A better-than-expected quarter from Cisco Systems Inc. (CSCO) drove gains in the tech sector and pushed the Nasdaq to a closing high. The rest of Wall Street also rose after the House passed a GOP tax plan, the first step towards a corporate tax cut.
Time Inc. (TIME) was higher on reports the publisher is discussing a sale to Meredith Corp. (MDP) . The Koch brothers are reportedly putting up more than $500 million in equity to back a Meredith offer.
T-Mobile US Inc. (TMUS) rose after its chief financial officer said the company would propose a significant share buyback program for the board to decide on this month. Buybacks could begin as early as December.
Barnes & Noble Inc. (BKS) was sharply higher in afternoon trade on reports Sandell Asset Management had made an offer to take the bookstore retailer private. The reported deal values the company at more than $650 million.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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