Stocks rally; Income rises, spending weak; Ford thinks big; Bernanke blog

Investors begin the Good Friday-shortened trading week with a rally.  Stocks (^GSPC) getting a boost from last week's comments from Fed Chair Janet Yellen about the pace of interest rate hikes and suggestions from China's central bank that it may consider more stimulus measures for the world's second-largest economy.

Wall Street also digesting the latest read on Americans' wages and spending habits. The Commerce Department reporting personal income rose 0.4% in February, more than economists had forecast.  However, spending was up just 0.1%, short of expectations.

Yahoo Finance's Aaron Task says that second number may raise some eyebrows.

"The GDP revision we got last week was all negative except for consumer spending," he points out. "So this is going to put a little bit of a rough edge on that hope that the consumer is going to help carry the U.S. economy into the second quarter."

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MSG investors score

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

Madison Square Garden (MSG) shares hitting a new high in early trading. The owner of the New York Knicks and New York Rangers said it would spin off its sports and entertainment businesses into two separate publicly traded companies. The tax-free spinoff is expected to be completed later this year.

Catamaran (CTRX) shares are soaring ahead in the pre-market. The pharmacy benefits manager is being bought by UnitedHealth for about $12.8 billion or $61.50 a share in cash. The nation's biggest health insurer will merge Catamaran with its OptumRX unit in an effort to better compete with bigger players in the industry, such as Express Scripts (ESRX). Shares of UnitedHealth (UNH) are higher on the news.

Auspex Pharmaceuticals (ASPX) shares are surging ahead of the open. Teva Pharmaceutical is acquiring the drugmaker for about $3.2 billion or $101 dollars a share in cash. The deal gives Teva more access to drugs to treat disorders of the central nervous system.  Shares of Teva (TEVA) are lower on the news.

Best Buy (BBY) shares are also in the spotlight. The consumer electronics retailer will close 66 Future shops in Canada and will rebrand the remaining stores into its namesake stores. The move will result in 1,500 job cuts in the country and will hurt earnings this year by $0.10 to $0.20 a share.

Cal-Maine Foods (CALM) also on investors’ watch list. The largest producer and marketer of eggs in the U.S. reporting earnings per share that missed analysts' estimates by a nickel, but revenue topped expectations. Sales rose nearly 11% from a year earlier thanks to strong demand for specialty eggs during the holiday period.

Tim Cook blasts Indiana law

Indiana Governor Mike Pence tells ABC his state won't change but it may clarify a religious freedom law enacted last week after facing blowback from protestors and businesses. Apple (AAPL) CEO Tim Cook is the latest to speak out, writing in Washington Post Op-Ed piece that the law fosters LGBT discrimination under the veil of religious liberty. The law has also drawn criticism from Angie’s List (ANGI) Yelp (YELP), and salesforce.com (CRM).

GNC (GNC) will overhaul its quality control testing procedures after striking a deal with the New York State attorney general’s office. New York accused GNC and other retailers of selling fraudulent and contaminated supplements.

The New York International auto show launches this week, and Ford (F) is looking to make a statement. The auto maker plans to unveil its new Lincoln Continental sedan, as part of an effort revive its luxury car image.

And Ben Bernanke is taking up blogging. The Former Federal Reserve chair is launching a blog on the Brookings Institution website, where he plans to write about economics and finance.

Related:  Madison Square Garden hits new high on split; Catamaran and Auspex soar on deals

Related:  Bernanke the blogger

 

Related: Ford's Lincoln Continental looks to make a comeback