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Market Update

U.S. Movers: Apple, Hertz, Marvell, Nasdaq, Phillips 66, Revlon


Author: Mukesh Buch
ticker.com
Last Update: 11:43 AM ET December 31 2013

11:15 AM New York Apple asked shareholders to reject proposed repurchase plan of Carl Icahn in February. Hertz Global adopted shareholder rights plan. Marvell said KKR & Co acquired 6.8% stake. Berkshire Hathaway to buy Phillips 66 unit for $1.4 billion. Revlon exit its China operations.

Apple Inc (AAPL) gained $3.02 to $557.49 after the mobile and media devices maker said shareholders rejected stock repurchase plan by Carl Icahn at the company''s annual meeting. The company will consider $50 billion buyback proposal in February.

Hertz Global Holdings, Inc (HTZ) jumped 5.2% or $1.35 to $27.24 after the rental-car company adopted a shareholder rights plan after the company detected ""unusual and substantial activity"" trading activity in its stock.

Hertz said rights plan will be effective if a shareholder acquires more than 10%.

Marvell Technology Group Ltd (MRVL) climbed 5.1% or 70 cents to $14.46 after the private-equity company KKR & Co. LLP acquired 6.8% stake in the fabless chip-maker.

NASDAQ OMX Group, Inc (NDAQ) rose 22 cents to $40.05 after the trading platform service provider agreed to acquire 5% equity stake in Borsa Istanbul A.S.

Phillips 66 (PSX) increased 2.2% or $1.69 to $76.41 after the petrochemicals company said Berkshire Hathaway Inc will pay $1.4 billion for the subsidiary Phillips Specialty Products Inc using about 19 million shares. The deal is expected to close in the first-half of 2014.

Revlon Inc (REV) rose 11 cents to $24.67 after the cosmetics products maker plans to exit its China operations as part of a restructuring. The company said it will cut 1,100 positions and incur a $22 million charge. The restructuring is expected to generate annual savings of $11 million.

In a regulatory filing Revlon said its China operations account for 2% of total net sales.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc