Closing Bell
The markets did their best to close the day in the red, but a late rally helped the S&P 500 and Dow both close the day in the green. Meanwhile, the Nasdaq closed its session at a record high.
The Dow Jones Industrial Average rose 0.06%, or 16 points to 26,065, while the S&P 500 gained 0.03%, or 1 point to 2,898, and the Nasdaq rose 0.15%, or 12 points to 8,030.
Telecom Union Pens Opposition to T-Mobile/Sprint Merger
The Communication Workers of America, CWA, officially came out in opposition to the merger between T-Mobile (TMUS) and Sprint (S) , saying that the union would cost 28,000 jobs.
The majority of those jobs, around 24,000, would be lost because of overlapping retail store jobs, while another 4,5000 jobs would be eliminated due to duplicated functions at T-Mobile and Sprint headquarters.
The CWA says that "the two carriers have failed to prove that they'll be unable to compete by themselves, claims the CWA, as the union says that both companies are viable and working to improve their networks and roll out 5G."
Pfizer Recalls Children's Advil Due to Overdose Fears
Pfizer (PFE) says that nearly 30,000 children's Advil bottles have dosage instructions that don't match the product's measuring cup, which could lead to an overdose for children taking the aspirin.
Pfizer is recalling 28,000 bottles with a November 2020 expiration date that were distributed nationwide in May and June. The company told CBS that more than one-third of the bottles never made it to retail shelves.
Pfizer shares have climbed back into positive territory Tuesday afternoon after spending much of the morning in negative territory.
Google Responds to Trump's Claim That it Pushes Negative News
President Donald Trump took aim at Google Tuesday morning on Twitter, and now the search engine company is firing back.
Google search results for "Trump News" shows only the viewing/reporting of Fake New Media. In other words, they have it RIGGED, for me & others, so that almost all stories & news is BAD. Fake CNN is prominent. Republican/Conservative & Fair Media is shut out. Illegal? 96% of...
— Donald J. Trump (@realDonaldTrump) August 28, 2018
....results on "Trump News" are from National Left-Wing Media, very dangerous. Google & others are suppressing voices of Conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!
— Donald J. Trump (@realDonaldTrump) August 28, 2018
Google (GOOGL) has responded to those allegations in a statement.
"When users type queries into the Google Search bar, our goal is to make sure they receive the most relevant answers in a matter of seconds. Search is not used to set a political agenda and we don't bias our results toward any political ideology," Google said in a statement. "Every year, we issue hundreds of improvements to our algorithms to ensure they surface high-quality content in response to users' inquiries. We continually work to improve Google Search and we never rank search results to manipulate political sentiment.
VMware Acquires CloudHealth Reportedly for $500 Million
VMware (VMW) announced its intent to acquire CloudHealth Technologies with Reuters reporting a $500 million purchase price.
CloudHealth will provide VMware with a multi-cloud operation that is on a global scale, the company said. CloudHealth enables customers to help analyze and manage cloud cost, usage, security and performance.
"Once the CloudHealth Technologies deal is closed, VMware cloud automation services, VMware Secure State and Wavefront by VMware will deliver automation and compliance, security and governance, insights and analytics to complement CloudHealth Technologies' capabilities," the company said in a statement.
VMware shares are down 1.4% in morning trading Tuesday.
Judge Dismisses Tesla Model 3 Lawsuit
Tesla (TSLA) got a win this week after convincing U.S. District Judge Charles Breyer to dismiss the securities fraud lawsuit filed by shareholders over Model 3 production issues.
The lawsuit stemmed from the company's promise to achieve producing 5,000 Model 3s a week, a rate of production it hadn't achieved until recently.
The judge ruled that if Tesla had known it would have been impossible to meet Model 3 production goals then the plaintiffs would have a case. But the plaintiffs never convinced him that Tesla actually knew that the goal was unreachable and "not merely highly unlikely."
Premarket
U.S. futures are continuing the momentum from Monday's session, rising across the board as the U.S. begins to settle some trade disputes with neighboring countries.
Dow futures are gaining 0.12%, indicating an open 32 points higher, while S&P futures are rising 0.11%, indicating an open 3 points higher, and Nasdaq futures are rising 0.2%, indicating an open 16 points higher.
The Shanghai Composite in Asia fell 0.1% while the Hang Seng and Nikkei rose 0.2% and 0.06% respectively.
In Europe, the FTSE 100 gained 0.37%, the Dax rose 0.14% and the CAC 40 gained 0.28% with about four hours left in trading.
