Here's what happened on Wall Street on Tuesday, Nov. 21.
All three major averages closed the day at record highs Tuesday as the good times roll ahead of the Thanksgiving Day break on Thursday.
The Nasdaq was the top performer, gaining over 1% during the session. Meanwhile, the Dow gained nearly 200 points and the S&P 500 rose 0.65%.
Under Armour Footwear Chief Leaves Amid Flagging Sales
Peter Ruppe, the head of Under Armour's struggling footwear division, is leaving the company, Under Armour (UA) confirmed to the Wall Street Journal Tuesday.
Ryan Drew, previously the general manager of the company's basketball division, will take over Ruppe's position.
Under Armour pinned a lot of its growth expectations on the continued expansion of its footwear business. However, sales have slowed in the segment and the company's stock has tanked over the last 18 months.
JPMorgan Might Enter Bitcoin Trading Market
JPMorgan (JPM) wants in on the bitcoin-futures market that CME Group hopes to set up by the end of the year, sources told the Wall Street Journal Tuesday.
JPMorgan could potentially give its clients access to the market through its futures-brokerage unit, allowing them to bet on the rise or fall of the popular cryptocurrency.
JPMorgan CEO Jamie Dimon has been publicly critical of the viability of bitcoin, but its growing popularity is undeniable.
MNF Gets Rare Rating Win
ESPN's (DIS) broadcast of Monday Night Football saw a 16% week-over-week increase as the Falcons hung on to top the Seahawks 34-31 in a competitive matchup of two NFC teams with playoff ambitions.
The game garnered a 7.2 metered market score, well ahead of 8.6 million viewers that tuned in to last week's game (the second-lowest-rated game of the season).
The game is expected to be the highest-rating television program of the night as numbers from the night's other primetime shows continue to roll in.
Google to 'Derank' News Hits From Russia Today and Sputnik
Alphabet (GOOGL) CEO Eric Schmidt said that the company will now "derank" news results emanating from Russia's two largest media outlets, Russia Today and Sputnik, in an effort to stem the tide of fake news. GOOGL is a holding of Action Alerts PLUS.
"We are working on ... deranking those kinds of sites. It's basically RT and Sputnik are the two. We are well aware of it. We are trying to engineer the system to prevent it. We don't want to ban the sites. It's not how we operate," Schmidt told the crowd at the Halifax Security Forum, according to CNET.
RT and Sputnik Editor-in-Chief Margarita Simonyan responded to Google, saying, "Good to have Google on record as defying all logic and reason: facts aren't allowed if they come from RT, 'because Russia' -- even if we have Google on congressional record saying they've found no manipulation of their platform or policy violations by RT."
Big Rock Will Trade Under the Ticker BRPAU on the Nasdaq
Asset manager Big Rock Partners Acquisitions increased the size of its initial public offering, to 6 million shares from 5 million shares, Monday night while the company debuted at $10 per share Tuesday.
The company began trading under the symbol BRPAU on the Nasdaq. Big Rock shares were up a penny shortly after their debut Tuesday.
Google Really Wants to Know Where You Are
Google's Android devices are sending location information to the company even when users turn off location services and don't use apps, an investigation by Quartz revealed.
Even if a user does not insert a sim card into their Android, the device is sending Google location information based on proximity to the carrier's cell towers.
Quartz observed the tracking and contacted Google, which confirmed that it was indeed collecting information when the consumer could reasonably expect that none was being sent.
Time Warner Will Be a Winner With or Without AT&T
The Department of Justice's decision to sue to block a merger between Time Warner (TWX) and AT&T (T) has thrown cold water on a deal that has been over a year in the making. However, Time Warner shares are continuing to rise as the specter of a $500 million windfall remains viable.
AT&T agreed to pay Time Warner a breakup fee of $500 million should U.S. regulators nix their deal. Meanwhile, Time Warner agreed to pay AT&T $1.725 billion if it backed out of the deal.
Time Warner shares were up more than 1% Tuesday morning.
