Stock Value Sinks After 'Deal Made in Heaven'

But stocks mostly move up after early losses Wednesday
By Newser Editors and Wire Services
Posted Dec 2, 2020 3:40 PM CST
Stock Value Sinks After 'Deal Made in Heaven'
In this Nov. 16, 2020 file photo a man wearing a mask passes the New York Stock Exchange in New York.   (AP Photo/Mark Lennihan, File)

(Newser) – Stocks shook off early losses and managed to end mostly higher on Wall Street, even as weakness in technology companies weighed on major US indexes, the AP reports. The S&P 500 edged up 0.2% Wednesday after trading lower for much of the day. The Nasdaq fell slightly and the Dow Jones Industrial Average ticked up 0.2%. Salesforce.com sank after announcing a deal late Tuesday—which it called "a deal made in heaven"—to buy messaging platform Slack for $27.7 billion. The mixed trading came as investors become more optimistic that coronavirus vaccines could start driving a stronger economic recovery. Treasury yields rose and crude oil prices ended higher. Among stocks that moved heavily or traded substantially Wednesday, per the AP:

  • Salesforce.com Inc., down $20.57 to $220.78. The business software pioneer is buying work-chatting service Slack for $27.7 billion.
  • NetApp Inc., up $5.07 to $59.23. The data storage company's fiscal second-quarter profit and revenue handily beat analysts' forecasts.
  • Box Inc., down $1.63 to $16.91. The online storage provider gave investors a disappointing revenue forecast.
  • Visa Inc., down $1.02 to $210.18. The global payments processor said volume growth in the U.S. slowed in November.
  • JetBlue Airways Corp., down 45 cents to $14.97. The airline is raising about half a billion dollars in a stock offering priced at a discount to its previous closing price.
  • FuboTV Inc., up 66 cents to $27.40. The live sports streaming platform is buying Balto Sports, which makes fantasy sports software.
(Read more stock market stories.)

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