Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Trump starts the campaign season in an unusual spot for a president: overseeing a strong economy but facing low approval ratings.Politicsread more
The major Wall Street analysts say Facebook's Project Libra has a bright future.Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
These are the stocks posting the largest moves midday.Market Insiderread more
Shares of Beyond Meat soared 18% Tuesday morning, surpassing $200 per share and setting a new all-time high.Food & Beverageread more
Google Calendar was down around the world on Tuesday, though the Google Calendar app still worked.Technologyread more
Hilton Worldwide said its initial public offering would raise up to $2.37 billion, in what would be the biggest-ever hotel IPO and perhaps the second-biggest IPO of the year.
Hilton, controlled by private equity firm Blackstone Group, would be valued at about $20.7 billion at the high end of the expected price range for its shares.
The company did not say whether it would launch its IPO before the end of the year. But if it does, it would be the second-biggest IPO of 2013 after oil pipeline holding company Plains GP Holdings, which raised $2.82 billion.
(Read more: Nobel Prize winner warns of US stock market bubble)
Blackstone took Hilton private in 2007 in a $26.7 billion deal that was one of the largest leveraged buyouts before the 2008 global financial crisis.
Blackstone, which is not directly selling any of its shares, will hold 76.2 percent of Hilton after the IPO.
Hilton expects to price the offering of 112.8 million shares at between $18 and $21 per share, according to a filing with the U.S. Securities and Exchange Commission on Monday.
The offering represents about 11.5 percent of the company.
Hilton is selling 64.1 million shares in the offering, raising about $1.3 billion at the top end of the price range. Shareholders will offer the remaining 48.7 million shares.
Hotel industry recovering
The U.S. hotel industry has been recovering, allowing hotels to increase room rates.
(Read more: Quiet boss at Citi is setting tone for Wall Street)
The hotel industry's revenue per available room, a measure of room rates and occupancy levels, is expected to grow by 5.9 percent in 2013 and by 6.2 percent in 2014, according to PricewaterhouseCoopers.
The Dow Jones U.S. Hotels index has risen 30 percent this year.
The IPO could raise $2.72 billion if underwriters exercise their rights to buy another 16.9 million shares.
The company said it would use the proceeds from the offering to repay $1.25 billion of debt.
Founded in 1919 by Conrad Hilton, Hilton's brands include such high-end names as Conrad and Waldorf Astoria.
Hilton, which operates in 90 countries, has 4,041 hotels, or 665,667 rooms, under its umbrella.
The company itself owns or leases 157 hotels, including the Waldorf Astoria in New York and the Hilton Hawaiian Village.
(Read more: Investors piled into these equity funds in November)
Blackstone's plans for an IPO of Hilton come as private equity firms sell or list assets to take advantage of a surging IPO market that has been spurred by a market rally and low interest rates that have encouraged investors to buy stocks.
Blackstone also plans an IPO of hotel chain La Quinta, sources told Reuters last week.
The investment firm also listed Brixmor Property Group earlier this year.
Hilton will list on the New York Stock Exchange under the symbol "HLT."
Lead underwriters for the offering are Deutsche Bank, Goldman Sachs, Bank of America, and Morgan Stanley. The company said on Monday that J.P. Morgan, Wells Fargo Securities and 18 others would also underwrite the IPO.