Futures Point to Rebound in US Stocks

Stock index futures indicate a strongly positive open on Wall Street this morning, following a week which saw the Dow and S&P 500 down in all but one session, and the Nasdaq post its biggest weekly drop in nearly two months. That comes ahead of a widely-anticipated Fed meeting, culminating in the latest Fed policy statement and news conference Wednesday afternoon.

The week begins with just one economic report, as the National Association of Home Builders issues its monthly sentiment index at 10 a.m. ET. Economists expect that index to rise by a point to 45 for June.

The earnings calendar remains light as the new week gets underway, with executive search firm Korn/Ferry (KFY) one of the few companies set to release its numbers today. Korn/Ferry will be out with its quarter earnings report after today's closing bell.

Facebook (FB) leads our list of stocks to watch today, as investors speculate about a press event set for Friday. The invitation merely describes the introduction of a "big idea" that a "small team" has been working on.

Zoetis (ZTS) will join the S&P 500 index after the close on June 21. The animal health company replaces First Horizon (FHN), which moves to the S&P MidCap 400. First Horizon is replacing retailer Coldwater Creek (CWTR), which moves to the S&P SmallCap 600 index.

Lowe's (LOW) will buy most of the assets of Orchard Supply Hardware Stores, which has filed for Chapter 11 bankruptcy protection. Orchard is the unit that was spun off by Sears Holdings (SHLD) in late 2011. Lowe's will pay $205 million in cash for those assets.

Aetna (AET) will no longer sell health insurance policies to individual consumers in California as of year's end. However, Aetna will continue to sell policies to employers and Medicare beneficiaries in that state.

Vodafone (VOD) will need to increase its offer for German cable TV operator Kabel Deutschland by about 1 billion euros, according to a report in London's Sunday Times. Vodafone's initial offer of 10 billion euros was rejected last week.

Weyerhaeuser (WY) named Doyle Simons as its new chief executive officer, as of August 1. Simons has been on the forest products producer's board since February 2012, and had been chairman/CEO of International Paper subsidiary Temple-Inland. Simons replaces the retiring Dan Fulton. Separately, Weyerhaeuser announced it would buy Longview Timber from Brookfield Asset Management for $2.65 billion, and that it was considering strategic alternatives for its real estate unit.

Smithfield Foods (SFD) should be broken up rather than sold to a China firm, according to activist investor Starboard Value. Starboard tells the Wall Street Journal that the food company would be worth $44 - $55 per share if broken up, compared to the $34 per share price offered by Shuanghui Holdings.