The markets advanced during the midday with the Dow gaining 25 points to 18,339. Nasdaq rose 9 points to 5,147.
Samsung Electronics is reportedly interested in acquiring auto parts maker Magneti Marelli, which is affiliated with Fiat Chysler. Specifically, Samsung would like to purchase the in-car entertainment and telematics business of Magneti Marelli but would be willing to buy the entire company. Fiat rejected a $2.8 billion acquisition offer last month from a U.S. buyout fund.
Prompted by a drop in second quarter earnings, Time Warner paid $583 million for a 10% stake in video streaming service Hulu. Hulu will begin streaming Adults Swim, Boomerang ,CNN, Cartoon Network, TNT, TBS, truTV, and Turner Classic Movies live. HBO, which is also owned by Time Warner, is not part of the deal.
While Office Depot swung to a profit for the second quarter, its international business reported an operating loss of $10 million. The office supplies retailer has initiated a process to sell its European business and announced plans to close 300 stores domestically. The Board of Directors also declared its first quarterly cash dividend of $0.025 per share payable on September 15, 2016 to shareholders of record on August 15, 2016.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 rose 3 points to 2,160. Bitcoin rose $6 to $558.
