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Wednesday, July 1, 2015

Squawk Box - Belvedere & Schacknow - July 1, 2015

L-R:  Matthew Belvedere and Peter Schacknow
Compiled by
Matthew J. Belvedere and Peter Schacknow

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› More Pre-Markets Data
U.S. stock futures and European markets were higher this morning on reports the Greek prime minister will accept the bailout conditions with some changes. | Live blog (CNBC)
Greece and its creditors were expected to resume talks today, a day after the embattled nation defaulted on a $1.7 billion IMF debt payment and ahead ofSunday's bailout referendum. (CNBC)

Greece has reopened some banks to help pensioners who don't have bank cards, as capital controls continued. Meanwhile, the ECB is also considering today emergency funds for Greek banks. (AP)

Today's the first day of the third quarter. The S&P 500 closed Q2 with its first quarterly drop in over two years, while the Dow posted back-to-back quarterly losses for the first time since early 2009. (CNBC)

In a blockbuster insurance deal, Swiss-based ACE Limited (ACE) has agreed to buy New Jersey-based Chubb (CB) for $28.3 billion in cash and stock. (CNBC)

The Puerto Rico Electric Power Authority and its creditors were close to a dealto allow the cash-strapped utility to pay more than $400 million to bondholders. (WSJ)

Facebook (FB) is giving advertisers the option to pay for video ads only ifusers view them for at least 10 seconds. (NY Times)

Sprint's (S) $50 million "cramming" settlement with the Consumer Financial Protection Bureau has been approved. The mobile carrier had been accused of adding unauthorized charges to customer bills. (Reuters)

Sprint said it would end a policy of slowing video speeds for unlimited-data customers, after an outcry over the practice undermined the carrier's attempt to promote a new phone plan. (WSJ)

AT&T (T) could see its $48.5 billion deal to acquire DirecTV (DTV) approvedas soon as next week by government regulators. The DOJ has completed its review, but the FCC has not yet. (Reuters)

Nike (NKE) chairman and co-founder Phil Knight will step down next year. He's recommended Chief Executive Officer Mark Parker as his replacement as chairman. (Reuters)

GOP presidential candidate Jeb Bush has posted more than three decades of tax returns online, revealing earnings of nearly $28 million since leaving the Florida governor's mansion in 2007. (AP)

The U.S. and Cuba plan to announce today an agreement to reopen embassies, after the two nations struck a deal in December to thaw diplomatic relations after more than 50-years. (CNBC)

The first of this week's two key jobs reports is out at 8:15 a.m. ET. Economists expect ADP private payrolls to show a gain of 220,000 for June after adding 201,000 in May.
The government's June employment report is set for release tomorrowmorning. It's a day early because the stock market is closed Friday for the Independence Day holiday weekend.

At 10 a.m. ET, the monthly ISM manufacturing index is seen improving to 53.2 for June compared to the May 52.8 reading. At the same time, the government's May construction spending report is expected to register a 0.5 percent increase after a 2.2 percent jump in April.

Rising mortgage rates took their toll last week on both home buyers and home owners looking to save on their monthly payments. Total loan application volume fell 4.7 percent, while refinances dropped 5 percent.

Automakers release their June sales figures throughout the morning; Edmunds sees an overall 4.7 percent increase over the same month a year ago.

Earnings reports out this morning include the latest numbers from spirits maker Constellation Brands (STZ), cereal maker General Mills (GIS), spice producer McCormick (MKC), and payroll processor Paychex (PAYX). There are no major quarterly reports after today's closing bell.

Toyota's (TM) top female executive, American public relations chief Julie Hamp, has resigned following her arrest on suspicion of illegally importing oxycodone into Japan.
Alibaba (BABA) is partnering with a Chinese film company and a satellite TV provider to offer a new subscription-based Internet, cable, and mobileentertainment service in China, according to the Wall Street Journal.

Sony (SNE) debuted its new crowdfunding site First Flight today, with a campaign for a new remote control designed by six Sony engineers. The project has raised nearly half of its $40,700 goal.

Donna Karan will step down from daily duties as chief designer at her namesake company, Donna Karan International, to devote more time to her philanthropic foundation. (AP)
Lobster rolls are making their way to certain McDonald's (MCD) locations inNew England this summer. The sandwiches cost $7.99 and will be available through mid-August. (USA Today)

The U.S. faces the winner of today's Japan-England semifinal, after reaching its second straight Women's World Cup final, with a 2-0 victory last night over top-ranked Germany. (NBC Sports)

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