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Stocks fell for the fourth straight session on continued worries that rate hikes from the Fed have further to go. Amid the selling pressure, several rumors made their way around Wall Street. Below we highlighted a couple:
American Axle (NYSE:AXL) jumped nearly 19% following reports from Bloomberg News that Melrose is weighing combining its GKN (LON:GKN) Auto unit with the company. BorgWarner (NYSE:BWA) and Dana Inc (NYSE:DAN) are also looking at American Axle, the report added.
Gucci owner Kering (EPA:PRTP) (OTC:PPRUY) is in advanced talks to acquire Tom Ford, according to Dow Jones, citing sources. Kering has been competing with rivals including Estee Lauder (NYSE:EL) but now appears to be the front-runner.
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