Peter Schacknow, Senior Producer, CNBC Breaking News Desk
June 15, 2011
Though doubts over the ongoing Greek debt saga have U.S. stock index futures pointing to a lower open this morning, U.S. stocks did break out of their June funk in a big way during Tuesday session.
The Nasdaq and S&P 500 are coming off their biggest one-day gains since April 20, and the Dow and S&P 500 have registered gains in three of four sessions.
Tuesday's gains were driven in part by economic data, and the possibility exists once again today, with a handful of closely watched reports set to be issued.
The Labor Department is out with the May Consumer Price Index at 8:30am ET, with consensus forecasts calling for a rise of 0.1% in the headline number and an increase of 0.2% in the core rate. April had seen headline CPI up 0.4% and the core rate up 0.2%.
8:30am ET will also see the New York Fed's Empire State Survey, expected to register a reading of 11.75 for June, virtually unchanged from May's 11.88.
At 9:15am ET, the Federal Reserve issues May industrial production and capacity utilization figures, seen coming in at +0.2% and 77.0% respectively.
April had seen industrial production unchanged and capacity utilization at 76.9%.
At 10am ET, the National Association of Home Builders is out with its June sentiment index, expected to remain unchanged at 16.
We'll watch shares of Google (GOOG) today, with the Wall Street Journal reporting that the Justice Department has given Google the go-ahead to bid $900 million for a series of high-tech patents being sold by Nortel Networks.
DOJ has reviewed the potential purchase and reportedly concluded that Google ownership of those patents wouldn't raise competitive concerns.
Apple (AAPL) and Research In Motion (RIMM) are also in talks with Justice over their own potential bids.
Dow component Johnson & Johnson (JNJ) has won FDA approval for a new hip replacement system, used for patients with osteoarthritis.
The system is the first to combine a ceramic ball with a metal socket.
The New York Stock Exchange will gain another active single-letter stock symbol when Pandora (P) begins trading following its initial public offering.
The IPO priced at $16/share, well above the expected $10 - $12 range.
Nokia (NOK) may get a one-time payment of more than 800 million pounds ($1.3 billion) from its settlement with Apple over iPhone patents, as well as further royalties. That's according to a story in the UK's Guardian newspaper.
The settlement was announced Tuesday but no specific monetary amounts were made public at that time.
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