Closing Bell: LIVE MARKETS BLOG

 | May 14, 2018 | 4:36 PM EDT
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Closing Bell

All three major U.S. indices closed Monday's session in the green, with the Dow Jones Industrial Average extending its winning streak to eight sessions. 

The Dow led the market's modest gains Monday, rising 0.27%, or 68 points to 24,899, while the Nasdaq gained 0.11%, or 8 points to 7,411, and the S&P 500 rose 0.09%, or 2 points to 2,730. 


New Vote on Net Neutrality Scheduled for Wednesday

Senate Democrats are set to force a vote Wednesday to repeal the changes to net neutrality that were issued to the Federal Communications Commission under President Donald Trump. 

All 49 Democrats in the upper house are expected to vote in favor of the repeal with at least one Republican, Sen Susan Collins (R-ME), joining them. 

However, the Republican-led House of Representatives represents a more difficult path to passage. Add to that the unlikelihood that Trump will sign the legislation into law and Wednesday's vote looks more symbolic than anything. 


Shari Redstone's National Amusements Fires Back at CBS Following Lawsuit

National Amusements released a statement in response to a lawsuit that CBS Corp. (CBS) filed Monday seeking to bar the company, which is owned by Shari Redstone, from interfering with the company's board as it seeks a merger between Viacom (VIAB) and CBS. 

"National Amusements (NAI) is outraged by the action taken by CBS and strongly refutes its characterization of recent events. NAI had absolutely no intention of replacing the CBS board or forcing a deal that was not supported by both companies. NAI's conduct throughout supports this, and reflects its commitment to a well-governed process," the company said in a statement.

Earlier Monday CBS filed a lawsuit in Delaware Chancery Court against Shari Redstone, Sumner Redstone and National Amusements Inc in an attempt to block their efforts to merge with the media company.

CBS accuses the company of trying to dilute its board in order to push the merger through. 


Goldman Sachs Loses 2 Securities Division Heads

Pablo Salame and Isabelle Ealet, two of the three executives who head Goldman Sach's (GS) securities division, will leave the investment bank next month, the Wall Street Journal reported Monday. 

Revenue from the bank's trading desk has fallen from a high of $33 billion in 2009 to $12 billion last year as Goldman has failed to fully recover from the 2008 financial crisis.

Ashok Varadhan is now the lone head of the firm's trading division. Salame joined Goldman in 1996 and has been in his current role since 2008 while Ealet joined the bank in 1991.


CBS Goes to Court to Block Attempted Viacom Takeover

CBS Corp. (CBS) is taking the fight to Viacom (VIAB) , filing a lawsuit in Delaware Chancery Court against Shari Redstone, Sumner Redstone and National Amusements Inc in an attempt to block their efforts to merge with the media company. 

The lawsuit seeks to dilute National Amusements' voting power in CBS affairs and block Ms. Redstone from forcing a recombination of CBS and Viacom, which are both controlled by the Redstones. 

"The contemplated dividend would dilute NAI's voting control so that Ms. Redstone is no longer able to block the CBS Board from considering appropriate corporate strategies in the best interest of all stockholders," the lawsuit said. 


Tesla Rearranges Management Structures Amid Exec Exits

Tesla Inc. (TSLA) may just be rearranging the deck chairs.

CEO Elon Musk addressed the company Monday, May 14, telling employees that the electric automaker will undergo a restructuring to flatten its management structure, The Wall Street Journal reported Monday.

Tesla shares were down 0.3% on Monday morning. The stock has shed 7.5% over the past 12 months.

The announcement followed news that engineering chief Doug Field is taking a leave of absence, while senior executive Matthew Schwall is leaving the company for Alphabet Inc.'s (GOOGL) self-driving division Waymo.


Facebook Suspends About 200 Apps Following Investigation

Facebook Inc. (FB) provided an update for its investigation into apps that have access to large swaths of information on its network, suspending nearly 200 apps that it said refused or failed an audit.

The investigation was centered on apps that had access to the information before the company changed its policies in 2014.

The affected apps will face suspension pending what the company called a "thorough investigation into whether they did in fact misuse any data." Apps that were found to have misused data will be banned, the company said.


Southwest Airlines Flight Forced Into Emergency Landing After Losing Cabin Pressure

A Southwest Airlines (LUV) flight from Denver to Dallas was forced into an emergency landing 30 minutes outside of its destination after the flight lost cabin pressure. 

There weren't any reports of injuries among the more than 100 passengers, though some complained of a lack of communication between the flight crew and frightened passengers. 

"I had no idea what was going on or what the outcome was going to be," passenger Glen Eichelberger told CBS News. "I reached over and grabbed Josh by the arm because I didn't know if we were going to make it or not. There was no communication what so ever from the flight attendants or from the cockpit as far whether we were in mortal danger."


Xerox, Fujifilm Deal Falls Apart Amid Pressure From Activists

Carl Icahn's crusade against Xerox's (XRX) $6.1 billion deal with Japan's Fujifilm has concluded in his favor after the company announced that the deal was dead Sunday. 

CEO Jeff Jacobson will also step down as part of a settlement that was backed by Icahn and fellow activist investor Darwin Deason. 

Keith Cozza, CEO of Icahn Enterprises, will become chairman of the company while John Visentin is expected to take over as CEO. Between them, Icahn and Deason own 13% of Xerox. 


Premarket

U.S. futures were climbing ahead of the market open Monday as the Dow Jones Industrial Average looks to build on its seven-day winning streak. 

Dow futures were climbing 0.27% premarket, indicating an open 67 points higher, while Nasdaq futures rose 0.22%, indicating an open 16 points higher, and S&P futures rose 0.16%, indicating an open 5 points higher. 

World markets were mixed Monday, with Asia gaining and Europe falling. In Asia, the Nikkei was up 0.47%, the Hang Seng rose 1.35% and the Shanghai Composite gained 0.34%. 

In Europe, the FTSE 100 declined 0.21%, the DAX dropped 0.36%, and the CAC 40 declined 0.23%. 

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