Here's what happened on Wall Street Tuesday, November 14.
The Dow came up off of its session low, though it still closed the day in the red as General Electric (GE) continued to weigh on the index for the second straight session. Shares of Action Alerts PLUS holding GE fell nearly 6%.
The Nasdaq and S&P 500 also fell 0.29% and 0.23%, respectively, while the Dow fell 0.13%.
Credit Suisse Doesn't Think Roark Capital Takeover Is Enough to Turn Company Around
Credit Suisse analyst Jason West is skeptical about a Buffalo Wild Wings (BWLD) turnaround, with or without the $2.3 billion bid from Roark Capital.
"Key risks include failure of the acquisition, competitive discounting, and wing price trends," West wrote. West says that wing prices will be the most important factor in whether the company can complete the turnaround.
Buffalo Wild Wings shares are up 24% Tuesday after news of the takeover bid broke.
MNF Football Ratings Down 18% Week to Week
ESPN's (DIS) broadcast of the Monday Night Football game between the Carolina Panthers and Miami Dolphins scored a 6.2 overnight metered market rating, an 18% decline from last week's game. The matchup was down 22% from last year's equivalent game.
Boston, DC and Dallas Are Best Suited For Amazon Satellite HQ
The Wall Street Journal ranked Boston, Dallas and Washington D.C. as the three cities best suited to house Amazon's (AMZN) satellite headquarters based on the company's stated criteria.
While Amazon's checklist is lengthy, the Journal says that the top criteria are that a city has to be ready for the company by 2019, which eliminates some of the smaller locations that are offering large tax incentive packages.
You can read the Journal's full report here.
Nintendo Is Trying to Bring Super Mario to Theaters
Video game maker Nintendo (NTDOY) is nearing a deal with Illumination Entertainment, a partner of Action Alerts PLUS holding Comcast (CMCSA) , to bring its flagship Super Mario Bros. franchise to the big screen, the Wall Street Journal reported Tuesday.
Super Mario is one of the most popular video game franchises of all time, with the series of games selling over 330 million units worldwide, according to Nintendo.
The last time the video game franchise made it to the big screen, the results weren't stellar. The movie was a commercial and critical flop.
Madison Square Garden Co Dips Following CEO Departure
The sudden departure of CEO David O'Connor sent Madison Square Garden Co. (MSG) shares tumbling, as owner James Dolan reassumes control of the company. The company owns the New York Knicks and Rangers sports teams, as well as the world-famous Madison Square Garden Arena in midtown New York.
O'Connor, who left after just 28 months on the job, was the company's third CEO in eight years.
MSG shares have fallen more than 2% since the departure was announced.
AT&T Will Seek White House/DOJ Communications if Time Warner Bid Is Blocked
President Donald Trump has been vocal about his opposition to the deal, and last week it was reported that the DOJ would require Time Warner to sell CNN, a constant Trump foil, for any deal to be approved.
Time Warner has said it has no intention of selling the news network.
Amazon Wants to Disrupt Ad-Funded Television, Too
Amazon (AMZN) is working on a free version of its Prime Video service that will feature advertisements, Ad Age reported Tuesday.
The company is reaching out to film and television studios for content for the venture. Amazon Prime has over 50 million subscribers.
"Amazon is talking about giving content creators their own channels, and sharing ad revenue in exchange for a set number of hours of content each week," an unnamed executive to Ad Age.
SEC Fines Drop to a 4-Year Low Under Trump
The Securities and Exchange Commission has levied fines totaling 15.5% less in the previous fiscal year, with the total amount of fines representing a four-year low, according to the Wall Street Journal.
The $3.5 billion in fines it levied was the lowest since 2013. The total number of cases declined 17%, also the lowest level since 2013.
India's Total Wealth Has Been Growing 10% Annually
Credit Suisse estimates that India now features 2.45 million millionaires, with a total combined wealth of about $5 trillion. By 2022, that number is expected to jump to 3.72 millionaires with a combined wealth over $7 trillion.
Since 2000, the country's wealth has grown 9.9% annually, well ahead of the global growth rate of 6%. However, as is the case globally, wealth is being concentrated at the top in India.
"While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 92% of the adult population has wealth below $10,000," Credit Suisse's report said.
U.S. futures contracts were trading in the red Tuesday, indicating yet another lower open for markets.
S&P 500 futures were falling the hardest, down 0.22%, while Dow Jones and Nasdaq futures declined 0.15% and 0.13%, respectively.
World markets were also struggling Tuesday with the Hang Seng and Shanghai Composite both closing trading down while the Nikkei was able to break even. In Europe, the FTSE 100 was rising slightly while the DAX and CAC traded in the red with about 4 hours left in trading across the Atlantic.