June 8, 2011
Peter Schacknow, Senior Producer, CNBC Breaking News Desk
June's bearish trend is firmly in place: the Dow and the S&P 500 have opened the month with five straight down days, with the total point losses for those sessions totaling the biggest for any entire MONTH since May of 2010.
The Dow and S&P are now firmly on track as well for their sixth straight week of losses as well.
The highest profile economic report of the day won't come until 2pm ET, when the Federal Reserve releases the Beige Book, its region-by-region assessment of the U.S. economy.
Ahead of that, investors will get a look at the weekly mortgage applications report at 7am ET, and the EIA's weekly report on oil and gasoline inventories at 10:30am ET.
Shortly after 1pm ET, the Treasury will releases the results of its auction of $21 billion in 10-year notes.
Nokia (NOK) is a stock to watch in today's trading, coming off its lows in Europe on rumors that Samsung might be interested in buying it.
We'll also watch shares of homebuilder Hovnanian (HOV), with its quarterly loss widening on an unexpectedly large drop in revenue.
Private equity firm Najafi is reportedly among those in talks to buy bookseller Borders Group (BGP), according to the Wall Street Journal.
And shares of Cisco Systems (CSCO) and Polycom (PLCM) might be worth watching today, as European startup company Vidyo introduces a low cost video conferencing product that could hurt margins for those competitors.
We'll also watch shares of NBCUniversal parent Comcast (CMCSA) in reaction to two different stories: reports that it's getting set to sell the Philadelphia 76ers basketball team, and that it's adding home security to its package of services for homes where it already delivers cable, broadband, and phone service.
Drugmaker Covidien (COV) is seeking to sell its pharmaceuticals unit for as much as $4 billion, according to a Reuters report.
JPMorgan Chase is said to be advising Covidien on the possible sale.
Clothing retailer Gap (GPS) has struck a deal with designer Diane von Furstenberg to create a new collection of children's apparel for Gap, which should be ready by March 2012.
Major internet companies like Google, Facebook and Akamai will be conducting a 24-hour test today of IPv6 - the internet protocol update that will add billions more possible website addresses.
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