NEW YORK (
) -- Here are the top stock market headlines for the morning of Tuesday, June 29, 2010.
Tuesday's Early Headlines
- Home Prices Rise in April -- The S&P/Case-Shiller 20-city home price index rose 3.8% in April from a year earlier, compared with expectations of a 3.4% increase. April was the last month where first-time homebuyers could qualify for a tax credit. On a seasonally adjusted basis, the 20-city composite was up 0.4% in April on a month-over-month basis. Economists had forecasted a slight decline in April after March's revised 0.2% slide.
- FinReg Could Be Delayed After Byrd's Passing -- The biggest overhaul to the financial regulation systems since the Great Depression would be delayed following the passing of Sen. Robert Byrd, who died early Monday at age 92. While the House of Representatives will likely pass the reform legislation later Tuesday or Wednesday, Senate Democrats may not have the 60 votes needed to approve the compromised bill. Democrats must now find a vote to replace Byrd's or face the possibility of making further concessions, Reuters reports. "If they have to reopen the bill to make concessions to get additional votes...the bill will get weaker, not stronger," Barbara Roper, director of investor protection at the Consumer Federation of America, told Reuters in an interview.
- Google Tries Another Approach in China -- Google (GOOG) - Get Report said it is trying alternatives on how users in China can access its service. Google said instead of automatically redirecting its users, it has started taking a small percentage of them to a landing page on Google.cn that links to Google.com.hk, where users can continue to do searches and access other services, which Google can provide locally without filtering. Google said Chinese government officials find the redirect unacceptable and if it continues to redirect users its license, which expires Wednesday, won't be renewed.
- Tesla IPO Priced at $17 Per Share -- Electric car company Tesla Motors (TSLA) - Get Report said its initial public offering of 13.3 million common shares was priced at $17 a share, above the offering price of $14 to $16 a share. Tesla bumped up the number of shares for sale on Monday by about 20% from the original offer of 11.1 million shares. The shares will begin trading on Nasdaq Tuesday under symbol "TSLA."
- Emerson Electric Ups Chloride Offer -- Emerson Electric (EMR) - Get Report launched a counterbid to Swiss company ABB's offer for British company Chloride with new offer valued at almost 1 billion pounds or $1.5 billion, according The Associated Press. The offer trumps ABB's 325 pence a share or 864 million pound offer for Chloride, which the board had recommended on June 8.
Tuesday's Earnings Roundup
- General Mills (GIS) - Get Report will report quarterly earnings results after the close of trading Tuesday. Analysts expect a profit of 41 cents a share on revenue of $3.54 billion, according to Thomson Reuters.
- Sealy (ZZ) will also post earnings later Wednesday, and analysts expect earnings of 2 cents a share on sales of $319.9 million.
-- Written by Robert Holmes in Boston
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