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Pre-Market: Inaugural Code Conference to Feature Apple, Microsoft; Foxconn Moving Into Consumer Market

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Durable goods rose for a third month.

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Stock futures pointed toward a higher open on Tuesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.36% to 16,645. Futures on the S&P 500 (INDEXSP:.INX) were up 0.38% to 1,904.20. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.43% to 3,690.75.

Stocks

Be sure to keep an eye on the Code Conference this week, which is being held from Tuesday through Thursday in Ranchos Palos Verdes, California. It being thrown by the same people behind the now defunct D: All Things Digital Conference and will feature on-stage interviews with CEOs from Microsoft (NASDAQ:MSFT), Netflix (NASDAQ:NFLX), Comcast (NASDAQ:CMCSA), Wal-Mart (NYSE:WMT), and Twitter (NYSE:TWTR), as well as executives from Apple (NASDAQ:AAPL) and Beats Electronics. Apple fans might be in store for a preview of a new home automation software platform, which Apple plans on officially revealing at its worldwide developer conference on June 2. Shares of Apple rose 0.63% in pre-market trading. Microsoft was up 0.27%, Netflix was up 0.21%, and Twitter was up 0.89%.

Chinese contract electronics manufacturer Hon Hai Precision Industry Co. (TPE:2317) (commonly known as Foxconn), whose major customers include Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN), and Cisco (NASDAQ:CSCO) among others, has agreed to buy $388 million stake in Taiwan's Asia Pacific Telecom Co. with plans to negotiate a takeover. The acquisition marks Hon Hai's attempt to shift from solely being a contract manufacturer to servicing the more lucrative consumer market directly. Hon Hai will likely roll out a new phone directly to APT's 2.1 million subscribers.

GM (NYSE:GM) managed to wriggle out of its legal troubles in the US with an equivalent slap on the wrist -- a $35 million fine for a company that brought in $37.4 billion in revenue in the first quarter of this year. Now, the Canadian government is probing GM for two fatal crashes in cars subject to recall to fix faulty switches. In both cases, airbags failed to deploy during accidents. GM has admitted to 13 deaths in the US being linked to the problem. Shares of GM were up 0.24% in pre-market trading.

Lloyd's Bank (NYSE:LYG) has announced it will be floating a 25% stake of its retail banking unit TSB, following an EU ruling that Lloyd's needs to create more competition since receiving a bailout in 2008. The share sale will offer incentives to small holders, who will be rewarded free shares for every 20 shares bought and held for a one-year period. Lloyd's will need to sell the rest of its stake in TSB by the end of 2015.

Economy

Strap in for a packed economic calendar today, with the monthly Consumer Confidence Survey, today's main event, taking center stage at 10:00 a.m. Consumer spending, which makes up roughly 70% of US GDP, is expected to rise to its highest rate level since early 2008. Durable goods orders climbed surprisingly for a third month in April, rising 0.8%. At 9:00 a.m., both the FHFA House Price Index and the S&P Case-Shiller Home Price Index will be reported. The PMI Services Index Flash will arrive at 9:45 a.m. At 10:00 a.m., the State Street Investor Confidence Index and the Richmond Fed Manufacturing Index will join the consumer confidence index. At 10:30 a.m., the Dallas Fed will release its manufacturing outlook. The results of the $31 billion 2-year note auction will be released at 1:00 p.m.

Global Markets

Asian markets saw light losses as tensions between China and Vietnam over a territorial dispute heightened. The Chinese government ratcheted up its offense against US tech firms, as the People's Bank of China and the Ministry of Finance have asked Chinese banks to remove IBM (NYSE:IBM) servers and replace them with local brands. In Thailand, the new military run government set to work re-establishing central parts of the economy. European shares moved higher for a fifth day, extending a six-year high. Britain's service sector rose for a fourth consecutive quarter. Petro Poroshenko won the presidential election in the Ukraine, beating out two pro-Russian candidates who gained 6% of the votes between them. 

Twitter: @brokawbrokaw
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