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Investors eye housing, jobs data; Best Buy's best day; Shake Shack chickens out?

Wall Street starting the day in a cautious mood once again following yesterday's small declines for the S&P 500 (^GSPC).

Investors get to weigh a higher than expected increase in initial jobless claims--up 10,000 to 274,000--and an update on sales of previously-owned homes.

Yahoo Finance Senior Columnist Michael Santoli feels the stock market moves for the foreseeable future will be based on traders parsing various economic reports now that the latest Federal Reserve minutes again show policymakers remain "data dependent" when it comes to timing of raising interest rates.

"We're obviously going to be strung from data point to data point," he says.  "We're unusually susceptible to these little moves as the data run hot and cold.  And I basically think that's what we're in for."

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Best day for Best Buy shareholders

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

Best Buy (BBY) shares are surging in early trading. The consumer electronics retailer's earnings and revenue shot past analysts' estimates in the first quarter. The company benefited from growth in its domestic business, thanks to demand for large-screen TVs, smartphones and appliances.

Salesforce.com (CRM) shares are sharply higher this morning. The cloud software specialist raised its outlook for the year after reporting a beat on both its top and bottom lines.  However, the company remained mum on reports circulating over the past few weeks that it was a takeover target.

Omnicare (OCR) shares are higher in early trading. The nursing home pharmacy has found a buyer.  CVS (CVS) is acquiring the company for $12.7 billion or $98 a share in cash and debt.

Related: Best Buy soars on big beat; CVS buys Omnicare; NetApp hits 52-week low

NetApp (NTAP) shares are trading at new 52-week lows. The data storage company gave a weak outlook for its current quarter and said it would eliminate about 500 jobs after it reported earnings and revenue that missed estimates with sales falling 7% from a year earlier. The company has been trying to stimulate growth by focusing on cloud-based products as businesses move away from operating and buying their own hardware.

Hewlett-Packard (HPQ) shares are also in focus this morning. The company is reportedly planning to sell a majority stake of H3C Technologies, its data-networking business in China. The Wall Street Journal reports that the decision was prompted by falling Chinese demand for U.S. technology products after disclosures of U.S. spying abroad. HP is scheduled to report second quarter earnings after the close of trading today.

Deutsche Telekom says it is open to considering partners for T-Mobile (TMUS), in which it owns a 66% stake. The European telecommunications company tried to sell T-Mobile to Sprint (S) last year, but the deal fell through after regulatory resistance.

Shake Shack chicken

A subsidiary of Shake Shack (SHAK) is filing a trademark application for "Chicken Shack." The filing discloses that the name pertains to chicken sandwiches.