U.S. Attorney General Jeff Sessions on Wednesday called for a review of how criminal background checks are run for firearms owners. Regarding the National Instant Criminal Background Check System, Sessions said in a memo he is directing the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives to work with the Department of Defense to identify and resolve reporting of convictions of military personnel and other areas where reporting may be lacking. "The recent tragedy in Sutherland Springs, Texas has revealed that the U.S. Air Force and other military branches may not be fully reporting relevant information to NICS," Sessions wrote in the memo. Earlier in the month, a shooter who had been court-martialed and discharged from the U.S. Air Force killed 26 in Sutherland Springs.
Billionaire Peter Thiel may be looking to buy Gawker.com, the website he helped shut down last year. On Wednesday, Thiel's lawyers objected to the shuttered news site's bankruptcy sale process, claiming he has been unfairly excluded from bidding on Gawker.com's assets, Buzzfeed reported. Those assets include the site itself, along with its article archives. If Thiel were to buy Gawker.com, he could do whatever he chooses with the archives, including deleting them. Last year, the site's parent company, Gawker Media, declared bankruptcy and sold most of its assets to Univision Communications Inc. after it was unable to pay a $140 million verdict in an invasion-of-privacy case involving Hulk Hogan. It was revealed that Thiel bankrolled Hogan's legal case, apparently motivated by a 2007 Gawker story about Thiel's sexuality. A spokesperson for Thiel would not tell Buzzfeed whether Thiel was interested in buying Gawker.com.
After a disappointing initial public offering last week, Stitch Fix Inc. closed at a record high Wednesday. Investors fueled gains ahead of the Thanksgiving holiday and sent the online clothing retailer's shares up 9.8% to $17.35. The stock closed at $15.15 its first day trading Nov. 17, just above the $15 that it debuted at. The stock reached its intraday record of $18.53 Nov. 17. Despite the lackluster IPO, several analysts MarketWatch spoke with last week said that the underlying business is quite interesting. The S&P 500 index has gained 16% this year.
Stocks ended mostly lower in thin, pre-holiday trade Wednesday, although the Nasdaq Composite eked out another record close. Stocks maintained a soft tone after minutes of the Federal Reserve's November policy meeting showed a rate rise remains likely next month but underlined worries about persistently subdued inflation. The S&P 500 declined 0.1%, while the Dow industrials ended around 65 points lower, a loss of 0.3%, a day after all three major benchmarks logged record finishes. The Nasdaq Composite posted another record, however, advancing 0.1%. U.S. markets are closed Thursday for the Thanksgiving holiday, followed by a shortened session on Friday.
Qualcomm Inc. shares traded higher Wednesday following a report that Broadcom Ltd. is considering raising its offer to buy the chipmaker. Qualcomm shares rose 1.6% to $67.79, after jumping to an intraday high of $68.15, in recent activity. Shares of Broadcom declined 0.3%. On Wednesday, Reuters reported. Broadcom has consulted with several top shareholders of Qualcomm and was told they needed to offer at least $80 a share. Last week, Qualcomm's board unanimously rejected Broadcom's $70-a-share offer.