11:55 AM EDT, 06/10/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 were down slightly in late-morning trading Monday, while the Nasdaq Composite was up as investors await the Federal Reserve's decision on interest rates later this week.

Activist Investor Elliott Management has amassed a nearly $2 billion stake in Southwest Airlines ( LUV ) , The Wall Street Journal reported Sunday, citing people familiar with the matter. Elliott seeks to overhaul the company's leadership in order to boost its financial and stock performance, according to the report. Shares of Southwest ( LUV ) were up 8.5% near noon.

The US Supreme Court on Monday agreed to review a shareholder lawsuit accusing Meta Platforms ( META ) of misleading investors about the data-harvesting scandal involving consulting firm Cambridge Analytica. Meta shares were up 1.6%.

Blackstone's (BX) Blackstone Real Estate and MRP Group said Monday they started a tender offer for up to 100% of Terrafina's real estate trust certificates at $38.50 Mexican pesos ($2.08) per certificate. The cash offer represents a 5% premium to Terrafina's closing price on Friday, the companies said. Mexico's competition regulator approved the tender offer, which isn't subject to any financing conditions, nor is it contingent on more board or shareholder approvals, the companies said. Separately, Blackstone's private equity funds have completed the acquisition of Tropical Smoothie Cafe from Levine Leichtman Capital Partners, the company announced Monday. Financial details of the deal were not disclosed. Nigel Travis, former chief executive of Dunkin' Brands, will serve as chair of the board of Tropical Smoothie, Blackstone said. Shares of Blackstone were up 1.2%.

Moderna ( MRNA ) released positive data from a phase 3 clinical study of its combined vaccine for influenza and COVID-19 on Monday, saying the product was more effective than existing standalone shots for the viruses. The candidate, called mRNA-1083, met the primary endpoints of the trial and elicited a "higher immune response" to licensed comparator vaccines, according to the drugmaker. The product is made up of Moderna's ( MRNA ) mRNA-1010 vaccine candidate for seasonal influenza and its "next generation" COVID-19 vaccine candidate mRNA-1283. Moderna ( MRNA ) shares were down 2.4%.

Vista Outdoor ( VSTO ) received a new and unsolicited cash offer from a private equity firm for its shooting sports division, while its board of directors rejected a sweetened takeover offer from MNC Capital Partners. The gun and outdoor equipment maker said Monday a US private equity firm that was involved in the prior sales process for Kinetic Group in 2023 offered $2.01 billion for the sporting ammunition business. While the company remains bound to its merger agreement with CSG, Vista Outdoor ( VSTO ) said the board determined that the new indication of interest would "reasonably be expected to lead to a superior proposal." Vista shares were up 1.0%.

Cognizant Technology Solutions ( CTSH ) agreed to acquire engineering research and development services firm Belcan in a cash and stock deal valued at about $1.29 billion. The acquisition price comprises $1.19 billion in cash and 1.47 million Cognizant shares, Cognizant said Monday. The company expects to fund the cash portion of the deal via a combination of cash and debt. Shares of Cognizant were up 1.7%.

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