Peter Schacknow, Senior Producer, CNBC Breaking News Desk
The Dow’s quest for that elusive two-day win streak resumes today, following a better than 1 percent gain Tuesday for each of the major averages.
The Dow has not put together a two-day streak since April 26-27, and if it cannot gain any ground today or tomorrow, it would match the record for fewest positive sessions in a single month with five.
While the anticipation builds for Friday’s May jobs numbers, there’s just one report on the economic calendar today.
The National Association of Realtors is out with April pending home sales, with economists predicting sales will come in unchanged following March’s 4.1 percent increase.
The Memorial Day holiday has postponed the usual Wednesday release of the Energy Department’s oil and gasoline inventory numbers – they’ll be out tomorrow at 11am ET instead.
However, the Mortgage Bankers Association will issue its regular weekly look at mortgage applications at 7am ET.
No major earnings reports are due out today, although quarterly profits from two relatively recent IPOs could be of interest: tea retailer Teavana (TEA), which began trading in July 2011, and upscale grocer The Fresh Market (TFM), which debuted In November 2010.
Research In Motion (RIMM) tops our stocks to watch list, with the stock taking an after-hours hit on news that it expects to report an operating loss for the current quarter and that it foresees significant layoffs. RIM has also hired JPMorgan Chase and RBC Capital to help it evaluate strategic options.
The stock fell below $10 in after-hours trading, its first drop into single-digit territory since December 2003.
Facebook (FB), whose shares continue to slide following its IPO, has received a second request for information on its proposed acquisition of photo sharing service Instagram, meaning that a review of the purchase by antitrust regulators may be lengthy.
Salesforce.com (CRM) is reportedly close to a deal to acquire Buddy Media for more than $800 million, according to AllTHingsD. Buddy Media helps brands manage their Facebook presence.
Groupon (GRPN) is acquiring Breadcrumb, a maker of point-of-sale software for the hospitality industry. Terms of the deal were not disclosed.
Pep Boys (PBY) may be under pressure today, after the sale of the auto parts chain to private equity firm Gores Group was canceled. Pep Boys will receive about $50 million in termination fees as a result. Gores had agreed to buy Pep Boys in January for $791 million, but later sought to delay the deal after Pep Boys reported just a slightly better than breakeven quarter.
Sallie Mae (SLM) has added about $400 million to a stock buyback program originally announced by the student lender in January, bring the total to $900 million.
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