Stock futures declined today following the best week for stocks so far this year. Yahoo Inc
(NASDAQ:YHOO) and Yelp Inc
(NYSE:YELP) could see heavy trading after news reports leaked a possible search tie-up between the two companies.
Ahead of the opening bell, futures on the Dow Jones Industrial Average
(INDEXDJX:.DJI) were down 0.22% at 15,704. S&P 500
(INDEXSP:.INX) futures fell 0.25% to 1,789.00 and Nasdaq
(INDEXNASDAQ:.IXIC) futures declined by 0.11% to 3,554.25. There are no major US economic indicators due out today.
The Wall Street Journal reported
today that Sprint
(NYSE:S) is going back to the drawing board on its planned acquisition of T-Mobile US
(NYSE:TMUS), its smaller rival. The report comes after the Justice Department and Federal Communications Commission both voiced antitrust concerns about the third and fourth largest mobile carriers joining together. The report says that Sprint might still pursue the acquisition after it finds ways to counter arguments that it hurts competition.
(NYSE:BCS) suffered a huge data security breach in the UK. The financial statements, insurance policies, and personal identification of 27,000 customers was leaked to criminals in what is being called the worst-ever data breach at a bank. US-traded shares of Barclays are unfazed, however, as the stock is up 0.8% in the pre-market.
Yelp shares rallied 10.17 in the pre-market today after Bloomberg reported
that Yahoo will include Yelp ratings of local establishments in its search results. Such a deal could help both companies stay relevant. Yelp ratings could help Yahoo retain search users, and it could drive traffic to Yelp, which has its own competition from Google
(NASDAQ:GOOG), including reviews from users and Zagat in search results. Yahoo shares also rose 1.40% this morning.
Janet Yellen will give her first semi-annual testimony to the House Financial Services Committee tomorrow. In her first important appearance as Federal Reserve Chairwoman, she is likely to shed light on why the markets rallied so much last week, concerns about emerging market growth, and the Fed's strategy for slowly reducing its purchases of bonds and mortgage-backed securities to stimulate the economy. Especially since the last two jobs reports came in weaker than expected, markets are eager for any hint of the Fed's stance on the labor market's strength.
No positions in stocks mentioned.
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