This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Market Today: Futures Climb Amid Reports of $80B Bid for Time Warner

NEW YORK (TheStreet) -- U.S. stock futures were marching higher Wednesday as the first acceleration of China GDP in the last three quarters bolstered the international markets and Time Warner   (TWX) soared on reports that it's being courted by media giant 21st Century Fox (FOX).

Dow Jones Industrial Average futures were rising 54 points, or 55.32 points above fair value, to 17,042. S&P 500 futures were gaining 7.5 points, or 8.67 points above fair value, to 1,975.5. Nasdaq futures were adding on 21.5 points, or 26.9 points above fair value, to 3,934.

Time Warner shares were jumping more than 16.5% to $82.95 in premarket trading as Rupert Murdoch's 21st Century Fox reportedly approached Time Warner recently with an $80 billion takeover offer. Time Warner turned down the offer.

IBM (IBM) shares were tacking on more than 2% and Apple (AAPL) was popping more than 2.5% after Big Blue signed an exclusive deal with Apple aimed at bringing a slew of new business apps to the mobile market.

China's economic growth numbers were garnering much attention with a 7.5% gain in GDP, highlighting that the government's stimulus strategies are working.

In the U.S., the Producer Price Index for June rose 0.4% vs. the expected 0.2%. The U.S. economic docket Wednesday also includes industrial production and capacity utilization for June at 9:15 a.m. EDT, the NAHB Housing Market Index for July at 10 a.m., and the Fed's Beige Book for July at 2 p.m.

At 10 a.m., Federal Reserve Chair Janet Yellen begins a second day of her semiannual monetary policy testimony to Congress, speaking before the House Financial Services Committee on Wednesday. Major indices trembled and the Nasdaq slid Tuesday after Yellen commented that some sectors of the markets, notably biotech and social media, were overvalued.

Bank of America (BAC) was retreating more than 1% after reporting a 43% drop in second-quarter net income to $2.3 billion, driven down by a decline in mortgage revenues and surge in legal costs tied to the sale of mortgage-backed securities during the financial crisis.

Stocks drawing attention Wednesday also include Intel (INTC), Yahoo! (YHOO) and Hershey (HSY). Hershey said it's raising prices for most of its products about 8%, on average. Yahoo! agreed to hold onto more Alibaba shares, once the e-commerce giant goes public on the New York Stock Exchange in what is expected to be the largest-ever initial public offering in the United States. Intel, the chip giant, said second-quarter earnings jumped 40%, topping Wall Street forecasts, as revenue rose 8% to $13.83 billion.

-- Written by Andrea Tse in New York

Follow @AndreaTTse

>Contact by Email

July 16 Premarket Briefing: 10 Things You Should Know

Stock Market Today: Social Media, Biotech Suffer as Janet Yellen Shares Concerns on Valuation

IBM, Apple Just Made an Historic Announcement for its Business Customers

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs