CNBC's Domm: Today's Agenda in the Markets
Stocks prices are edging higher this morning, following the direction of European markets. Lots of earnings news is out today, and talk of deals in the media industry swirl.
Deal, No Deal
At least not for now. Dow Jones' Bancroft family is snubbing Rupert Murdoch's $60-per-share offer for the media company. But talk of the company being in play persists and we will follow the story today. Our David Faber, who broke the news yesterday, will keep us up to date on the latest. Speaking of media deals, Faber also reports that another media family, the Dolans are close to a deal for Cablevision. We will also look at dual-class shareholdings today and whether companies that have big majority stakeholders are good investment plays.
That's what Devon CEO told our Becky Quick on "Squawk Box" today when she asked him about speculation his company could be a target of Exxon or another oil major.
He also said Devon has not heard from Exxon. When Quick asked whether other possible suitors have approached Devon, CEO Larry Nichols said, "We'll wait and see."
Time Warner reported first-quarter profit 18% lower than last year, but the per-share number beat Wall Street's expectations. Time Warner profit slid on faltering DVD sales and falling profits at its film division. Cable TV earnings, however, were sharply higher, and AOL gained 27%. Among the dozens of names reporting are Allergan, Applebees, Barrick Gold, Biogen Idec, Sunoco and Jones Apparel .
Lord Browne Out
CNBC Europe is reporting for us today on the shocking demise and crashing career end of a well regarded CEO, BP's Lord Browne. Browne resigned after a British court allowed the release of documents detailing his relationship with a former lover.
Rich, Richer, Richest
All day today, CNBC and CNBC.com will look at the increasing power of wealth in America, what the rich are buying and whether there is a luxury "bubble."
Oil inventories data are due today and we will be watching supply levels of crude and gasoline, which everyone has noticed is beginning to really pinch at the pump. Oil is slightly lower today ahead of the 10:30 am New York time news release.
Sell in May
We don't see signs of it. On the first day of the month, the Dow scored another record in a late-day buying spree. Breadth was not that aggressive according to our Scott Wapner, and for a good part of the day, many of the Dow 30 were not in on the party.
"Late in the day when oil dropped, airlines turned around, transports turned around," says Wapner. The Dow ended up 73, or up 0.6% at 13,136, a new record. Oil fell $1.31 per barrel, or 2%.
The S&P 500 rose 3.93 points, or 0.3% to 1486, ending a three day losing streak. The Nasdaq climbed six points, or 0.3%. Wapner says the market is still getting a ride from strong earnings, particularly the companies who are getting a bump from overseas sales.
"The real question is what's going to happen when earnings season ends," he says.
Around the World
Turkish markets rose today after Prime Minister Recep Tayyip Erdogan called early elections. Turkish markets had gone into free fall after the Turkish military threatened to block the candidacy of Foreign Minister Abdullah Gul, who once belonged to the banned pro-Islamic Welfare Party.
Treasury Secretary Hank Paulson speaks on China today.