12:10 PM New York – Apple challenged the European Union competition commission’s ruling on tax assessment. Allied World Assurance agreed to be acquired by Canada-based Fairfax for $4.9 billion. Lennar net surged 11%. Standard Industries agreed to buy Germany-based rival Braas Monier for $1.2 billion.
Tollbooth Index increased 58.99 or 0.5% to 11,302.92.
) gained 67 cents to $116.64 after Reuters said Apple issued a legal challenge with the European Union competition watchdogs to a record €13 billion or $13.6 billion, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, the senior executives said.
Separately, the media report said the iPhone and iPad maker submitted a letter to the National Highway Traffic Safety Administration that Apple is interested in autonomous car technology to focus on few areas that need exclusive attention.
Allied World Assurance Co. Holdings, AG
) edged up 1 cent to $45.77 the Switzerland-focused property, casualty and specialty insurer agreed to be acquired by Canada-based Fairfax Financial Holdings Limited for $54 per share, $10 in cash and $44 in Fairfax stock or about $4.9 billion.
Fairfax said that the deal expected to close in the second-quarter of 2017.
) jumped 2.9% or $1.25 to $44.67 after the home-builder reported revenues in the fourth-quarter ending in November soared 15% from a year ago to $3.4 billion.
Net income in the quarter surged 11.3% to $313.5 million or $1.34 per diluted share compared to $281.6 million or $1.21 per share from the same quarter last year.
Standard Industries Inc
, the privately held roofing systems, flashing, vents maker agreed to acquire Germany-based roof maker and rival Braas Monier Building Group SA for about $1.2 billion.
Walt Disney Co
) increased 1.7% or $1.77 to $105.66 after the media and entertainment services provider said first stand-alone Star Wars film, ""Rogue One: A Star Wars Story"" is expected to collect $300 million in worldwide revenues over the weekend.
In the weekend, U.S. and Canada ""Rogue One: A Star Wars Story"" collected in its opening weekend approximately $155 million.