Here's what's happening on Wall Street Tuesday, December 5.
Markets took a sharp dip Tuesday, giving back all the gains made in the morning session to close near session lows across the board.
The Dow was the biggest loser Monday, falling 0.46%. The Nasdaq spent most of the day in the green before closing the day down 0.19%.
Pizza Hut Tests Beer Delivery in Phoenix
Pizza Hut (YUM) is looking to cash in on the age-old truth that pizza and beer go well together.
The company began testing beer delivery services in the Phoenix area Tuesday. Pizza Hut said that it would also soon begin testing wine deliveries.
Pizza Hut has 6,300 stores nationwide, and over 1,500 of them already have liquor licenses, according to the company.
Stocks Turn Negative In Spite of President's Confidence in Passage of Tax Reform Bill
The Dow Jones Industrial Average fell far into the red Tuesday afternoon after the President met with lawmakers to discuss the tax reform bills from the House and Senate that must be married before it becomes law.
President Trump expressed confidence that Congress will get the job done, but that vote of confidence was not enough to keep markets afloat.
The Nasdaq remained in the green after Monday's sharp selloff while the S&P traded near its baseline as it has all session Tuesday.
Apple Reaches Deal to Pay $15 Billion in Back Taxes
Ireland and Apple Inc. (AAPL) reached a deal for Apple to pay $15 billion in back taxes to the country while the company and country file an appeal with the EU Court of Justice.
The deal comes after the European Commission forced Ireland to take another look at Apple's tax situation in the country. The Commission ruled that two of Ireland's previous tax rulings allowed Apple to pay less in taxes than it owed.
Ireland disagreed with the ruling and will file an appeal.
"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money," Apple said in a statement. "The United States government and the Irish government both agree we've paid our taxes according to the law."
Last year, Apple and Ireland appealed a $14 billion back taxes ruling by the European Commission.
Regal Entertainment Sold for $3.6 Billion
Regal Entertainment (RGC) shares were up nearly 10% Tuesday after the company was purchased by U.K. theater company Cineworld Group for $3.6 billion. Cineworld will also assume the company's debt, bringing the total value of the deal to nearly $6 billion.
The deal makes Regal, the country's number two theater operator, a foreign-owned company just like the top U.S. theater company AMC Entertainment (AMC) .
"We believe this partnership with Cineworld will enhance Regal's ability to deliver a premium movie-going experience for customers and further build upon our strategy of introducing innovative concepts and premium amenities designed to enhance the value of our theatre assets," Regal CEO Amy Miles said in a statement.
Dish Network CEO Steps Down
Dish Network (DISH) announced that CEO Charlie Ergen will be stepping down to devote more of his time to the company's emerging wireless business. Ergen will stay on as chairman of the company.
The company promoted current President and Chief Operating Officer Erik Carlson to be the CEO.
"With more than 20 years' experience at DISH, Erik brings a complete understanding of the business opportunities both DISH TV and Sling TV possess," said Ergen. "I have every confidence that under Erik's leadership our new organizational structure will deliver value for DISH TV and Sling TV and will aid our entry into wireless."
Carlson joined the company in 1995.
Ford Looks for Aggressive Expansion in China
Ford (F) has heard the criticism and plans to aggressively expand in China.
Ford has faced criticism for not taking advantage of the Chinese market in 2017, and the company said it plans to increase China revenue 50% by 2025.
"China is not only the largest car market in the world, it's also at the heart of electric vehicle and SUV growth and the mobility movement," said Executive Chairman Bill Ford. "The progress we have achieved in China is just the start. We now have a chance to expand our presence in China and deliver even more for customers, our partners and society."
Ford plans to introduce more than 50 new vehicles in China by 2025, including eight new SUV's and 15 new electric vehicles.
Apple Market Share Slipped in October
The scarcity of Apple's (AAPL) iPhone X helped lead the company to a lower smartphone market share in the quarter ending in October, according to Kantar Worldpanel ComTech.
In the U.S. and Europe, use of the company's smartphone operating system iOS fell year over year, as rival Android (GOOGL) increased its market share 4.3% in Europe, 8.2% in the U.S. and 7.5% in Japan.
"It was somewhat inevitable that Apple would see volume share fall once we had a full comparative month of sales taking into account the non-flagship iPhone 8 vs. the flagship iPhone 7 from 2016," said Dominic Sunnebo, Global Business Unit Director for Kantar Worldpanel ComTech. "This decrease is significant and puts pressure on the iPhone X to perform. Considering the complete overhaul that the iPhone X offers, consumers may be postponing their purchase decisions until they can test the iPhone X and decide whether the higher price, compared to the iPhone 8, is worth the premium to them."
As of October, the firm estimates that 35.3% of Apple users owned their phones for over two years, up from 30.1% a year ago.
However, the firm also expects the pricey iPhone X to make up for the decline in sales of older iPhone models.
GM to Launch a 'Marketplace' Dashboard Option in its Cars
General Motors (GM) announced plans to launch a dashboard-based 'Marketplace' through an update for model 2017 and later vehicles. The marketplace will be available in Chevrolet, Buick, GMC and Cadillac cars.
"Rather than having somebody have to, if they're going to engage on their phone, pull over and get in park while they're doing it, which causes you to lose valuable time, or even worse, the temptation for people to try to use their phone while driving which is something that we definitely don't want... we believe in doing everything we can to make it available while making it safe while in motion," GM Director of Global Digital Experience & Connected Vehicles John McFarland told tech crunch.
Premarket
Dow Jones Industrial Average and S&P 500 futures indicated another strong opening for markets Tuesday. While markets opened in the green Monday, the Dow was the only average to maintain momentum and close the day in positive territory.
Meanwhile in Asia, the tech selloff in the U.S. on Monday that dropped the Nasdaq spread across the Pacific, leading all three major indices to close trading in the red. Following a 1.1% dip in the tech-heavy Nasdaq, Asian markets dropped with the Hang Seng leading the way lower down more than 1%.
In Europe, the FTSE 100 was the lone index in positive territory, gaining 0.08%.
