Chipmaker Marvell Technology jumped 11.8 percent in premarket
trading after the company said it got Chinese regulatory
approval for its $6 billion acquisition of smaller rival Cavium
Inc. Cavium rose 5.7 percent.
The news comes as the United States moves to restrict Chinese
investments in sensitive American technologies.
In what appeared to be a softer approach, U.S. President Donald
Trump said on Wednesday he will use a strengthened national
security review process to thwart Chinese investments over
earlier reports that suggested imposing China-specific
restrictions.
U.S. stocks opened with strong gains on Wednesday, but turned
lower by afternoon after White House economic adviser Larry
Kudlow said Trump's announced plan did not indicate a softened
stance on China.
At 7:26 a.m. ET, Dow e-minis were up 30 points, or 0.12 percent.
S&P 500 e-minis were up 4 points, or 0.15 percent and Nasdaq 100
e-minis were up 12.75 points, or 0.18 percent.
U.S. Commerce Department publishes its third estimate for
first-quarter gross domestic product, and the report is expected
to show output growing at a 2.2 percent annualized rate.
Accenture rose 2.4 percent after the consulting and outsourcing
services provider reported quarterly revenue and profit above
estimates.
Walgreens Boots fell 1.1 percent even as the pharmacy chain
reported a 15.5 percent rise in quarterly profit and said it had
authorized a $10 billion share repurchase program.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak
Dasgupta)
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