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Wall Street's Resilient Rally

Just when Wall Street's bears thought it was safe to come out of the woods, Friday's jobs report has resparked a buying mood, with the Dow coming off its second best gain of the year. That Friday rally also helped the major averages post a positive week, breaking a two-week losing streak.


There are no economic releases scheduled for today, though the calendar becomes more crowded later in the week. Thursday will see the release of initial jobless claims, retail sales, and business inventories, while the producer price index, current account deficit, industrial production, and consumer sentiment are out on Friday.


The earnings calendar is similarly empty this morning, but there are a number of after-the-bell releases including Lululemon (LULU), Diamond Foods (DMND), Navistar (NAV), and Pep Boys (PBY).


Apple (AAPL) will be a stock to watch throughout the day, as it holds its annual Worldwide Developers Conference. Apple is expected to unveil new operating systems, as well as a radio service widely referred to as iRadio.


McDonald's (MCD) will release May sales results at about 8 a.m. ET.


Drugmaker Elan (ELN) rejected an increased takeover bid from Royalty Pharma. Elan feels the bid still undervalues the company, and is evaluating inquiries from other interested parties.


AstraZeneca (AZN) will buy privately held U.S. drugmaker Pearl Therapeutics for up to $1.15 billion. It will pay $560 million up front, with additional amounts to be paid depending on the achievement of certain developmental and sales milestones.


R.L. Polk (POLL) is being bought by business information company IHS (HIS) for an undisclosed amount, although details of the deal are expected to come this morning. R.L. Polk is the company behind used-car shopping service Carfax.


Intel (INTC) is reportedly making progress in talks to buy content from media companies for a new TV service, according to Reuters. But the report also notes Intel has not yet closed any programming deals.


Google (GOOG) is close to a deal to buy mapping app company Waze for $1.3 billion, according to financial newspaper Globes.


The Ontario Teachers Pension Plan will vote to approve SoftBank's $20.1 billion bid for 70 percent of Sprint Nextel (S). The plan is Sprint's 15th biggest shareholder, with a 1.33 percent stake. Dish Network (DISH) also has a Sprint bid on the table.


The takeover of Smithfield Foods (SFD) by China's Shuanghui for $4.7 billion may be complicated by state laws in the Midwest, according to Reuters. Several of those states have laws that ban foreign ownership of farmland.