The markets traded flat during the midday with the Dow slipping 6 points to 20,943. Nasdaq added a point to 5,901.
Netflix hired former Universal Studios vice chairman of worldwide production Scott Stuber to head its film division. Stuber will be in charge of production and acquisition, future development and streaming. Netflix is expanding its film offerings by producing original works and acquiring titles. The streaming service will release Bright starring Will Smith later this year.
Tesla will raise approximately $1.15 billion through the sale of common shares and convertible senior notes. The funds will be used to support the production and sale of its entry level Model 3 electric sedan. Tesla chief executive Elon Musk plans to buy $25 million worth of company stock.
3M will acquire the safety gear business of Johnson Controls International in a deal valued at approximately $2 billion. Scott Safety, which makes safety products for firefighters, police officers, industrial workers and military personnel, reported revenue of $570 million in 2016. There are 1,500 people working for Scott Safety around the world.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 index slipped 2 points to 2,382. Bitcoin tumbled $24 to $1,218.
