Here's what happened on Wall Street on Wednesday, Nov. 8.
The Dow Jones Industrial Average, Nasdaq and S&P 500 all stumbled out of the gate Wednesday morning with each trading in the red.
However, the major indices were able to recover from their earlier stumble to finish the day in record territory. The Nasdaq led the way higher, rising 0.32% while the S&P rose 0.14% and the Dow eked out a 0.03% gain.
Time Warner Reportedly Told to Sell CNN as Condition of AT&T Merger
Earlier today, AT&T CFO John Stephens said that he isn't sure when the two companies would receive regulatory approval for their $85 billion merger to go through.
"We are in active discussions with the [Department of Justice]. Those are continuing on. I can't comment on those discussions, but with those discussions, I can now say that the timing of the closing of the deal is now uncertain," Stephens said.
House Republican Tax Bill to Add $1.7 Trillion to Deficit Over 10 Years
Who knew cutting revenue would increase the national deficit?
The Congressional Budget Office estimates that the amended Republican House tax reform bill will add $1.7 trillion to the country's deficit over the next 10 years.
Under the plan, the debt level will increase to 97.1% of U.S. gross domestic product in 2027, up from the current 91.2% level.
Prince Alwaleed bin Talal Sells Fox Stake
Embattled Saudi Prince Alwaleed bin Talal has completely exited his stake in 21st Century Fox (FOXA) , according to Bloomberg, after nearly 20 years of being one of founder Rupert Murdoch's staunchest supporters.
Alwaleed was one of the largest buyers of Fox's Class B voting shares, but began trimming his position in Murdoch's News Corp. publishing arm three years ago. His stake in Fox was listed at just under 5% in the third quarter.
Alwaleed, billionaire founder of investment firm Kingdom Holdings, has been in the news lately as one of the most visible members of a group targeted in a Saudi government crackdown on corruption.
Ford Signs $756 Million Deal to Build Electric Vehicles in China
Ford (F) announced that it has entered into a $756 million joint venture with Zoyte Auto to build and sell electric vehicles in China.
The deal puts Ford closer to its stated goal of having at least 70% of the vehicles it sells in China feature electrified powertrain options by 2025.
By 2030, the Chinese government wants at least 40% of new vehicles sold in the country to be electric as it looks to reduce pollution.
Facebook Wants to Tag Your Nudes to Keep Them Off Its Website
In its latest effort to combat revenge porn, Facebook (FB) is experimenting with a program in Australia that allows users to upload their nude pictures on Messenger in order to let the company tag them and recognize if they appear on its website at a later time.
The images themselves aren't saved, but the metadata behind the pixels is, allowing Action Alerts PLUS holding Facebook's algorithms to do their thing.
AT&T CEO Doesn't Know When Time Warner Merger Will Close
AT&T (T) CFO John Stephens told a conference in New York that the company is in talks with the Department of Justice over its proposed $85.4 billion merger with Time Warner (TWX) , but that he is uncertain of when the deal would be approved.
"All approvals have been received but for the DOJ. We are in active discussions with the DOJ. I can not comment on those discussions. But with those discussions, I can now say that the timing of the closing of the deal is now uncertain," Stephens told a conference in New York, according to Reuters.
AT&T shares were down 0.2%, while Time Warner declined more than 3%.
Deutsche Bank Could Turn to Automation to Cut Costs
Deutsche Bank (DB) CEO John Cryan hinted that his bank could turn to automation to reduce its workforce as the company looks to cut around 9,000 jobs globally. The bank has already laid off 4,000 people."We employ 97,000 people. Most big peers have more like half that number," Cryan told the Financial Times. "We're too manual, which can make you error-prone and it makes you inefficient. There's a lot of machine learning and mechanization that we can do."
Ethereum Issue Could Cause e-Wallet Contents to be Erased
Cryptocurrency and bitcoin rival Ethereum suffered a setback after a glitch with its e-wallet provider Parity froze hundreds of millions of dollars. The glitch could result in the contents of users' wallets being erased, according to TechCrunch.
The issue is affecting a multi-signature wallet that was issued after July 20. Any ICOs that were held in the wallet after that date could be affected. This is the second time a bug has been discovered in the digital wallet Parity, which provides wallets for Ethereum.
PwC Study Shows Decline in Black Friday Shopping Interest
A new study by PricewaterhouseCoopers says that only 35% of Americans plan to do their holiday shopping the week of Thanksgiving, down from 59% two years ago.
"We're definitely seeing a decreased significance in Black Friday. Consumers... know when the sales are. They're becoming more adept at their online shopping and walking into the stores on that particular day doesn't bear as much of a return in terms of pricing, which still is the number one driver," the firm said.
Tencent Takes Stake in Snapchat
Chinese internet giant Tencent (TCEHY) took a roughly 10% stake in struggling social media entity's parent company Snap Inc (SNAP) , according to the company's quarterly filing with the Securities and Exchange Commission.
The news comes just hours after the stock tanked in after-hours trading Tuesday, when it reported a narrower-than-expected loss while also missing its quarterly revenue expectations.
Snap shares were down nearly 10% premarket Tuesday.
U.S. stock futures traded in the red across the board Wednesday ahead of the opening bell, indicating a lower open for the indices, including the Dow Jones Industrial Average, which reached a new record high the previous session.
The Nikkei and Hang Seng fell in trading in Asia, while the Shanghai Composite rose 0.06%.
In Europe, both the DAX in Germany and FTSE 100 in the U.K. were declining 0.07% while the CAC 40 in France fell more than 0.2% with more than four hours left in trading.