News Corp. Split Official, Apple Trademarks iWatch: Morning Buzzers
U.S. stock futures climbed despite the S&P 500 posting its first monthly loss since October as investors wait for a report on manufacturing that is expected to be good news. Though the S&P 500 may have fallen in June, the index posted its biggest half-year gain since 1998.
Futures at 8:30 a.m.: DJIA: +0.42% S&P 500: +0.40% NASDAQ: +0.69%
Here’s your cheat sheet to what’s buzzing Monday morning:
Nokia (NYSE:NOK) has announced it will acquire the remaining stake it doesn’t already own in the Nokia Siemens network. Nokia is buying Siemens’s (NYSE:SI) 50 percent of the network for a lower-than-expected 1.7 billion euros. Shares in both companies rose after the announcement. When the deal closes, the Nokia Siemens network will be a wholly-owned subsidiary of Nokia.
Time Warner Cable (NYSE:TWC) has reportedly expressed interest in buying Cablevision (NYSE:CVC) and Cox Cable as the company looks to expand rather than be purchased by billionaire John Malone’s Liberty Media (NASDAQ:LMCA), which is interested in Time Warner. Time Warner Cable Chief Executive Officer Glenn Britt has said he’s not interested in the company being acquired by Malone, but it is uncertain whether Cablevision or Cox Cable are willing to sell at this point.
Apple (NASDAQ:AAPL) has filed a request to trademark the term “iWatch” in Japan, meaning we could be even closer to seeing the product. Many of Apple’s competitors are also looking to expand into wearable devices. Samsung (SSNLF.PK) has also been working on a wristwatch-type device, while Google (NASDAQ:GOOG) has already unveiled its Google Glass.
News Corp (NASDAQ:NWSA) has officially split today. The entertainment arm of the company, now known as 21st Century Fox, will trade under the FOX and FOXA tickers, while the publishing arm, keeping the company’s name, will trade under NWS and NWSA. News Corp needs to prove that it can be profitable in its own right, as the company’s publishing businesses have struggled due to the flagging newspaper industry and the phone hacking scandal that closed the company’s popular News of the World tabloid.
Follow Jacqueline on Twitter @Jacqui_WSCS