11:52 AM EDT, 09/05/2024 (MT Newswires) -- The Dow Jones Industrial Average was down 0.9%, while the Nasdaq Composite was 0.2% lower and the S&P 500 Index fell 0.6% around midday trading Thursday as investors look ahead to a critical jobs report Friday.

In company news, Verizon Communications ( VZ ) said Thursday it has agreed to acquire Frontier Communications Parent ( FYBR ) in an all-cash deal valued at about $20 billion. Under the terms of the deal, Verizon will acquire Frontier for $38.50 per share, representing a nearly 44% premium over Frontier's 90-day volume-weighted average share price as of Tuesday. The acquisition is expected to be accretive to Verizon's revenue and adjusted earnings before interest, taxes, depreciation and amortization growth rates upon closing and will drive at least $500 million in cost synergies within three years. The deal is expected to close in about 18 months, subject to Frontier shareholder approval, receipt of certain regulatory approvals and other customary closing conditions. Verizon shares were down 0.4% around midday, while those of Frontier were down 9.4%.

Nvidia ( NVDA ) has not been subpoenaed by the US Department of Justice, the company told MT Newswires late Wednesday, refuting earlier reports that the federal government was stepping up its antitrust probe of the chipmaker by starting a formal inquiry. Nvidia ( NVDA ) has "inquired with the US Department of Justice and [has] not been subpoenaed," a company spokesperson told MT Newswires, adding that Nvidia ( NVDA ) is "happy to answer any questions regulators may have about our business." Nvidia ( NVDA ) shares were up 0.6%.

The Committee on Foreign Investment in the US, or CFIUS, warned Nippon Steel of potential national security risks from its planned $14.9 billion acquisition of US Steel (X), Reuters reported Wednesday, citing unnamed sources familiar with the matter. Sources said that CFIUS sent the letter last Saturday, which stated that the deal would harm American steel production and impact US Steel's trade remedy pursuits, according to the report. the companies were given until Wednesday to respond, Reuters reported. Shares of US Steel were up 2.6%.

Ford Motor ( F ) sold 182,985 vehicles in August, up more than 13% from the 161,300 vehicles sold in August 2023, the company said Thursday. The automaker sold 8,944 electric vehicles, 16,394 hybrid vehicles and 157,647 internal combustion vehicles during the month, up nearly 29%, about 50% and 9.9%, respectively, year over year. Ford shares were down 1.1%.

The UK's Competition and Markets Authority on Thursday launched an investigation into Live Nation Entertainment's ( LYV ) Ticketmaster over its handling of ticket sales for Oasis' upcoming reunion tour. Specifically, the regulator said it would look into how so-called "dynamic pricing" may have been used and whether Ticketmaster's tactics have breached consumer protection law. Live Nation shares were down 0.6%.

Tesla (TSLA) said Thursday it plans to launch its driver-assistance system, known as Full Self-Driving technology, in China and Europe in Q1 of 2025, pending regulatory approvals. Tesla shares were up 4.0%.

Norway's sovereign wealth fund plans to support a proposal calling for Nike ( NKE ) to consider whether binding worker agreements could improve its approach to human rights issues in high-risk countries, Reuters reported Thursday, citing the fund. The proposal, put forward by Domini Impact Equity Fund ahead of Nike's ( NKE ) shareholders meeting next Tuesday, raises concerns that Nike ( NKE ) lags behind competitors that have signed binding labor agreements, according to the report. Nike ( NKE ) has recommended that shareholders vote against the proposal, Reuters reported. Nike ( NKE ) shares were down 0.6%.

Five current and former employees of AstraZeneca ( AZN ) have been detained in China on suspicion of illegal patient data collection and the importation of an unapproved liver cancer drug, multiple media outlets reported Thursday. Shares of AstraZeneca ( AZN ) were down 3.5%.

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