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

Mukesh Buch
31 Dec, 2013
New York City

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.

[R]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.[/R]

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.