Morning Briefing: 10 Things You Should Know

U.S. stock futures point higher; Chinese manufacturing is weaker; Onyx rejects Amgen takeover bid; Apple seeks a trademark for 'iWatch,' says a report.
By Joseph Woelfel ,

NEW YORK (

TheStreet

) -- Here are 10 things you should know for Monday, July 1:

1.

-- U.S. stock futures were pointing higher Monday, suggesting Wall Street would kick off the first trading day of July with gains.

Asian shares ended Monday's session mixed after data showed China's manufacturing decelerated in June for a second month. Japan's Nikkei 225 rose 1.3%.

European stocks were trading slightly higher.

2.

-- The

economic calendar

in the U.S. Monday includes the ISM index for June at 10 a.m. EDT, and construction spending for May at 10 a.m.

3.

--

U.S. stocks

on Friday ended mixed. The 1.5% decline in June for the

S&P 500

was the first monthly retreat for the index since October as investors struggled to sort through the mixed messages from

Federal Reserve

officials about a timeline for curbing the central bank's stimulus measure.

The S&P 500 fell 0.4% to close the month at 1,606.28. The

Dow Jones Industrial Average

dropped 0.8% to 14,909.66 on Friday. The

Nasdaq

gained 0.04% to 3,403.25. The tech-heavy index jumped 1.4% over the past five trading sessions.

4.

--

Onyx Pharmaceuticals

(ONXX)

confirmed receipt of a

takeover offer

from

Amgen

(AMGN) - Get Report

valued at $120 a share but said the bid was too low.

Onyx

said Sunday it will now seek competitive bids from other interested acquirers.

Amgen's $10 billion offer is a 38% percent premium to Onyx's closing stock Friday of $86.82. Onyx said Amgen's offer "significantly undervalued" the company.

5.

--

Apple

(AAPL) - Get Report

is seeking a trademark for

"iWatch"

in Japan,

Bloomberg

reported.

The iPhone maker is seeking protection for the name which is categorized as being for products including a handheld computer or watch device, according to a June 3 filing with the Japan Patent Office that was made public last week,

Bloomberg

reported.

6.

--

Nokia

(NOK) - Get Report

, the Finnish smartphone maker, agreed to buy

Siemens'

(SI) - Get Report

stake in a joint venture the companies have for telecommunications equipment.

Nokia

will pay €1.7 billion ($2.2 billion)

to get full control of the venture,

Nokia Siemens Networks

, the companies confirmed Monday.

7.

--

BlackBerry

lost more than one-quarter of its value Friday as shares tumbled after the

smartphone maker's quarterly results

fell well short of Wall Street estimates.

The stock plummeted 28% to close at $10.46.

BlackBerry posted reported fiscal first-quarter revenue of $3.1 billion, up from $2.8 billion in the year-earlier quarter, but below analysts' forecasts of $3.36 billion. The company reported an adjusted loss from continuing operations of $67 million, or 13 cents a share but analysts were looking for earnings of 6 cents a share.

8.

-- Mark Carney, the former head of the Bank of Canada, begins his first day Monday as governor of the Bank of England.

Carney is the first non-Brit to run the 319-year-old bank.

9.

--

A. Schulman

(SHLM) - Get Report

, a supplier of plastic compounds and resins, is expected by analysts to report on Monday fiscal third-quarter earnings of 65 cents a share on revenue of $576.1 million.

10.

-- "Monsters University," the

Disney-Pixar

animated prequel, earned $46.1 million over the weekend, the second weekend it has remained in first place at the box office.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.

Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Loading ...