By Ben Eisen, MarketWatch
NEW YORK (MarketWatch) -- Shares of Hertz Global Holdings Inc.
got a lift Tuesday after the rental-car company adopted a
shareholder-rights plan, while Marvell Technology Group Ltd.
benefited from the disclosure of a stake in the company by a
private-equity firm.
Gainers
Hertz Global Holdings Inc. (HTZ) shares were up 4.2% Tuesday
after the rental-car company said it would adopt a
shareholder-rights plan called a poison pill. The firm wants to bar
investors from collecting a controlling stake it by pushing a large
amount of new shares into the market. Hertz took these measures due
to "unusual and substantial" trading activity.
Marvell Technology Group Ltd.(MRVL) shares climbed more than 6%
premarket after private-equity company KKR & Co. LLP said in a
regulatory filing late Monday that it had bought a 6.8% stake in
the chipmaker. KKR may explore a merger or restructuring of the
business, which relies on selling chips to makers of flash drives,
mobile, and wireless devices, according to Reuters.
Phillips 66 (PSX) shares were up 1.3% after Berkshire Hathaway
Inc. (BRKA) (BRK/A) said it was purchasing the company's flow
improver business.
Decliners
Apple Inc. (AAPL) fell 0.2%, extending a 1% drop from the
previous session, after it told shareholders to reject a
shareholder repurchase plan proposed by activist investor Carl
Icahn.
Trending tickers
Facebook Inc. (FB) was up 1.3% Tuesday as the social-media
company began to reverse a 3.1% loss from the prior session.
Twitter Inc. (TWTR) was up 2.4% premarket following a two-day
slide. The momentum stock was down 5.1% on Monday and over 13% on
Friday.
Netflix Inc. (NFLX) shares were down 0.3% after the firm said
Chief Executive Reed Hastings would get a 50% raise in 2014. He
will make a $3 million salary next year and receive $3 million in
stock option allowances.
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