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Apple iPhone Update Leads Today's Financial News By Garrett Baldwin

Top Financial news today, June 24, 2014: U.S. stock markets dipped on Monday as corporate mergers continued to make headlines and the United States saw home sales rise for a second consecutive month. Last month, sales of previously owned homes increased by 4.9%, the fastest one-month gain since August 2011. The post Apple iPhone Update Leads Today's Financial News appeared first on Money Morning - Only the News You Can Profit From .

Top Financial news today, June 24, 2014: U.S. stock markets dipped on Monday as corporate mergers continued to make headlines and the United States saw home sales rise for a second consecutive month. Last month, sales of previously owned homes increased by 4.9%, the fastest one-month gain since August 2011.

Here's the rest of the financial news to watch today:

  • financial newsA Big Deal: Bloomberg reports that Chinese suppliers to Apple Inc. (Nasdaq: AAPL) will mass produce the company's largest iPhone screens next month. Current iPhone screens in the 5s model are just 4 inches. The new models include a 4.7 inch screen, which will be available in September, and a 5.5-inch screen, which may arrive to retailers shortly after the iPhone 6 release.
  • Today's Economic Calendar: Today's schedule features the S&P Case-Shiller Index, reports on consumer confidence and new home sales, and the FHFA Housing Price Index.
  • Control: Yoga-apparel company Lululemon Athletica's (Nasdaq: LULU) founder Dennis Wilson has engaged Goldman Sachs (NYSE: GS) to explore ways to restructure his company's board of directors. Just last week, Lululemon's board engaged in a very high profile battle over the company's growth strategy, leading to Wilson's decision. It appears that Wilson may team up with a private equity firm and engaged in a proxy fight.
  • Changing Area Codes: In an effort to skirt U.S. corporate income taxes, Monsanto Company (NYSE: MON), the world's largest grain company, considered the $34 billion purchase of rival Syngenta AG (ADR) (NYSE: SYT). Though the deal was never completed, the purchase would have allowed Monsanto to relocate its tax address to Switzerland. With the U.S. corporate income tax twice the level of Canada and three times more than Ireland, multinational companies are ramping up merger activity and moving operations outside of the United States.
  • Tell the Truth: The Wall Street Journal reports that U.S. regulators have subpoenaed information from Clorox Co. (NYSE: CLX) and Dean Foods Co. (NYSE: DF) over an insider-trading investigation of activist investor Carl Icahn. The investigation of Clorox dates back to July 2011, when Icahn agreed to purchase the company. The Dean Foods probe is exploring trading activity of the stock after it spun off WhiteWave Foods in 2012. The Securities and Exchange Commission and Federal Bureau of Investigation are exploring whether Las Vegas gambler William Walters and golfer Phil Mickelson traded on inside information about Icahn's possible deals.
  • A Medical Breakthrough: Shares of Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) jumped more than 54% Tuesday morning after the company announced the successful results from two Phase 3 trials of its patented cystic fibrosis treatment. Following the announcement, Vertex will seek regulatory approval in the U.S. and Europe.
  • Earnings Reports: Stay tuned for earnings reports from Walgreen Co. (NYSE: WAG), Carnival Corp. (NYSE: CCL), and Apogee Enterprises Inc. (Nasdaq: APOG).
Full U.S. Economic Calendar June 24, 2014
  • ICSC-Goldman Store Sales at 7:45 a.m.
  • Redbook at 8:55 a.m.
  • FHFA House Price Index at 9 a.m.
  • S&P Case-Shiller HPI at 9 a.m.
  • New Home Sales at 10 a.m.
  • Consumer Confidence at 10 a.m.
  • Richmond Fed Manufacturing Index at 10 a.m.
  • State Street Investor Confidence Index at 10 a.m.
  • 4-Week Bill Auction at 11:30 a.m.
  • 52-Week Bill Auction at 11:30 a.m.
  • 2-Yr Note Auction at 1 p.m.

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The post Apple iPhone Update Leads Today's Financial News appeared first on Money Morning - Only the News You Can Profit From.

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