Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Last Call: Mike Tyson and Microsoft

Microsoft Sign
Robert Scoble

“Everyone has a plan until they get punched in the face.”

-Mike Tyson

-Tonight, Mike Tyson makes plans for Broadway and Microsoft takes a shot at Apple with a tablet if its own.

Market Musings by CNBC Market Guru Robert Hum

  • Mixed start to week for stocks: Dow fails to find gains, but S&P 500 and Nasdaq close at 1-month highs
  • Telecom, Consumer Staples, Utilities sectors close at new multi-year highs
  • CBOE Volatility Index falls to lowest level in 5 weeks
  • Natural gas jumps another 6.8% to 3-week high

Bonus musing: It’s the week after June quad witching… and stocks may seemingly be cursed. According to the Stock Trader’s Almanac, the Dow has fallen in the week following June quadruple witching for 13 years in a row, with an average decline of 1.57%.

The Word on the Street

MICROSOFT UNVEILS SURFACE TABLET/USA TDY – Scott Martin, Edward Baig, Jefferson Graham: “The new Microsoft Surface will feature a 10.6-inch wide display with Gorilla Glass, its own stand, a full-size USB port, dual Wi-Fi antennae, a multitouch keyboard, a trackpad — and yet is only about a half-inch thick, says Windows chief Steven Sinofsky. Models will come with either 64 gigabytes or 128 GB of storage. "With Windows 1.0, we needed the mouse to complete the experience," said Ballmer. "We wanted to give Windows 8 it's own hardware innovation. Something new, different, a whole new family of computing devices from Microsoft."

ORACLE PROFIT JUMPS 7.5%/WSJ – Nathalie Tadena:  “Oracle Corp. —in a surprise release, days before it was expected—said its fiscal fourth-quarter earnings rose 7.5% as software revenue improved and despite a drop in services and hardware-systems revenue. … The results surprised Wall Street as the company was expected to report earnings Thursday. The news came after the stock fell 2.1% during the regular session Monday on speculation of a key executive leaving and the possibility of a reorganization in its sales force. After the earnings report, CNBC reported that Oracle Executive Vice President Keith Block had left the company. The departure comes after Block complained about Oracle co-president Mark Hurd and disparaged Oracle's acquisition of Sun Microsystems in instant messages from 2011 that surfaced during Oracle's legal battle with Hewlett-Packard Co. ”

J.C. PENNEY PRESIDENT FRANCIS LEAVES COMPANY/WSJ: Nathalie Tadena: “J.C. Penney Co. said its president, Michael R. Francis, is leaving the company, effective immediately, after only eight months at the retailer. The department-store operator said Chief Executive Ron Johnson will oversee the company's marketing and merchandising functions. J.C. Penney had named Mr. Francis, a veteran marketing executive who had served as Target Corp.'s marketing chief for 10 years, as its new president in October, as part of Mr. Johnson's overhaul plan.”

ICAHN ALLY IS JOINING BOARD OF CHESAPEAKE/WSJ – Daniel Gilbert: “A representative of activist investor Carl Icahn will join the board of embattled natural-gas giant Chesapeake Energy Corp. , according to people familiar with the matter. Vincent Intrieri, 55 years old, will be one of four new directors joining the Oklahoma City-based company by Friday, part of a reshuffling of the board that Chesapeake announced earlier this month amid pressure from shareholders. Mr. Icahn owns 7.6% of Chesapeake shares, and Mr. Intrieri has served on other corporate boards where Mr. Icahn has accumulated a significant or controlling stake.”

EX-BOXER MIKE TYSON TO BRING HIS ONE-MAN SHOW TO BROADWAY/AP: “The former boxer announced Monday that he will team up with director Spike Lee to bring his one-man show, "Mike Tyson: Undisputed Truth," to the Longacre Theatre for six nights only, July 31 to Aug. 5. The show, a raw confessional on the highs and lows of the life of the retired heavyweight and tabloid target, will mark both Tyson's and Lee's debut on Broadway. It made its debut in April for a weeklong run at the MGM Grand in Las Vegas.”

HEBREW NATIONAL HOT DOGS NOT KOSHER, LAWSUIT CLAIMS/Reuters: “ConAgra Foods Inc has been sued by consumers who contend that hot dogs and other products sold under its Hebrew National brand are not kosher. The lawsuit alleges that meat processing services provided to ConAgra by privately held AER Services Inc fell short of the standards necessary to label Hebrew National products as kosher. As a result, they said, ConAgra misled consumers and was able to charge premium prices.”

VIKRAM PANDIT ON CNBC II: THE DIVIDEND QUESTION/WSJ – Matthias Rieker: “Pandit said Citi’s earnings would be strong enough to generate sufficient capital to provide the capital buffer U.S. and international bank regulators would likely require big banks to hold. Pandit also reiterated the bank wouldn’t raise its dividend or buy back stock this year. The CEO had said repeatedly last year and earlier this year the bank planned to pay out more of its profits to shareholders in 2012, but had left open whether that would be in form of share buybacks or an increase of its 1-cent quarterly dividend, something investors had been eagerly awaiting.”

ROGER CLEMENS ACQUITTED ON ALL CHARGES/AP: “Jurors returned their verdict nearly 10 hours of deliberations. The outcome brings an end to a 10-week trial that capped an expensive, five-year investigation into one of the greatest pitchers in the history of baseball. The 49-year-old Clemens was accused of perjury, making false statements and obstructing Congress when he testified at a deposition and at a nationally televised hearing in February 2008.”

Economic Data

830am et May Housing Starts                    

830am et May Building Permits                                      

1000am et Apr JOLTS


Before the bell:

FedEx, Discover Fincl., Jefferies Group, John Wiley & Sons

After the bell:

Adobe Systems, Jabil Circuit, La-Z-Boy

Key Guests

Mike Abramsky, Red Team Global Principal (600a)

Dennis Kelleher, Better Markets (620a)

Mark Olson, Treliant Risk Advisors Co-Chairman (630a)

Gillian Tett, Financial Times US Managing Editor (700a)

Rep Spencer Bachus, House Financial Services (700a)

Doug Duncan, Fannie Mae Chief Economist (710a)

Donald Trump, Trump Organization Chairman (730a)

Sen Marco Rubio R-FL (800a)

Robert Kessler, Kessler Corporation CEO (810a)

John Coustas, Danaos CEO (1000a)

John Taft, RBC US Wealth Management CEO (1100a)

Patrick Moore, Greenpeace Co-Founder (1120a)

David Kelly, JPMorgan Funds Chief Market Strategist (200p)

Jed Kolko, Trulia Chief Economist (220p)

Richard Pops, Alkermes CEO (240p)

Anton Schutz, Mendon Capital/Burnham Asset Management (310p)

Tim Freeman, Elevation Principal (330p)

Chris Viehbacher, Sanofi CEO (410p)

Rick Perry, R-TX (430p)

Jesse Ventura, FMr Minnesota Governor (700p)

Jeb Hensarling, R-TX (700p)

Follow Tom Rotunno on Twitter: @tomrotunno

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