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 Twitter Inc. recovered from a two-day slide.
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Hertz Global Holdings Inc. /zigman2/quotes/200655672/composite HTZ -22.14% shares accelerated more than 10% 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 by pushing a large amount of new shares into the market. Hertz took these measures due to “unusual and substantial” trading activity.
Dan Loeb’s Third Point Capital LLC reportedly took a stake of less than 5% in Hertz, though it was unclear whether that was related to the poison pill plan, CNBC reported, citing anonymous sources.
Twitter Inc. /zigman2/quotes/203180645/composite TWTR -4.45% jumped 5.3% following a two-day slide. The stock tumbled 5.1% on Monday and slid more than 13% on Friday , following a downgrade by Macquarie analyst Ben Schacher. Nonetheless, the shares are up 53% in December during their first full month of trading, in the wake of a highly watched initial public offering in November.
Marvell Technology Group Ltd. /zigman2/quotes/200053236/composite MRVL -2.38% shares climbed 4.4% 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 /zigman2/quotes/207448059/composite PSX -3.88% shares were up 3.2% after Berkshire Hathaway Inc. /zigman2/quotes/208872451/composite BRK.A -0.52% /zigman2/quotes/200060694/composite BRK.B -0.36% said it was purchasing the company’s flow improver business.
Kandi Technologies Group Inc. /zigman2/quotes/209023718/composite KNDI -2.84% shares slid 1.3% Tuesday, after gaining nearly 16% in the previous session. Shares of the Chinese vehicle maker have been volatile since the company said it would increase the number of electric vehicles it delivers . The shares have gained as much as 300% this year.
Facebook Inc. /zigman2/quotes/205064656/composite FB -1.61% was up 1.7% Tuesday as the social-media company began to reverse a 3.1% loss from the prior session.
Netflix Inc. /zigman2/quotes/202353025/composite NFLX -1.54% 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. The company is taking a shot against some shared subscriptions and is dropping at least 85 movies from its streaming service.
Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.04% rose 1.2%, reversing a 1% drop from the previous session, after it told shareholders to reject a shareholder repurchase plan proposed by activist investor Carl Icahn.