Bulls Seek Rebound After Biggest Weekly Slide of 2013
Wall Street's major averages are coming off their largest weekly drops of what's been a very positive year so far. The Dow's 317 point decline (2.1 percent) was its largest since the week ending June 1, 2012, while the S&P 500 saw its biggest weekly falloff since November. Stock futures, however, do point to a rebound at today's open following Friday's modestly positive session.
The week begins with a fresh look at what's been perceived as a rebounding housing market, with March existing home sales figures out at 10 a.m. ET. Economists are looking for an annual sales rate of 5.02 million units, which would be a 0.8 percent rise from February levels.
Dow component Caterpillar (CAT) leads our list of corporate earnings due out this morning, along with Halliburton (HAL), Hasbro (HAS), and Check Point Software (CHKP). Texas Instruments (TXN) and Netflix (NFLX) are among the companies set to issue quarterly numbers after today's closing bell.
U.S.-based solar energy firm Power-One (PWER) will be bought by Swiss industrial group ABB for $6.36 per share in cash, or about $1 billion total. Power-One is one of the world's biggest maker of solar inverters. The deal represents a 57 percent premium for Power-One shareholders over Friday's closing price.
Boeing (BA) could receive formal FAA approval this week to return its grounded 787 jet to service. Regulators gave their OK on Friday to a redesign of the jet's battery system.
Elan (ELN) has rejected a takeover bid from U.S. investment firm Royalty Pharma, with the drugmaker's board saying the $11.25 per share bid "grossly undervalues" the company.
Apple (AAPL) may push back the release date of its next iPhone, according to Reuters, because of design issues involving a fingerprint sensor. Separately, Forbes reports that some executives inside Apple are seeking to have CEO Tim Cook replaced.
Amazon.com (AMZN) and eBay (EBAY) are among the stocks we'll watch today, with the Senate likely to take up a vote on a bill requiring online retailers to collect sales taxes.
IBM (IBM) remains on our watch list today, after the company posted its biggest one-day percentage drop in nearly three years Friday.