Here's what happened on Wall Street Thursday, Nov. 30.
The Dow Jones Industrial Average opened at a record high above 24,000, continuing a strong run for the blue-chip index. The Dow had its best day of the year while the S&P 500 had its best day of trading since March 1.
The Dow closed trading up 1.34%. The S&P rose 0.81%. The Nasdaq closed the day up 0.73%.
Elon Musk Is Looking Into Airport Transit
Elon Musk's Boring Co. is making a bid to build a transit link between downtown Chicago and O'Hare airport. The project aims to cut the travel time from Chicago to O'Hare to 20 minutes.
The current travel time for shuttles from downtown Chicago is about 45 minutes
CVS Is Nearing a Deal to Buy Aetna for $66 Billion
The two companies are in advanced stages of talks and the deal would be worth between $200 and $205 per Aetna share in a deal that would be mostly cash, according to sources.
Aetna shares were up 1.33% to $181.95 per share.
Bitcoin Comes Back Down to Earth
Bitcoin was down another 5% Thursday morning, inching closer to $9,000 shortly after it set a record high above $11,000 earlier this week. The digital currency set a high of $11,363.99 before its current drop.
In spite of the struggles, bitcoin has still increased its value tenfold in 2017, and the digital currency still has plenty of defenders.
"As we noted in our update of our bitcoin model, we specifically forecast a serious deceleration of growth rates to arrive at our $11,500 mid-2018 value (bitcoin was $7,800 at the time). But as noted above, and given the growth in users (Coinbase etc), growth is not slowing. Hence, we consider our $11,500 value as a conservative base case," Fundstrat said in a note Wednesday.
Apple Watch Could Detect Strokes Soon
Apple, Inc (AAPL) is developing technology in its Apple Watch that could eventually allow the device to detect a potential stroke.
Action Alerts PLUS holding Apple embedded the KardiBand from AliveCor in the watch, which uses a neural network to predict and analyze the user's heart rate and compare to data from a community of both healthy and sick people.
"This is continuously monitoring your heart rate to let you know if something is potentially off track. That's the difference," Eric Topol, director of the Scripps Translational Science Institute told the Business Times. "This is the first time I've seen artificial intelligence on a smartwatch. It's definitely a step in the right direction."
Apple Could be Moving Away from Dialog Semiconductor
Shares of Apple supplier Dialog Semiconductor were down nearly 20% in Germany on reports that Apple (AAPL) is considering producing its own power chips, which could be ready as soon as 2018.
Dialog, for its part, says its business situation has not changed.
"The level of visibility into the design cycle of our leading customers remains unchanged and the business relationships are in line with the normal course of business," a spokesperson said, according to Reuters.
Juniper Tanks as Nokia Takeover Disintegrates
Shares of Juniper Networks (JNPR) were down more than 7% Thursday morning after software maker Nokia denied that it was looking to purchase the company.
CNBC reported Wednesday that Nokia was looking to purchase the company at a price that would've valued it at $16 billion, ahead of its current $11 billion valuation.
Nokia commented on the rumors, saying:
While Nokia does not typically comment on market rumors, given the specificity of press reports related to a potential acquisition of Juniper Networks, the company issued the following statement: "Nokia is not currently in talks with, nor is it preparing an offer for, Juniper Networks related to an acquisition of that company.
Verizon Picks 5 Cities to Launch 5G Network in 2018
Verizon (VZ) plans to launch the next generation of its broadband network in five cities in 2018.
The new service will use radio signals, rather than copper or fiber wires, to broadcast the new faster service. Sacramento, CA will be the first to receive the service in the second half of 2018, Verizon said. The company also said that details of the other cities involved in the launch will be announced at another date.
Verizon launched 5G trials in 11 cities this year.
Uber's Trial Takes More Dramatic Turns
Angella Padilla, one of Uber's top litigators in its defense against claims that it stole trade secrets from Action Alerts PLUS holding Google's (GOOGL) Waymo self-driving division, claimed that the whistleblower in the case and former Uber employee is an extortionist.
The security manager in question was paid $4.5 million over his termination and told the court Wednesday that the company used encrypted messaging to cover its tracks while spying on rivals.
Yesterday's comments came after the Judge chastised Uber's representation for hindering the discovery process by withholding information and documents.
"I've never seen a case where there were so many bad things like Uber has done in this case. So many. Usually, it's more evenly divided. But Uber has caused two continuances," U.S. District Judge William Alsup told the court, according to Ars Technica.
Sears Soars as Loss Narrows
Shares of Sears (SHLD) were soaring nearly 30% premarket after the company reported a third-quarter net loss of $558 million, or $5.19 per share, after reporting a net loss of $748 million, or $6.99 per share a year ago.
On an adjusted basis, Sears reported a third-quarter net loss of $2.64 per share.
The narrower loss is attributable to the closing of unprofitable store locations, because the company's same-store sales declines were steep in the period.
Sears-branded stores saw a 17% decline in comps while K-Mart stores reported a 13% decline in comps.
U.S. stock futures indicated another strong opening for the major averages Thursday, though bulls are hoping that markets are able to maintain their momentum -- unlike the previous session, when the Dow Jones was the only major average to close trading in the green.
In Asia, the Nikkei was the lone major index to rise, climbing 0.57% on the day. The Hang Seng and Shanghai Composite closed trading down 1.51% and 0.62%, respectively.
In Europe, the FTSE 100 was the lone major average in the red, declining 0.11% on the day with more than three hours left in trading.