Tuesday’s Mid-Day Movers: 3 Stories Driving Markets
The major stocks were trading nearly unchanged Tuesday, remaining on alert to see how the Federal Reserve would proceed in its economic stimulus program. As of 12 p.m.:
|DIJA: -0.20% to 15223.43||S&P 500: -0.25% to 1636.30||NASDAQ: -0.09% to 3462.21|
|Gold: -2.07% to 78.61||Oil: +1.02% to 21.86||U.S. 10-Year: +0.47% to 2.13|
Here are three stories helping shape the market Tuesday afternoon:
1. Is Apple Adding a Holdup to All the Delays? Apple’s (NASDAQ:AAPL) next iPad mini may be coming not so soon. Production of the device could be delayed by a month, pushing the release back as late as the beginning of 2014.
The suggested delays come from sources for DigiTimes that are reportedly connected to Taiwanese suppliers for Apple. The sources claimed that Apple’s next 9.7-inch iPad would have a production window between July and August. From there, shipments could reach up to 5 million units by the end of September… (Read more.)
2. Strengthening Retail Sales Unlikely to Last? In the final week of May, retail sales estimates calculated by Redbook and the International Council of Shopping Centers, in conjunction with Goldman Sachs (NYSE:GS), spiked. So far this year, retail sales figures have showed a mixed picture of the health of the American consumer, whose spending accounts for approximately 70 percent of economic activity in the United States. May experienced especially choppy growth, but pent-up demand and stronger high-income household confidence helped discount retailers, electronics stores, and specialty stores see stronger sales last week.
Still, this growth spurt was not enough to affect the International Council of Shopping Centers’ full month outlook, which is currently predicting flat to negative growth for May… (Read more.)
3. Where is BP Going to Spend $100 Billion on Drilling? BP PLC (NYSE:BP) has announced that it will spend $1 billion on Alaskan drilling over the next 5 years.
The oil company said it will use the money to upgrade existing facilities, increase drilling, and add two new drilling rigs in the Alaskan North Slope fields. The rigs are expected to be finished around 2015 and will increase BP’s Alaskan fleet to nine rigs. Alaska’s recent cut in oil taxes, including a 20 percent reduction in taxes on new oil produced, played a part in BP’s decision. BP has said that the new rigs will bring a combined 200 new jobs to the North Slope… (Read more.)
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