The markets retreated to trade lower during the midday with the Dow falling 49 points to 24,535. Nasdaq dropped 20 points to 6,854.
Disney will pay approximately $52.4 billion in stock to acquire the film, television and international businesses of Twenty-First Century Fox. Disney will now own the Avatar and The Simpsons franchises as well as 21st Century Fox's film and television studios, and cable entertainment networks. Fox will maintain its Fox Broadcasting network which includes Fox News Channel and Fox Business Network along with the sports channels FS1, FS2 and the Big Ten Network.
The Federal Communications Commission voted this morning to end net neutrality. Internet service providers have lobbied lawmakers for the past two years to overturn regulations that require the companies to treat all content equally and prevents the ISPs from slowing or blocking content. Net neutrality advocates warn that costs will increase for consumers as broadband providers such as AT&T, Comcast and Verizon will now be able to charge fees for faster service and create partnerships for the distribution of preferred content.
Delta has selected Airbus over Boeing as its next jetliner provider. Delta ordered 100 Airbus A321neo jets with the option to order 100 additional aircraft. The new jets will use 40% less fuel than the McDonnell Douglas MD-88s that they are replacing.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 lost 9 points to 2,653. Bitcoin rose $64 to $16,425.
