Pre-Market: Apple Places Order For Rumored iPhone 6; Yahoo Acquires Analytics Company Flurry

By Alex Brokaw,

Shutterstock photo

<span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">Stock futures pointed toward a higher open on Tuesday. Before the opening bell, <strong>Dow Jones</strong> (INDEXDJX:.DJI) futures rose 0.24% to 17,024. Futures on the <strong>S&P 500</strong> (INDEXSP:.INX) were up 0.33% to 1,972. <strong>Nasdaq</strong> (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.42% to 3,942.25.  </span><br /> <br /> <strong><span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">Stocks</span></strong><br /> <br /> <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b"><strong>Apple</strong> ( AAPL ) has placed an order for 70 to 80 million large screen devices, </span><a href="about:blank">reports</a> the Wall Street Journal, and many speculate the order is for the company's iPhone 6. The order size is considerably larger than the initial 50 to 60 million devices order placed with manufacturers last year for the iPhone 5S and 5C. The new devices have been ordered in two sizes, 4.7-inch and 5.5-inch, making the latest generation of iPhones their largest yet. The iPhone 6 is expected to use in-cell touch panel technology, which will allow for thinner construction but could prove difficult to produce on a larger scale. Meanwhile, Apple will report fiscal third-quarter earnings after the closing bell today. Shares of Apple rose 0.92% ahead of the opening bell.<br /> <br /> <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b"><strong>Credit Suisse</strong> ( CS ) </span><a href="">delivered</a> its largest quarterly loss since the depth of the financial crisis in 2008, thanks in large part to a $1.4 billion settlement with US authorities for helping clients eschew taxes. Credit Suisse also announced it would be shuttering its commodities trading division in a continued restructuring effort. The Switzerland-based bank reported a nearly unchanged pre-tax profit at 753 million francs ($835.37 USD). It also beat analysts on net new money brought in over the quarter, at $11.20 billion. In other earnings news, Cambridge, England-based semiconductor-maker <strong>ARM Holdings </strong>( ARMH ) <a href="">reported</a> higher second-quarter profits as increased licensing revenue outweighed fewer royalties from chip sales. Shares of Credit Suisse fell 2.24% in pre-market trading . ARM rose 4.67%.<br /> <br /> <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b"><strong>Yahoo</strong> ( YHOO ) has confirmed it is acquiring mobile app analytics company Flurry Inc. for an undisclosed amount, however a source </span><a href="">tells</a> the Wall Street Journal that Yahoo will pay north of $200 million for the company. Flurry, which was founded in 2005, makes marketing tools that help better target mobile advertisements. The company uses data from around 540,000 mobile apps to make this happen and currently boasts 8,000 mobile publishers as clients. At the price reported above, Yahoo's acquisition of Flurry would be one of Yahoo's largest acquisitions to date, and marks a notable push by the Sunnyville, California-based company into the mobile advertising space, where it faces entrenched players like <strong>Google</strong> ( GOOG ) and <strong>Facebook</strong> (FB). Shares of Yahoo were up 0.66% in pre-market trading.<br /> <br /> <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b"><strong>Time Warner </strong>(TWX) has </span><a href="about:blank">bolstered</a> its defenses against a takeover bid from Rupert Murdoch's <strong>21st Century Fox </strong>(FOX) by changing the company's bylaws. Previously, Time Warner shareholders representing at least 15% of the company's total shares could call special meetings that would allow them to pressure the company to accept the offer. Now, Time Warner has suspended this ability as it works to prove to its investors that a Fox takeover is a bad idea. The rule change still won't stop Fox from trying to persuade investors to oust the sitting 12-member board at the next annual board meeting, when each board member's seat is up for renewal. Among Fox's arguments is that a merger could save up to $1 billion annually for a combined company. Shares of Time Warner fell 0.73% ahead of the opening bell.<br /> <br /> <strong><span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">Economy</span></strong><br /> <br /> The Bureau of Labor Statistics reported its Consumer Price Index increased 0.3% in June, following a 0.4% rise in May. As opposed to May, when a rise across all groups drove the CPI higher, gasoline prices were mainly responsible for the gain in June. <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">ICSC-Goldman same-store sales fell off a recent high, moving down by 0.4% and 2.8% year-on-year. The report blames unseasonably cool weather for hampering demand for summer clearance sales. The Redbook chain store sales follow at 8:55 a.m. The FHFA will deliver the latest reading of its house price index at 9:00 a.m. At 10:00 a.m., the National Association of Realtors releases its existing home sales numbers and the Richmond Federal Reserve releases its manufacturing index. </span><br /> <br /> <strong><span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">Global Markets</span></strong><br /> <br /> <span id="docs-internal-guid-76494787-5e05-7f6c-2e3b-b3e6a301097b">Global stocks </span><a href="">rallied</a> overnight after Pro-Russian rebels in the Ukraine handed over two MH17 black boxes to Malaysia and began releasing bodies from the downed Malaysian passenger plane. Asian stocks hit a three-year high in their latest session, as gold eased but failed to fall below $1,300. In Saudi Arabia, the government has <a href="">announced</a> it will allow foreign investors to participate in its $531 billion stock market for the first time. Foreign investors will likely be able to begin trading in the second half of 2015. News sent the country's benchmark index to its highest level in six years. In Europe, stocks turned off three straight days of decline as foreign ministers from across the EU <a href="about:blank">meet</a> in Brussels today to discuss further sanctions against Russia. <br /> <br /> <em>Twitter: <a href="!/BrokawBrokaw">@brokawbrokaw</a></em>

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Stocks
Referenced Stocks: AAPL , CS , ARMH , YHOO , GOOG

More from Minyanville




Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by