Yahoo Finance Bulls' long holiday; Time Warner Cable's new deal; Amazon takes on Etsy
The bulls taking their time getting back from the long Memorial Day weekend. Stocks (^GSPC) are lower in early trading as investors await a plethora of economic data this week. Before the bell, the Commerce Department reported durable goods orders down 0.5% in April, although leaving out transportation, they jumped 0.5%.
Yahoo Finance's Aaron Task points out as with all these numbers on the economy lately, the focus will be on how the report might impact the timing of a Federal Reserve rate hike.
"This will inevitably lead to the discussion about whether the Federal Reserve will get off it keister and do something sooner rather than later," he says. "I still think that's not the case, but this is one piece of slightly-better-than-expected economic data that the Fed could use as ammunition if it were so inclined."
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New deal for Time Warner Cable
Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.
Time Warner Cable (TWC) shares are soaring in early trading. The cable TV provider is being bought by Charter Communications for $55 billion in cash and stock or $195 dollars a share. The deal will create a direct rival to Comcast (CMCSA), which abandoned its bid to buy Time Warner Cable amid regulatory pressure last month. Shares of Charter Communications (CHTR) were also slightly higher on the news.
Related: Time Warner Cable soars on Charter deal; Etsy falls on Amazon threat; Apple promotion
Etsy (ETSY) shares are lower this morning after the Wall Street Journal reported late Friday that Amazon (AMZN) is getting ready to launch an online crafts marketplace that would challenge Etsy. The Journal reports that Etsy sellers received invites offering them a sneak peek at Amazon's "Handmade."
Related: Etsy may face new challenge...Amazon
Apple (AAPL) shares are in focus this morning. The man behind the look and feel of the company's signature products such as the iPad, iPhone and Apple Watch is getting a promotion. Jony Ive is now taking the newly-created position of Chief Design Officer. Apple says Ive will focus entirely on current design projects, new ideas and future initiatives. He becomes only the third C-suite executive at the firm -- along with CEO Tim Cook and CFO Luca Maestri.
AutoZone (AZO) shares are on the move in the pre-market. The auto parts retailer is reporting earnings per share for its fiscal third quarter topped analysts' estimates, while revenue came it just a bit shy of forecasts. Sales rose more than 6% from a year earlier thanks to strong domestic same-store sales growth. The company said inventory also grew and it continued to buy back stock.
AstraZeneca (AZN) shares are lower in early trading. Amgen (AMGN) said late Friday it's ending its partnership with AstraZeneca to develop a psoriasis drug after some patients who took the experimental medicine experienced suicidal thoughts or behavior.
"Less is mas"
Yum! Brands' (YUM) Taco Bell and Pizza Hut are responding to consumer demand for healthier eating. The restaurant chains say they will remove all artificial flavors and colors from their menu items. Taco Bell CEO Brian Niccol says customers are telling the restaurant chain "less is mas" when it comes to artificial additives.
