U.S. Hot Stocks: Hertz, Marvell Technology

U.S. stocks closed higher Tuesday as the Dow Jones Industrial Average added 72 points to 16577, the S&P 500 rose seven points to 1848, and the Nasdaq Composite fell 22 points to 4177.

 
   Regular Session Movers: 
 

Hertz Global Holdings Inc. (HTZ, $28.62, +$2.71, +10.46%) has enacted a one-year shareholder-rights plan to prevent investors from gaining sizable control of the rental-car firm, a move the company attributed to "unusual and substantial" trading activity. According to a CNBC report Tuesday that cited people familiar with the matter, hedge fund Third Point LLC has taken a new position of less than 5% in Hertz, and Corvex Management LP has added to its position and its manager Keith Meister met with Hertz Chief Executive Mark Frissora some three to four weeks ago.

Hewlett-Packard Co. (HPQ, $27.98, -$0.09, -0.32%) confirmed it has increased by 5,000 the number of layoffs it plans to implement under the restructuring plan it adopted in May 2012, bringing the expected number of job cuts to 34,000.

Private-equity firm KKR & Co. (KKR, $24.34, +$0.34, +1.42%) reported a 6.8% stake in chip maker Marvell Technology Group Ltd. (MRVL, $14.38, +$0.62, +4.51%) and said it may engage in talks with management or stockholders, or take other actions to attempt to influence its corporate strategy.

Nasdaq OMX Group (NDAQ, $39.80, -$0.03, -0.08%) will take a 5% equity stake in Borsa Istanbul A.S. as part of a deal that also includes technology-sharing and advisory services, the exchanges said Tuesday. Nasdaq will have the option to increase its stake in the Turkish entity by 2% and will receive a series of cash payments.

Warren Buffett's Berkshire Hathaway Inc. (BRKB, $118.56, +$0.52, +0.44%) is acquiring Phillips Specialty Products Inc. from energy and refining company Phillips 66 (PSX, $77.13, +$2.41, +3.23%) in a stock deal valued at about $1.4 billion.

Revlon Inc. (REV, $24.96, +$0.40, +1.63%) unveiled plans to exit its operations in China, eliminating about 1,100 positions, amid declining sales in its Asia Pacific Market.

Shares of UniPixel Inc. (UNXL, $10.01, -$1.78, -15.10%) slid after the touch sensor technology maker disclosed President and Chief Executive Reed Killion was resigning from those positions, effective immediately.

Write to Anna Prior at [e-mail]

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