IN THE NEWS TODAY
Deal makers across all industries are waiting for tomorrow, when a federal judge is set to rule on the government's effort to block AT&T's (T) $85 billion bid to buy Time Warner (TWX). (NY Times' DealBook)
It's official. The Federal Communications Commission's repeal of net neutrality rules, which had required internet service providers to offer equal access to all web content, took effect on Monday. (NY Times)
Foxconn is investigating a China plant that makes devices for Amazon (AMZN) following a report by a U.S. watchdog group describing harsh working conditions at that factory. (Reuters)
Facebook (FB) formed special deals with select companies that granted them access to the data of users and their friends well past 2015, when the social media company said it cut off developer access to that information. (WSJ)
John Lasseter, the animation chief on leave at Disney (DIS) after complaints about unwanted workplace hugging, won't return. Lasseter, co-founder of Pixar, was the creative force behind the billion-dollar "Toy Story" and "Frozen" franchises. (NY Times)
WPP's (WPP) investigation of ex-CEO Martin Sorrell looked into whether he was reportedly using company money to pay for a prostitute. Sorrell stepped down from the ad giant following the conclusion of that inquiry. (WSJ).
Hurricane Bud, now swirling off the west coast of Mexico, is forecast to strengthen into a Category-2 storm and impact both Mexico and the Southwest U.S. over the next few days. (USA Today)
Today's ribbon-cutting for an 80-story office building at the new World Trade Center will be the third completed skyscraper at the site where the twin towers stood before 9/11. (USA Today)
STOCKS TO WATCH
Microsoft (MSFT) unveiled exclusive games for the Xbox console and the acquisition of four content studios, as the U.S. tech giant tries to regain lost ground against the PlayStation made by Japan's Sony (SNE).
Envision Healthcare (EVHC) is near a deal to be acquired by private equity firm KKR (KKR) for $46 per share or about $5.5 billion excluding debt, according to the Wall Street Journal.
Shoe retailer DSW (DSW) was outbid by privately held Authentic Brands in the bidding for bankrupt shoe retailer Nine West, according to the Wall Street Journal. The winning bid was said to be worth about $350 million.
Rent-A-Center (RCII) said it did not find a suitable buyer and has ended its review of strategic alternatives. The rent-to-own furniture retailer did say it will continue with its expense reduction initiatives.
Southwest Airlines (LUV) shares could be poised to bounce back from a recent slide, according to Barron's. Southwest shares began to decline in January and accelerated following April's deadly engine accident.
WATERCOOLER
"Ocean's 8," the reboot with a powerhouse female crew, easily stole the box office crown from struggling "Solo," with a series-best debut weekend of $41.5 million in North American ticket sales. (The Hollywood Reporter)
Robert De Niro's comments didn't make it past the censors at last night's Tony Awards. But that doesn't mean viewers watching couldn't read his lips when he said, "(expletive) Trump" to thunderous applause. (USA Today)