Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market: Google Reveals Self-Driving Car; Yahoo Attempts to Lure Content Creators Away From YouTube

By

China Vanke Co. president says the "golden age" of China's property market has come and gone.

PrintPRINT
Stock futures pointed toward a higher open on Wednesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.14% to 16,678. Futures on the S&P 500 (INDEXSP:.INX) were up 0.18% to 1,912.60. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.09% to 3,724.75.

Stocks

The first day of Re/Code's three-day Code Conference has passed, and we have prototypes for a consumer-ready driverless car that's being built by Google (NASDAQ:GOOG) and a real-time language translation for Skype that's being released by Microsoft (NASDAQ:MSFT). Google's self-driving cars will be fully electric, two-seater vehicles, sans steering wheel, accelerator, and brake pedals -- it's unclear if Google will partner with an existing car maker or produce the vehicles itself. Microsoft will launch a test version of its Skype Translator later this year, but it remains to be seen if the service will come with a fee. Shares of Google were up 0.19% ahead of the opening bell while Microsoft was flat.

Yahoo (NASDAQ:YHOO) is trying to lure content creators away from Google's YouTube, as it prepares for the summer launch of a new video service. While the features of Yahoo's video service are more or less analogous to YouTube's, Yahoo is flaunting a more favorable share of ad revenue as well as steering clear of exclusivity contracts. But Yahoo has run into snags with would-be content providers during contract negotiations, as content providers have taken issue with conditions that would effectively transfer video ownership to Yahoo. Shares of Yahoo were up 0.31% in re-market trading.

Chinese e-commerce giant Alibaba has taken a 10.4% stake in the postal and logistics company Singapore Post Limited (OTCMKTS:SPSTY) for the cost of $249 million. The acquisition will help Alibaba coordinate international logistics, as the company is ramping up its international sales efforts. Alibaba's upcoming initial public offering in New York has garnered series attention over the past month.

GlaxoSmithKline (NYSE:GSK) is under criminal investigation by England's fraud authority, the Serious Fraud Office (SFO). What exactly GlaxoSmithKline is under investigation for hasn't been specified by the SFO, but the fact that GSK is currently facing bribery claims in China and four other countries could be good hint. Shares of GSK fell 1.46% in pre-market trading.

Economy

Mortgage purchase applications fell 1% over the past week, signaling slightly weaker home sales. Refinancing applications were dragged down by mortgages as well. Mortgage rates are at their lowest average since last June. The ICSC-Goldman Store Sales were weaker than expected over the Memorial Day holiday weekend, although ICSC-Goldman's sales data is trending higher over the course of this year. Redbook chain store sales will be released at 8:55 a.m. At 11:30 p.m., the 52-week Treasury bill auction will be held. At 1:00 p.m. the 2-year floating rate note auction and the 5-year note auction will be held.

Global Markets

Asian stocks hit one-year highs overnight following strong durable goods orders and a rise in home prices in the US. The president of China's largest property developer, China Vanke Co. (OTCMKTS:CVKEF), has said that the "golden age" of China's property market has come and gone. His comments come as a slowdown in the housing market poses a serious threat to Chinese Premier Li Keqiang's efforts to accelerate Chinese growth. Meanwhile, China announced that it will relax its rules against foreign investment in hospitals. In Europe, stocks continued to trade near their highest level since January 2008, but saw little change in either direction today.

Twitter: @brokawbrokaw
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE