U.S. stocks closed higher Tuesday as the Dow Jones Industrial
Average added 72 points to 16577, the S&P 500 rose seven points
to 1848, and the Nasdaq Composite fell 22 points to 4177.
Regular Session Movers:
Hertz Global Holdings Inc. (HTZ, $28.62, +$2.71, +10.46%) has
enacted a one-year shareholder-rights plan to prevent investors
from gaining sizable control of the rental-car firm, a move the
company attributed to "unusual and substantial" trading activity.
According to a CNBC report Tuesday that cited people familiar with
the matter, hedge fund Third Point LLC has taken a new position of
less than 5% in Hertz, and Corvex Management LP has added to its
position and its manager Keith Meister met with Hertz Chief
Executive Mark Frissora some three to four weeks ago.
Hewlett-Packard Co. (HPQ, $27.98, -$0.09, -0.32%) confirmed it
has increased by 5,000 the number of layoffs it plans to implement
under the restructuring plan it adopted in May 2012, bringing the
expected number of job cuts to 34,000.
Private-equity firm KKR & Co. (KKR, $24.34, +$0.34, +1.42%)
reported a 6.8% stake in chip maker Marvell Technology Group Ltd.
(MRVL, $14.38, +$0.62, +4.51%) and said it may engage in talks with
management or stockholders, or take other actions to attempt to
influence its corporate strategy.
Nasdaq OMX Group (NDAQ, $39.80, -$0.03, -0.08%) will take a 5%
equity stake in Borsa Istanbul A.S. as part of a deal that also
includes technology-sharing and advisory services, the exchanges
said Tuesday. Nasdaq will have the option to increase its stake in
the Turkish entity by 2% and will receive a series of cash
payments.
Warren Buffett's Berkshire Hathaway Inc. (BRKB, $118.56, +$0.52,
+0.44%) is acquiring Phillips Specialty Products Inc. from energy
and refining company Phillips 66 (PSX, $77.13, +$2.41, +3.23%) in a
stock deal valued at about $1.4 billion.
Revlon Inc. (REV, $24.96, +$0.40, +1.63%) unveiled plans to exit
its operations in China, eliminating about 1,100 positions, amid
declining sales in its Asia Pacific Market.
Shares of UniPixel Inc. (UNXL, $10.01, -$1.78, -15.10%) slid
after the touch sensor technology maker disclosed President and
Chief Executive Reed Killion was resigning from those positions,
effective immediately.
Write to Anna Prior at anna.prior@wsj.com
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