Stocks Rebound in Late Trading; Manufacturing Drops in April (AAPL, P)
On Monday it was reported that manufacturing activity in the US unexpectedly slowed down to a level not seen in four years. It was the first time the sector contracted since last November. Investors continue to analyze economic indicators in order to speculate if the Fed will keep up its bond purchases or not. In corporate news, Apple (AAPL) signed a deal with Warner Music Group for a streaming music service, causing competitor Pandora Media (P) to tumble. Merck & Co. (MRK) was a leader for the S&P and advanced 4.5%.Despite it being highly criticized, what analysts refer to as the "Hindenburg Omen" has recently come into discussion after several market conditions were met last week.
Word on the Street
- US manufacturing activity slumps to the lowest level in four years.
- Pandora (P) shares fall over 12% after licensing deal for Apple (AAPL) is released.
- Mid America Apartment Communities to buy Colonial Properties Trust for $2.17 billion.
- Zynga (ZNGA) lays off 520 employees, or 18% of its staff to stabilize finances.
- Palo Alto Networks (PANW) Plunges on Revised Guidance.
Published on Jun 3, 2013By InvestorGuide Staff