Groupon Adds Restaurant Reservations, Nokia Buys Out Siemens: Market Recap

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U.S. stocks rose today as positive manufacturing data from around the globe boosted confidence in the global economy. Manufacturing indexes in Japan and the U.S. were up, and investors are waiting for the monthly U.S. labor report later this week to look for further signs of economic strength.

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Gold: +2.26% to $1,251.50 an ounce  Oil: +1.02% to $96.07 per barrel  U.S. 10-Year: +0.48 to 2.49%

Housing Market Fuels Construction as Spending Increases: Construction spending increased modestly in May according to the U.S. Census Bureau. The seasonally-adjusted annual rate of spending climbed 0.5 percent to $874.9 billion. This is an increase of 5.4 percent on the year. For the first five months of 2013, construction spending totaled $426.2 billion, 6.2 percent above the year-ago period… (Read more.)

Manufacturing Activity Recovers But Employment Turns Negative: Overall manufacturing conditions improved in June, according to the Institute for Supply Management. The ISM manufacturing PMI climbed 1.9 points, recovering from contraction to read 50.9 for the month. The recovery was led by a 3.1 point increase in new orders to 51.9, and a 4.8 point increase in production to 53.4. Both components also recovered from a period of contraction in May… (Read more.)

PMI Survey: European Manufacturing Not as Bad as Thought: When it comes to growth in Europe, receding less than expected is a great cause for optimism. Luckily, that’s exactly what happened Monday: The Purchasing Managers Index tracking manufacturing output ticked to 48.8 percent, up from 48.3 percent. Numbers less than fifty on the index represent recession in the larger industry… (Read more.)

Here’s your cheat sheet to today’s stock stories: 

Nokia Corporation (NYSE:NOK)  announced its decision on Monday to buy out Siemens AG (NYSE:SI), its partner in a joint venture, Nokia Siemens Networks, that sells telecommunications equipment to mobile phone carriers. Siemens currently holds a 50 percent stake in the venture, but will hand it over to Nokia during the third quarter for 1.7bn euros, or $2.2 billion… (Read more.)

Apple Inc. (NASDAQ:AAPL) has reportedly filed a trademark application for the iWatch in Japan, which has rekindled the iWatch rumor mill Monday morning. In keeping with its notoriously secretive reputation, the iPhone maker has yet to announce such a product or mention that it has been working on a new device… (Read more.)

Dell Inc.’s (NASDAQ:DELL) special committee of board of directors, charged with overseeing the company’s buyout proceedings, has argued that the offer made by shareholders Carl Icahn of Icahn Enterprises (NASDAQ:IEP) and Southeastern Asset Management was not a viable option because its financing is suspect. But the offer favored by the committee, made by company founder and CEO Michael Dell and the private-equity firm Silver Lake, has some financial problems as well… (Read more.)

The Tribune Company (TRBBA.PK) has announced it’s buying 19 local television stations, as the local television industry continues to cut costs by consolidating. The $2.7 billion deal will make Tribune one of the biggest owners of local TV outlets. The 19 new stations are being purchased from Local TV Holdings, a company owned by investment firm Oak Hill Capital Partners, and will be added to Tribune’s 23 current stations and WGN America cable channel… (Read more.)

Groupon Inc. (NASDAQ:GRPN) has been trying to push away from the daily deals that made the company famous, and announced a move in that direction on Monday when the Groupon Reserve online restaurant reservation service was unveiled. Groupon Reserve is a part of the company’s site that focuses on luxury dining and goods. One can make an upscale restaurant reservation through the site at discounts of up to 40 percent off… (Read more.)

BlackBerry (NASDAQ:BBRY) announced its BlackBerry 10 operating system, and some fans were hopeful for a turnaround. But when phones featuring the system launched, that optimism seemed to diminish, and the stock dove. After the company’s recent earnings call, it seems the hope may be close to drying up… (Read more.)

Follow Jacqueline on Twitter @Jacqui_WSCS

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