Closing Bell
All three major U.S. indices closed Tuesday's session in the green, led by the Dow Jones Industrial Average, which climbed triple digits in the session.
The Dow gained 0.5%, or 127 points to 25,629, while the S&P 50 rose 0.28%, or 8 points to 2,858, and the Nasdaq rose 0.31%, or 24 points to 7,884.
DOJ Files Brief Ahead of Appeal Over AT&T/Time Warner Merger
The U.S. Department of Justice filed a brief in its appeal of a federal judge's decision to allow the merger between AT&T (T) and Time Warner to proceed, saying that the judge in the case ignored "fundamental principles of economics and common sense" in his ruling.
U.S. District Judge Richard Leon allowed the $80 billion merger to proceed in June following a six-week trial. AT&T responded to the ruling by saying that "appeals aren't 'do-overs,'" and that "After a long trial, Judge Leon weighed the evidence and rendered a comprehensive 172-page decision that systematically exposed each of the many holes in the government's case. There is nothing in DOJ's brief today that should disturb that decision."
AT&T is scheduled to file its own brief by September 20.
Icahn Says Cigna-Express Scripts Deal Is One of the 'Worst' in History
Activist investor Carl Icahn is not a fan of Cigna's (CIG) proposed $54 billion takeover of Express Scripts (ESRX) , calling the price tag for the purchase "ridiculous."
"Cigna is dramatically overpaying for a highly challenged Express Scripts that is facing existential risks on several fronts," Icahn wrote in an open letter Tuesday.
Icahn purchased a sizable stake in Cigna recently and plans to vote against the health insurer's purchase of Express Scripts.
Express Scripts shares are up 1.16% while Cigna is gaining 1.05% Tuesday morning.
Tesla Will Need to Raise $2.5 Billion in Capital Despite What Elon Musk Says
Morgan Stanley still sees Tesla Inc. (TSLA) needing to raise more capital this year, but it will need to raise less than the investment firm previously forecast.
Morgan Stanley analyst Adam Jonas maintained his equal-weight rating and $291 price target on the stock while forecasting Tesla will need to raise $2.5 billion in equity in the fourth quarter, compared to his previous expectation the electric car company would need to raise $3 billion in the third quarter.
Part of the reason for Jonas' more bullish outlook is that he expects the company to deliver 50% more Model 3s in the third quarter than previously forecast. Morgan Stanley now expects Tesla to deliver 50,400 Model 3s, up from its previous forecast of 33,600 deliveries.
Tesla shares were up 0.5% Tuesday.
Abercrombie & Fitch Is Turning to Online Payments With Venmo
Abercrombie & Fitch Co. (ANF) is really doubling down on this millennial trend.
The teen apparel retailer announced that it has integrated with Venmo and starting Tuesday, Agust 7, customers will be able to use the online payment system as a payment option on both the Abercrombie & Fitch and Hollister iOS and Android apps.
Abercrombie says that it is the first specialty retailer to offer customers the option to purchase products directly through their Venmo accounts.
Abercrombie shares are up 1.4% Tuesday morning.
Premarket
World markets are pointed higher across the board, with the Shanghai Composite bouncing back after four straight days of losses.
Dow futures are up 0.31%, indicating an open 78 points higher, while S&P futures climbed 0.19%, indicating an open 6 points higher, and Nasdaq futures gained 0.27%, indicating an open 20 points higher.
In Asia, the Shanghai Composite led gainers, rising 2.74%, while the Hang Seng rose 1.54%, and the Nikkei jumped 0.69%.
European markets were also rising, led by the FTSE 100, which was up 0.99%, the DAX and CAC 40 both gained 0.87% with about four hours left in trading.
