Closing Bell
THe three major indices all closed trading Tuesday in postive territory, led by the Nasdaq and the Dow which gained triple digits.
The Dow Jones Industrial Average rose 0.45%, or 113 points to 25,300 while the S&P 500 gained 0.64%, or 18 points to 2,840 and the Nasdaq rose 0.65%, or 51 points to 7,871.
Nielsen Rises for Second Day as Drumbeat for Sale Rises
Nielsen Holdings (NLSN) shares are rising nearly 6% Tuesday afternoon after climbing 12% in Monday's session after activist hedge fund Elliott Management said that it believes the company is underperforming its capabilities.
CNBC reported that Elliott was pushing for an outright sale of the company. There were also reports that Elliott itself could buy out the media-ratings company.
The timing is right for an activist campaign against the company's management, as the stock has fallen about 30% year to date.
Tesla's Chinese Rival Files for U.S. IPO
Tesla (TSLA) may be looking to go private, but its biggest rival in China is headed the opposite way with Nio officially filing for a public offering in the U.S. Tuesday.
The Chinese electric vehicle maker hopes to raise $1.8 billion with its stock offering on the New York Stock Exchange.
The company, which was started in 2014, sells electric vehicles that are priced at about $65,000, according to TechCrunch.
To date, the company has fulfilled just 481 orders, but it claims that there are 17,000 customers that have placed reservations for vehicles. The company lost $759 million last year while taking in no revenue and spending about $400 million on research and development.
Perry Ellis Tanks After Terminating Randa Takeover Talks
Perry Ellis International (PERY) shares are down nearly 6% Tuesday after a special committee of the company's board said that it has terminated merger talks with apparel maker Rand accessories.
Perry Ellis had proposed to purchase the company for $28.90 per share, but the committee said that "it became clear that the key inbound licensor precondition to the Proposal is not likely to be satisfied irrespective of any action taken by the Feldenkreises."
Perry Ellis already has a pending deal to take the company private via founder and former executive chairman George Feldenkreis and his son Oscar. The deal is for the pair to take the company private at $27.50 per share, or $437 million.
Government Employees Banned From Using Huawei, ZTE Devices
The latest National Defense Authorization Act that was signed by President Trump prohibits the use of devices made by Chinese cellphone handset makers Huawei and ZTE.
ZTE has been under fire from American lawmakers in recent months with the Senate already voting to reinstate a ban that would prevent ZTE from working with American manufacturers.
Government contractors can still use components that do not handle user data in any way, according to the NDAA, though they still have to no longer use parts or devices that do.
Coca-Cola Invests in Sports Drink Company Body Armor, Pepsi Falls
Coca-Cola is taking a minority stake in sports drink startup BodyArmor as it looks to take a bite out of PepsiCo (PEP) subsidiary Gatorade's dominance in the sector.
Pepsi shares were down 0.7% premarket on the news.
BodyArmor, which is backed by future NBA Hall of Famer Kobe Bryant, marks the latest Coca-Cola investment in the space. The company has previously invested in Vitamin Water and Powerade.
BodyArmor is expected to bring in about $400 million in revenue this year, according to the Wall Street Journal, and could be valued between $1 billion and $2 billion.
Google to Invest $600 Million in South Carolina Data Center
Google (GOOGL) is planning to invest $600 million in its data center in Charleston, South Carolina, according to records filed with Berkley County.
Since it has opened, Google has invested $1.8 billion in the site over the past 10 years, but the company has been quiet about exactly what it plans to expand at the site.
"Google is proud to call Berkeley County home to our data center, and we look forward to future opportunities to invest in this great community," Lilyn Hester, the company's Southeast public policy head, said in a statement.
Premarket
U.S. futures were climbing ahead of the Tuesday's market open, led by the Nasdaq.
Dow futures were climbing 0.36%, indicating an open 91 points higher, while S&P futures were up 0.34%, indicating an open 10 points higher, while Nasdaq futures were rising 0.44%, indicating an open 33 points higher.
Asian markets were mixed, led by the Nikkei, which jumped 2.28% on the day. Meanwhile, the Hang Seng and Shanghai Composite fell 0.66% and 0.18% respectively.
In Europe, the FTSE 100 fell 0.11, while the DAX rose 0.21% and the CAC 40 gained 0.09%.
