SNAP GETS SLAMMED: Here's what you need to know

Stocks ticked up on Wednesday, after edging lower the day before.

  • Dow: 23,563.06, +5.83, (+0.02%)
  • S&P 500: 2,594.47, +3.90, (+0.15%)
  • Nasdaq: 6,790.39, +22.69, (+0.33%)

1. Trump’s DOJ reportedly demands Time Warner sell CNN or DirecTV — or AT&T deal gets blocked. The US Department of Justice has informed AT&T that it must sell Turner Broadcasting, the group of channels that includes CNN, if it wants approval for its $US84.5 billion acquisition of Time Warner, according to a New York Times report citing people briefed on the matter.

2. Time Warner tumbled after the reports. Shares were down by about 6.6% in the mid-afternoon.

3. The Feds are investigating billionaire Carl Icahn’s role advising the Trump administration. They are investigating his informal advisory role to the Trump administration in connection with his investment firm, Icahn Enterprises L.P., which has a significant stake in a fuel refiner that would benefit from regulatory changes that Icahn reportedly lobbied for.

4. A critical mistake cost traders betting against Snap huge profits. Snap may be the most shorted app-based company in the world, but traders betting on a decline in the stock took their foot off the gas at exactly the wrong time.

5. The Chinese giant behind WeChat, Tencent, is taking a 10% stake in Snap. The news comes as a vote of confidence in the company, which on Tuesday reported third-quarter earnings that failed to meet Wall Street’s expectations and made the stock dive in after-hours trading.

6. Snap reversed some of its losses after the announcement crossed. Shares were down by about 14.88% in the afternoon.

7. Maine’s governor is trying to block the state’s Medicaid expansion the day after voters overwhelmingly supported it. Gov. Paul LePage said in a statement Wednesday that he would not allow implementation until the state legislature made certain changes to its budget.


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