with significantly enhanced marketing potential and scale to drive sales growth and value for both MVW and ILG shareholders," said Stephen P. Weisz, President and Chief Executive Officer of Marriott Vacations Worldwide. "With ILG, we will bring together six world-class vacation ownership brands under one licensing relationship with Marriott International."
Tesla Could Go Either Way, Jefferies Analyst Says
Tesla Inc. (TSLA) shares have been resilient in the face of bad news concerning Model 3 production and executive departures in its automated driving division. Over the past five sessions, the stock has risen nearly 4%.
After admittedly receiving "flack" for recently upgrading Tesla to "hold," Jefferies analyst Philippe Houchois was less sure about the direction of the company on Monday, April 30, saying that the stock "can go either way from here."
The stock's performance is dependent on whether Tesla has any credibility left when it re-establishes expectations for Model 3 production, margins and capital spending.
Houchois upgraded Tesla to "hold" earlier this month with a $250 price target.
Houchois, however, said that he expected Tesla to miss its first-quarter targets and consensus estimates while reporting an operating loss of $500 million with $700 million in free cash flow.
Two weeks ago Tesla announced that it had to temporarily shut down Model 3 production at its plant in Fremont, California.
Tesla shares were up 0.45% Monday morning.
'Avengers: Infinity War' Shatters Box Office Record, Disney Stock Gains
Disney (DIS) shares were up 1.6% Monday morning following a blockbuster weekend from its latest Marvel film release.
'Avengers: Infinity War' made $250 million at the domestic box office and $630 million worldwide. Infinity War took the all-time highest box office weekend from fell Disney property 'Star Wars: The Force Awakens' which debuted in December 2015.
Infinity War's international take of $380 million was the second largest after Comcast's CMCSA "Fate of the Furious," though that film had the benefit of the Chinese market during its opening weekend.
Infinity War debuts in China on May 11.
Marathon Petroleum Buys Andeavor for $23.3 Billion
Marathon Petroleum (MPC) announced the purchase of rival Andeavor (ANDV) for $23.3 billion in a cash-and-stock deal that values Andeavor at $152.27.
The stock valuation is roughly 24% over Andeavor's closing Price Friday. Andeavor's stock has climbed nearly 50% over the past 12 months.
Marathon, which said it would save $1 billion in costs each year due to the deal, was down 4.9% premarket. Andeavor shares were up 16%.
Walmart to Sell Asda Group British Unit to Sainsbury's for $10.1 Billion
Walmart (WMT) announced that it is selling its British operation Asda Group to rival Sainsbury's in a deal that values the company at GBP7.3 billion, or $10.1 billion.
Walmart retains a 42% stake in the combined company as well as GBP3 billion in cash. Asda has been a profitable portion of the company's portfolio, but its growth has slowed amid stiff competition since it debuted in 1999.
The U.K grocery market is highly concentrated with the top four company's owning over 60% of the market.
Premarket
U.S. futures were rising ahead of the opening bell as markets look to start the final day of April trading off on the right foot.
Dow futures were rising 0.4%, or 95 points indicating an open 95 points higher, while Nasdaq futures also gained 0.4%, indicating an open 27 points higher, and S&P futures gained 0.27%, indicating an open 7 points higher.
World markets were equally positive Monday morning. Asian markets were led by the Hang Seng, which rose 1.74%, while the Nikkei gained 0.66%, and the Shanghai Composite rose 0.23%.
In Europe, the FTSE 100 was leading the way, rising 0.46%, while the CAC 40 rose 0.29%, and the DAX gained 0.09% with about four hours left in trading.
