Closing Bell
Two of the three major averages closed Wednesday's session in the red with the Dow Jones Industrial Average selling off sharply into the closing bell.
The Dow fell 0.34%, or 87 points to 25,734, while the S&P 500 declined 0.04%, or 1 points to 2,862. The Nasdaq was the lone average to close the day in the green, rising 0.38%, or 30 points to 7,889.
Saudi Aramco Reportedly Calls Off IPO for Now
Saudi Aramco, the world's largest oil company, has changed its mind and has called off its planned initial public offering while disbanding the group of advisers it recruited to help take the Saudi-owned company private, Reuters reported.
That group of advisers may have included JPMorgan (JPM) , Morgan Stanley (MS) and HSBC (HSBC) , which Reuters has previously identified as being global coordinators for the potential debut.
Saudi Arabia will instead shift its attention to the acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Crop 2010.SE, according to Reuters' sources.
Stock exchanges around the world have been vying to host the international tranche of the potential share sale.
Saudi Aramco was supposed to reveal which exchange would host its debut at the end of 2017, but delayed that decision without explanation.
The Saudi Aramco IPO was seen as possibly the largest IPO in history with Saudi Crown Prince Mohammed bin Salman estimating that the company was valued at $2 trillion or more.
Best Buy Purchases Cell Phone Maker that Caters to Seniors
Best Buy (BBY) announced that it is purchasing GreatCall Inc. for $800 million from private-equity firm GTCR which acquired the company last year.
GreatCall makes the Jitterbug phone, which comes with health and safety apps that are aimed at senior citizens. The company currently has more than 900,000 subscribers and brings in revenue of about $300 million annually.
AT&T Falls on Wells Fargo Downgrade
Analysts at Wells Fargo is bearish on AT&T's T finances as it wades into the media entertainment landscape through its purchase of Time Warner Inc. at a time when it is also attempting to deleverage.
The firm lowered AT&T's rating to "market perform" from "outperform" while also lowering its price target to $35 from $40.
"While we agree in the longer-term story of AT&T's strategic perspective, we believe the stock will be range-bound over the near-to-medium term," analyst Jennifer Fritzsche said.
Zynga Partners With Disney to Make Star Wars Mobile Games
Video game maker Zynga (ZNGA) is going for the high score Wednesday, rising 8% on news that it has signed an exclusive deal with Disney DIS to create mobile games based around the company's 'Star Wars' franchise.
"Star Wars is one of the most iconic franchises in the world and has engaged generations of fans for decades. As game makers and moviegoers, we're huge fans of Star Wars and are excited to create new experiences for players that bring this beloved brand to life," Zynga CEO Frank Gibeau said.
Zynga has the rights to create at least one Star Wars game with the option for a second one.
Uber Fills Vacant CFO Position... 3 Years Later
Ride-hailing service Uber has filled its CFO position, three years after it became vacant, by hiring former Merrill Lynch CFO Nelson Chai.
"Nelson brings more than a decade of experience in senior positions at some of the world's leading publicly traded financial services and insurance companies. He joins Uber from the Chicago-based Warranty Group, an insurance and warranty provider, where he was CEO," said CEO Dara Khosrowshahi.
Uber expects to go public sometime in 2019. Uber currently has a valuation of about $60 billion.
Premarket
U.S. futures are falling across the board premarket Wednesday, threatening the market's recent winning streak.
Dow futures are falling 0.1%, indicating an open 25 points lower, while S&P futures decline 0.17%, indicating an open 5 points lower, and Nasdaq futures are falling 0.05%, indicating an open 4 points lower.
Meanwhile, Asian markets were rising for the most part, with the lone exception being the Shanghai Composite, which declined 0.7%, the Hang Seng and Nikkei rose 0.63% and 0.64% respectively.
In Europe, markets were also strong, led by the CAC 40, which gained 0.4% with about four hours left in trading while the Dax and FTSE 100 rose 0.17% and 0.33% respectively.
