Closing Bell: LIVE MARKETS BLOG

 | May 16, 2018 | 4:05 PM EDT
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Closing Bell

The three major U.S. indices each closed trading on a positive note Wendesday, bouncing back from a down day of trading on Tuesday. 

The Nasdaq led the way, rising 0.63%, or 47 points to 7,398, while the Dow Jones Industrial Average gained 0.25%, or 63 points to 24,769, while the S&P 500 gained 0.41%, or 11 points to 2,722. 


Shari Redstone Changes CBS Charter to Thwart Attempt to Dilute Her Influence

The disagreement between CBS (CBS) and former parent company Viacom (VIAB) took another twist Wednesday after National Amusement and Shari Redstone implemented changes to CBS's charter to require 90% of board members to agree on the scheduling of board meetings. 

The move is designed to head off an attempt by CBS to dilute her voting power in an effort to stave off a merger between CBS and Viacom. 

Restone'sportion of voting shares account for more than 76% of all available voting shares, but CBS is attempting to dilute that amount to 17%. 

 CBS shares were down 0.88% Wednesday afternoon. 


Panthers Make It Official, David Tepper Is the New Owner of NFL Franchise

There's a new cat running the jungle in North Carolina.

The National Football League's Carolina Panthers announced Wednesday, May 16, that billionaire hedge fund manager David Tepper will be the new owner of the franchise after signing a definitive agreement with current ownership.

Tepper, a native of Pittsburgh who is the founder and president of Appaloosa Management, had been a minority owner of the Pittsburgh Steelers since 2009. Tepper will purchase the Panthers franchise for $2.2 billion, according to a report from the Charlotte Observer.

Panthers founder Jerry Richardson purchased the Panthers, an expansion team, for $206 million in 1993. Forbes calculated the team's value at $2.3 billion in September 2017, making the Panthers the 21st most valuable franchise in the NFL.

"Bringing the Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners," Richardson said Wednesday. "We are deeply grateful for the outpouring of support over the last 25 years. You have taken the Panthers into your hearts and made them part of this warm and supportive community."


Microsoft Has Low-Cost Surface in Works to Compete With iPad

Microsoft (MSFT) is planning to launch a new low-cost Surface tablet computer to compete with the recently announced Apple (AAPL) $329 iPad, Bloomberg reported. 

The tablets will be priced around $400. While that is still more expensive than the iPad, it is a fraction of the cost of the tablet series' lowest price offering. 

Microsoft could release the line of budget tablets as soon as the second half of 2018, according to the reports. 


Roku Shares Unaffected By Tuesday Night Outage

Roku's (ROKU) streaming service suffered its largest outage ever Tuesday night when customers looking for access to Netflix, YouTube and other legitimate streaming services received an FBI anti-piracy message instead. 

Roku told TechCrunch that only a small number of customers were affected, however. 

We are aware of a technical glitch that is affecting the Channel Store and channel playback on your Roku device. We hope to resolve the issue shortly. You can get a status update at https://t.co/mxCNxoG36N. We apologize for any inconvenience.

— Roku Support (@RokuSupport) May 16, 2018

Roku shares were up more than 1% Wednesday. 


Senate Democrats to Vote on Net Neutrality Wednesday

Senate Democrats believe they have enough 'yays' for a simple majority vote to repeal changes to Obama-era net neutrality rules that have occurred under current Federal Communications Commission Chairman Ajit Pai.

Democrats are of the view that the new rules give too much power to internet service providers, who, under the new rules, can throttle internet traffic that may interfere with their increasingly consolidated operations. 

Republicans argue that regulating the internet as a utility stifles the ISPs ability to run their business the way they see fit. 

All 49 Senate Democrats are expected to vote for the repeal and one Republican, Sen. Susan Collins of Maine, is expected to cross the aisle to help secure a simple majority vote on the issue. 


Premarket

U.S. futures were down across the board Wednesday, indicating a rocky open for markets Wednesday, one session after the Dow had its biggest selloff in weeks. 

Dow futures were down 0.07%, indicating an open 17 points lower, while Nasdaq futures fell 0.02%, indicating an open 1 point lower, and S&P futures fell 0.05%, indicating an open 1 point lower. 

In Asia, markets were down across the board, with the Shanghai Composite leading declines, falling 0.71%, while the Hang Seng fell 0.13%, and the Nikkei dropped 0.44%. 

In Europe, the major indices were rising across the board, led by the DAX, which gained 0.27%, the FTSE 100 which rose 0.11%, and the CAC 40 which gained 0.06% with about four hours left in trading. 

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