Category: Companies / September 3, 2013 1:29 PM EDT
U.S. stocks pared gains on Tuesday afternoon, after U.S. Speaker of The House John Boehner said he supports President Barack Obama’s call for military action in Syria. Wall Street had edged up earlier in the session after positive global PMI data.
Microsoft Corporation (NASDAQ: MSFT) on Monday evening announced it will buy Nokia Corporation’s (NYSE: NOK) handset business for $7.2 billion. In addition, Nokia Chief Executive Officer Stephen Elop, a former Microsoft executive, said he will be returning to the software company.
On Tuesday, shares of Microsoft Corporation fell 5.84 percent to $31.45 in mid-day trading, while shares of Nokia Corporation jumped 31.54 percent to $5.13.
Verizon Communications Inc. (NYSE: VZ) said it will pay $130 billion to buy Vodafone Group Plc’s (NASDAQ: VOD) 45 percent stake in Verizon Wireless, the largest U.S. cell phone service provider with 98.9 million subscribers.
Shares of Verizon Communications fell 2.62 percent to $46.14 in afternoon trading, while Vodafone was down 2.52 percent to $31.53.
CBS Corporation (NYSE: CBS) and Time Warner Cable Inc. (NYSE: TWC) said on Monday the two companies reached an agreement to end their month-long dispute over fees. The deal now has CBS programming restored in the New York, Dallas, or Los Angeles markets.
Shares of CBS Corporation jumped 4.70 percent in mid-day trade, while Time Warner Cable Inc. climbed 1.02 percent to $108.45.
The Dow Jones industrial average fell 9.41 points or 0.06 percent, to 14,800.90. The S&P 500 rose 4.26 points or 0.26 percent, to 1,637.14. The Nasdaq Composite gained 18.13 points or 0.5 percent, to 3,607.90.