Peter Schacknow, Senior Producer, CNBC Breaking News Desk
June 13, 2011
Worries over the U.S. economy have clearly hit the stock market: the Dow and S&P 500 have lost ground for six consecutive weeks, and the Dow is coming off its first close below 12,000 since March.
Whatever drives investors today, it won't be earnings or economic data, both of which are in short supply.
However, there's a plethora or economic data later in the week, including the latest readings on inflation, retail sales, housing starts, and jobless claims.
Gilead Sciences (GILD) could be a stock to watch today, falling 3% after-hours Friday on news of a Department of Justice subpoena.
DOJ wants documents relating to the manufacture and distribution of several of Gilead's drugs.
We'll also watch shares of Automatic Data Processing (ADP), as its board authorizes the addition of 35 million shares to its common stock buyback program.
Dow component Hewlett-Packard (HPQ) has won a favorable International Trade Commission ruling upholding the validity of its patents in a case involving two Taiwan-based companies.
We'll also watch shares of Marvell Technologies (MRVL), as its CEO tells the Wall Street Journal that factors such as a weak dollar and higher gold prices are hurting its profits.
Ford (F) is in the spotlight as well, as a judge in Ohio rules that it must pay nearly $2 billion to thousands of dealerships stemming from a 2002 class-action lawsuit claiming the automaker violated dealer agreements.
Regions Financial (RF) is investigating if executives delayed public disclosure of loans that were going bad during the financial crisis, according to the WSJ.
In a further sign of troubled times for Nokia (NOK), Nomura says Samsung will surpass Nokia to become the world's largest smartphone maker this quarter.
Nokia has been the market leader since 1996.
In the news, President Obama travels to North Carolina today, meeting with his jobs council to hear its latest proposals on how to spur employment.
And two stories involving the IMF: French finance minister Christine Lagarde has won Indonesia's backing in her quest to be appointed IMF chief, and the Fund has also acknowledged it was hit with a cyber attack. Full details are not known, but the IMF says it is still functioning normally.
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