All three major indexes hit new all-time highs on Tuesday, jumping on the first trading day back after the Presidents Day holiday.
The positive move also marks the eighth straight day that the Dow Jones industrial average has finished in record territory.
We’ve got the big headlines of the day, but first, the scoreboard:
- Dow: 20,737.51, +113.46, (0.55%)
- S&P 500: 2,365.03, +13.91, (0.60%)
- Nasdaq: 5,865.58, +26.27, (0.43%)
- Restaurant Brands, the owner of Burger King and Tim Horton’s, is buying Popeyes for $US1.8 billion. The deal for the Southern fried chicken fast food chain valued Popeyes at $US79 per share. JPMorgan and Wells Fargo will help to finance the deal.
- Verizon cut its price for Yahoo by $US350 million. The companies announced a joint decision to lower the acquisition price for Yahoo following the revelation of two data breaches that hit the tech firm. The revised deal will be for $US4.48 billion.
- Snap’s IPO roadshow hit New York City. The meeting with investors in New York was the second such gathering after a stop in London on Monday. Snap executives pitched the company to a group of institutional investors.
- Fannie and Freddie plunge after court rules hedge funds can’t sue the government over collecting their profits. Hedge funds still won’t be able to sue the US government over seizing profits made by mortgage loan companies Fannie Mae and Freddie Mac after their post-recession bailout, a federal appeals court ruled on Tuesday.
- Walmart beat on earnings. The mega-retailer posted fourth-quarter earnings per share of $US1.30, more than the $US1.29 per share expected by analysts. Comparable store sales growth of 1.8% from the year before also beat expectations of just 1.3% growth.
- Macy’s beat on earnings and unloaded $US673 million in real estate. The retailer posted earnings of $US2.02 per share and a comparable store sales decline of 2.1%, better than the $US1.96 per share and 2.2% decline expected by analysts. The company also said that it had sold off large parts of real estate in 2016.
- Bitcoin cracked $US1,100. The cryptocurrency jumped by over 4% in trading to $US1,104 per coin, the first time above that level since early January.