Dell Closer to Deal, GlaxoSmithKline Under Investigation: Market Recap
U.S. stocks rose for the third straight day as Alcoa Inc. (NYSE:AA) kicked off the earnings season. The market continued gains made last week following the release of positive economic data, which showed that investors added more jobs than had been forecast for June, calming investor fears about the Federal Reserve ending its stimulus plan.
Gold: +1.85% to $1,235.10 per ounce Oil: -0.36% to $102.85 per barrel U.S. 10-Year: -2.58 to 2.645%
Here’s How Better Fuel Economy is Helping Boost the Economy: When summer rolls around, the U.S. Energy Information Administration shifts into high gear. The reason is the American driving season, which runs from Memorial Day to the first week of September and calls a huge amount of attention to gasoline prices… (Read more.)
Here’s What Office Vacancies Say About the Labor Market: At a glance, it’s easy to walk away from many conversations about the labor market feeling slightly optimistic. The mantra championed by the White House and the U.S. Federal Reserve is that things may not be great, but they’re getting better. While there is a lot of evidence in favor of this idea, the velocity of the recovery is still very much up for debate… (Read more.)
Is the Chinese Economic Slowdown Here to Stay?: Chinese growth is looking questionable as a majority of economists are predicting a further slowdown in overall GDP expansion, from 7.7 percent in the last quarter to 7.5 percent this year, according to the 18 economists surveyed by Dow Jones. Ken Peng, an economist at BNP Paribas, told The Wall Street Journal “in the second quarter the economy clearly slowed down from the first quarter, if you look at just about any indicator,”… (Read more.)
Here’s your cheat sheet to today’s top stock stories:
Apple’s (NASDAQ:AAPL) next iPad debut may be nearing, but it could just be the full-size iPad and not the iPad mini. Some signs are pointing toward a September launch for the fifth-generation iPad, but the next iPad mini could have to wait longer… (Read more.)
Dell (NASDAQ:DELL) may be once step closer to closing a deal with founder Michael Dell. Last week, CNBC reported that the shareholder advisory firm Institutional Shareholder Services would likely vote against the $24.4-billion buyout offer Michael Dell made for the personal computer company he founded. But ISS announced Monday that it recommended Dell shareholders to approve the bid… (Read more.)
GlaxoSmithKline (NYSE:GSK) is under investigation in China for allegedly bribing doctors to prescribe the company’s popular Botox injections. A whistleblower has accused the company of offering payments and other perks to physicians who prescribed Botox to patients. The Wall Street Journal reviewed some of the company’s internal documents, including personal emails that described paying doctors for prescribing Botox… (Read more.)
Sprint Nextel Corp.’s (NYSE:S) $21.6 billion deal with SoftBank (SFTBY.PK) and Clearwire Corp. (NASDAQ:CLWR) is expected to be completed by Wednesday. But that’s not all good news. Following the deal’s approval by the FCC, SoftBank’s credit rating was cut to junk by the S&P 500, and SoftBank shares fell in Tokyo after the ratings cut was announced… (Read more.)
Boeing Co. (NYSE:BA) is hoping that it can escape blame for the first airliner crash in the United States since 2009 that occurred with one of its 777 jets on Saturday. At the time of the crash, there were no indications of any problems with the plane or the flight until seven seconds before impact, and it was unclear whether the pilot or mechanical failure was to blame for the accident… (Read more.)
Microsoft Corp. (NASDAQ:MSFT) has revealed it will shut down its interactive TV service MSN TV — formally known as WebTV — in September, eliminating competition for other over-the-top set-top box providers like Apple TV and Roku. Introduced in the mid-1990s, WebTV was one of the first set-top box services to offer Internet access via television… (Read more.)
Don’t Miss: Can Boeing Escape the 777 Crash Blame?
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