On The Fly: Top stock stories for Tuesday

Stocks began the session in negative territory and the S&P remained there for most of the day. The Dow struggled under the weight of Walmart (WMT), whose shares were down sharply following the company's earnings report. The tech heavy Nasdaq was able to rally early and move into positive ground, though as the afternoon progressed, the sellers gained control and pushed each of the averages to session lows. A late day bounce kept the Nasdaq losses to a minimum, though the Dow lost about 1% for the day. ECONOMIC EVENTS: In the U.S., no economic data of note was reported. COMPANY NEWS: Shares of Walmart dropped 10% to $94.11 after the retail giant reported fourth quarter adjusted earnings that missed expectations. The midpoint of Walmart's profit outlook for the new fiscal year also came in below the consensus forecast and much was made about the company's slowdown in its e-commerce growth... Another Dow member and retailing heavyweight, Home Depot (HD), beat earnings expectations when the negative impact of tax reform on the fourth quarter is excluded. The home improvement titan also gave a better than expected profit forecast for FY18 and upped its quarterly dividend, though its shares finished the day virtually unchanged... Qualcomm (QCOM) announced that the company has reached an agreement with NXP Semiconductors (NXPI) to increase to $127.50 from $110 per share its previously announced takeover offer. In response, vocal NXP shareholder Elliott Advisors said it looks forward to supporting the transaction. On the other side of the equation, Broadcom Limited (AVGO) said that by raising its offer Qualcomm's board "transferred" $6.2B of value from Qualcomm stockholders to NXP stockholders, which demonstrates the board's "disregard for its fiduciary duty." In light of Qualcomm's decision, Broadcom is "evaluating its options" regarding its previously announced "best and final" offer to acquire Qualcomm for $82 per share in cash and stock... Albertsons announced a definitive merger agreement under which the privately held company will merge with publicly traded Rite Aid (RAD). Depending upon the results of shareholder elections, upon closing of the merger, shareholders of Rite Aid will own a 28% to 29.6% stake in the combined company, and current Albertsons shareholders will own a 70.4% to 72% stake in the combined company. Following the deal announcement, Rite Aid's stock rose about 3% to $2.20 per share. MAJOR MOVERS: Among the notable gainers was Fogo de Chao (FOGO), which jumped 24% to $15.55 after the restaurant operator announced an agreement to be acquired by Rhone Capital in an all cash deal valued at $560M, or $15.75 per share. Also higher was Voyager Therapeutics (VYGR), which gained 22% after announcing an exclusive strategic collaboration and option agreement with AbbVie (ABBV) to develop and commercialize treatments of Alzheimer's disease and other neurodegenerative diseases. Among the noteworthy losers was MiMedx (MDXG), which sunk 40% after the company delayed its Q4 report as it conducts an internal investigation into current and prior-period matters relating to allegations regarding certain sales and distribution practices. Also lower was Ubiquiti Networks (UBNT), which fell 25% after the company disclosed that the SEC issued subpoenas to the company and certain of the company's officers requesting documents and information relating to a range of topics. INDEXES: The Dow fell 254.63, or 1.01%, to 24,964.75, the Nasdaq lost 5.16, or 0.07%, to 7,234.31, and the S&P 500 declined 15.96, or 0.58%, to 2,716.26.