Many investors might have left early for the holiday, but the shortened trading day before July 4th certainly didn't lack action. First, another plot development in Paramount Global's deal saga sent the company's stock up 6.9%. News emerged late Tuesday that Skydance Media reached a preliminary agreement to buy National Amusements, which owns about 77% of the voting shares of Paramount. The terms were revised after the deal between the two companies fell apart a few weeks ago. Exuberance could be found in some niche corners of the market, too. Headphone maker Koss Corp., one of the original meme stocks during 2021's GameStop mania, surged 144% on Wednesday after the company's name re-appeared in social media forums. Shares of Japanese tech conglomerate SoftBank rose 1.5% and closed at a record high on Wednesday thanks in large part to the market's enthusiasm for companies tied to artificial intelligence. The worst performer on the S&P 500 was Walgreens Boots Alliance, which sank another 4.1%, the lowest closing price in at least 27 years. Its shares are down 29% since the company announced last week that it would shut down a significant number of its stores. The second worst performer was Constellation Brands, which fell 3.3% following its earnings release. The company reported a healthy growth in profit and raised full-year earnings guidance, but its top line missed Wall Street expectations. The latest reading on the services sector was weak, with services Purchasing Managers' Index at 48.8% in June, a marked contraction from 53.8% in May and the lowest level in the past 12 months. The S&P 500 and the Nasdaq Composite nevertheless both hit record highs again. Gains on Paramount and Tesla, which expanded another 6.5%, helped the S&P 500 rise 0.5%. The Nasdaq Composite rose 0.9%, while the Dow Jones Industrial Average edged down 0.1%, or 24 points. Here's what else Heard on the Street was watching: Is this email difficult to read? View it in a web browser.
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