Stock Opened Flat ahead of Trump News Conference

U.S. stocks opened flat on Tuesday ahead of a much-anticipated midweek news conference by President-elect Donald Trump. The Dow Jones Industrial Average lately fell 28.65 points, or 0.14%, to 19,858.73. The S&P 500 was down 1.33 points, or 0.06%, to 2,267.57. The Nasdaq Composite rose 2.13 point, or 0.04%, to 5,533.95.

Crude oil prices staged somewhat of a rebound on Tuesday despite concerns over a stubborn overhang in global supply.
Light, sweet crude futures for delivery in February rose 31 cents to $52.26 a barrel. March Brent crude gained 29 cents to $55.23 a barrel.

L’Oréal SA plans to buy CeraVe and two other skin-care brands from Valeant Pharmaceuticals Inc. for $1.3 billion, expanding the French cosmetics firm’s U.S. presence and deepening its portfolio in a product segment that has become the beauty industry’s largest.

Pixelworks Inc. (PXLW), the video display technology company, said it expects fourth-quarter revenue to come in at the high end of its guidance of $15 million to $16 million. The company said it expects to post a profit for the quarter, after previous guidance of a loss of 6 cents a share to breakeven.

Ascena Retail Group Inc. (ASNA,) warned that fiscal second-quarter losses would be wider than expected, as disappointing holiday traffic led to increased promotional activity. The apparel retailer, which store brands include Ann Taylor and Loft, now expects and adjusted per-share loss of 11 cents to 8 cents.

Alibaba Group Holding Ltd. said it would team up with the founder of China’s Intime Retail (Group) Co. to take the department-store operator private, as the e-commerce giant seeks to extend its online dominance into physical stores.

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