3M Responsible for Increased Cancer Risk in Twin Cities, AG Alleges
Industrial waste from Saint Paul-based technology 3M (MMM) has resulted in increased infertility and cancer rates for residents of the Twin Cities, Minnesota Attorney General Lori Swanson claims in a lawsuit against the company.
All told, the company's waste has resulted in $5 billion in damages, Minnesota alleges. The lawsuit says that 3M knew that it had contaminated groundwater with perfluorinated chemicals (PFCs) years before it stopped using them.
3M responded to the allegations by saying the lawsuit was a misguided attempt to make 3M pay for a problem that doesn't exist.
Amazon Web Services Unveils Extra Secure Cloud Service
Amazon's (AMZN) AWS cloud services segment introduced the "secret region" of its storage platform, allowing government agencies to securely store top-secret documents.
AWS VP Teresa Carlson said:
"AWS now provides the U.S. Intelligence Community a commercial cloud capability across all classification levels: Unclassified, Sensitive, Secret, and Top Secret. The U.S. Intelligence Community can now execute their missions with a common set of tools, a constant flow of the latest technology and the flexibility to rapidly scale with the mission."
The "secret region" will also be available to non-government entities as long as they fill out the required paperwork to gain access.
CBS, Dish Row Results in Blackouts of CBS Channels
CBS (CBS) and Dish Network (DISH) were unable to reach a consensus on their retransmission consent agreement, resulting in the blackout of CBS channels on the satellite provider's network beginning at 11:59 MT last night.
Dish claims that CBS is to blame for the service interruption as the company offered CBS the opportunity to extend their current agreement while negotiations commence.
CBS released a statement saying:
"This particular dispute is yet another example of the company punishing its subscribers instead of negotiating a fair carriage deal that reflects the current marketplace. And now, DISH subscribers are in jeopardy of being without CBS over the Thanksgiving holiday, which would mean they would miss CBS Sports' NFL and SEC football coverage beginning Thursday, Nov. 23, with the Thanksgiving Day game featuring the Los Angeles Chargers taking on the Dallas Cowboys, as well as Sunday's NFL Doubleheader; and SEC Football on Friday and Saturday. For more information, DISH subscribers can go to www.KeepCBSonDISH.com."
Tencent Becomes First Chinese Company Valued Over $500 Billion
A strong quarterly beat has boosted Chinese social media company Tencent's (TCEHY) market value above $500 billion, surpassing the market cap of its American counterpart Facebook (FB) and making it the first Chinese company to cross that threshold. FB is a holding of Action Alerts PLUS.
Despite its recent success, the company says that it is in no hurry to expand further into the Southeast Asian market, which is home to about 600 million people.
"We walk our own path at our own pace ... and, to be honest, there is really quite a lot to do in China," Senior VP S.Y. Lau told Business Insider.
Tencent closed the previous trading session up nearly 4%.
Time Warner, AT&T Under Pressure Following DOJ Suit
The Department of Justice believes that a merger between mobile telecom company AT&T (T) and media company Time Warner (TWX) will place too much pricing pressure on consumers and therefore sued to block a merger of the two Monday.
The department says the deal violates U.S. antitrust laws because AT&T and Time Warner would probably "use its control of Time Warner's popular programming as a weapon to harm competition."
The crown jewel of Time Warner's media empire is HBO, which produces popular programs like Game of Thrones, among others.
AT&T shares were down 1% premarket while Time Warner shares were up 0.33%.
U.S futures were trading in the green Tuesday morning ahead of the market open as earnings season winds down in a short Thanksgiving work week.
Dow Jones Industrial and Nasdaq futures were both trading up 0.35% while S&P 500 futures were up 0.3%.
World markets were also in the giving mood Tuesday, with major averages in Asia and Europe trading well into the green.
In Asia, the Hang Seng in Hong Kong closed trading up 1.91% while the Nikkei and Shanghai Composite rose 0.7% and 0.52%, respectively. In Europe, the DAX in Germany was leading the way higher, rising 0.83% with about four hours left in trading across the Atlantic.