Here's what happened on Wall Street Wednesday, Oct. 11.
U.S. indices recovered from a slow start to close the session on a high note. All three indices closed at record highs. The Nasdaq gained the most, rising 0.25%, the Dow Jones Industrial Average and S&P 500 both rose 0.18%.
Delta Says It Won't Pay Trump's Tax on Bombardier
The international trade tiff with Canadian jet-maker Bombardier (BDRBF) took another turn Wednesday when Delta Air Lines (DAL) said that the company would not pay a tariff on the company's marquee jet that was recently imposed by President Donald Trump.
Trump's administration sided with Boeing (BA) who said that the company is using subsidies in Canada to sell the jet at a below market price.
Delta agreed to purchase 75 jets from Bombardier last year at a cost of $5 billion.
JPMorgan Lowered GE's Price Target
General Electric's (GE) consistent dividend payout has been its saving grace as the stock has faltered, but even that could be going away, according to a bearish JPMorgan note Wednesday.
The firm cut its price target on GE to $20 from $22.
"With our most recent cut to earnings, some of which is cash, and updated thoughts on the markets, we now see a dividend cut, or "adjustment" as it is likely termed, as increasingly likely," today's note said. (GE is a holding of Action Alerts PLUS)
GE came out this week, telling Barron's that "The dividend remains a top priority for the company."
Lyft Market Share Reaches 24.1%
Lyft told CNBC Wednesday that its share of the ride-hailing market has reached 24.1% as the company closes in on 500 million rides.
According to research firm Second Measure, Uber commanded 91% of the market as recently as 2014 but was down to 74% earlier this year.
Apple Is Commissioning LG to Create the Foldable Device
Apple currently gets the OLED screens for its upcoming iPhone X from Samsung, but the company could look to move on after 2018, according to reports.
Samsung is rumored to be producing a limited edition bendable version of the Galaxy X. The latest reports say that only about 100,000 units will be produced.
Donald Trump Suggests Revoking NBC's License
Shares of NBC parent company Comcast (CMCSA) (an Action Alerts PLUS holding) were falling Wednesday morning after President Donald Trump tweeted his disapproval of a story they ran and suggested that their broadcast license should be pulled.
Fake @NBCNews made up a story that I wanted a "tenfold" increase in our U.S. nuclear arsenal. Pure fiction, made up to demean. NBC = CNN!— Donald J. Trump (@realDonaldTrump) October 11, 2017
With all of the Fake News coming out of NBC and the Networks, at what point is it appropriate to challenge their License? Bad for country!— Donald J. Trump (@realDonaldTrump) October 11, 2017
Tapestry Speaks to Creativity and Inclusivity, Coach Says
Handbag-maker Coach (COH) announced that it is changing its name to Tapestry Inc. effective October 31. The company will also change its ticker symbol to TPR.
"We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow," the company said in a statement.
SeaWorld Was Down Nearly 2% Premarket
Shares of SeaWorld (SEAS) were sinking to the bottom of the pool premarket Wednesday after Merlin Entertainment issued a statement putting to rest takeover chatter that had caused the stock to pop in recent days.
"We can confirm that Merlin is not involved in any discussions that might lead to an acquisition of SeaWorld or any of its constituent parts," the company said in a statement.
Alibaba to Spend $15 Billion on R&D Over Next Three Years
Alibaba (BABA) announced plans to spend $15 billion over the next three years on a global research program it named Alibaba DAMO Academy. The program's goal is to increase technological collaboration.
"The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners. We aim to discover breakthrough technologies that will enable greater efficiency, network security and ecosystem synergy for end-users and businesses everywhere," CTO Jeff Zhang said.
The $15 billion it plans to spend is about three times more than it normally spends on R&D.
U.S. stock futures were trading in the red Wednesday morning after rising the day before.
S&P 500 futures contracts were trading 0.16% lower, Dow Jones Industrial Average futures were down 0.11% and Nasdaq futures were falling 0.18%. Asian markets continued their overall strong run Wednesday, though the Hang Seng did close trading down 0.35%. The Shanghai Composite and Nikkei closed up 0.16% and 0.28%, respectively.
In Europe, the three major indices were all in the red with about three and a half hours left to go in trading. The CAC40 in France led the way lower, falling 0.28%.