The markets slipped during the midday with the Dow falling 25 points to 18,518. Nasdaq lost 12 points to 5,208.
Walmart finalized a $3.3 billion cash and stock deal to acquire e-commerce site Jet.com to boost its sluggish online sales. In the first quarter, Walmart reported a disappointing 7% growth in online sales. Jet.com has achieved $1 billion in run-rate Gross Merchandise Value in its first year in business.
U.S. destination ski resort operator Vail Resorts made an unsolicited $1 billion offer to acquire Canadian Whistler Blackcomb Holdings. Whistler Blackcomb boasts one of the longest ski seasons in the world with lifts open from November to May. The site of the Vancouver 2010 Winter Olympics is also famous for its Whistler Mountain Bike Park during the summer.
An appeals court in Manhattan has blocked the enforcement of a judgment against Chevron. Residents of the Lago Agrio region of Ecuardor won an $8.6 billion pollution liability case against Chevron for soil and water contamination allegedly committed by Texaco between 1964 and 1992. Chevron acquired Texaco in 2001.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 lost 2 points to 2,180. Bitcoin edged up to $589.
