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| Greek Prime Minister Alexis Tsipras said his government's proposed reforms in exchange for bailout aid have not been accepted by its international creditors. U.S. stock futures were under pressure this morning. (CNBC) |
| Investors will also be studying the government's third and final revision of first quarter GDP-set for release at 8:30 a.m. ET. Economists expect the contraction to be smaller than the previous estimate. (CNBC) |
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| In recent sessions, Wall Street had been gaining positive momentum as the month and second quarter near an end. The Nasdaq hit another record Tuesday, as the Dow and S&P 500 inched closer to new highs. (CNBC) |
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| In a move that could make shares more attractive to individual investors, Netflix (NFLX) has approved a 7-for-1 stock split, following in the footsteps of Apple (AAPL), which executed a similar action last year. (CNBC) |
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| Apple's new streaming music service has signed dealswith independent labels. The move follows Apple's decision to pay royalties during a free trial period-a reversal after criticism from popstar Taylor Swift. (Billboard) |
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| Boeing (BA) is replacing veteran CEO Jim McNerney withcurrent president and COO Dennis Muilenburg, 51, who joined the company as an intern in 1985. McNerney will remain chairman. (CNBC) |
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| Coty (COTY) wants to stick with its interim CEO for now-so the executive who had been slated for the top has decided not to join the cosmetics and fragrance maker. He's getting a $1.8 million exit package. (AP) |
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| Clothing company American Apparel (APP) has accusedousted founder Dov Charney of using ethnic slurs against workers and keeping videos on a company server of himself in sex acts with models and employees. (Reuters) |
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| Palantir, the CIA-backed big data startup that began life catering for the intelligence services, is raising funds at a$20 billion valuation, more than doubling its worth in a year and a half. (FT) |
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| The NSA spied on French presidents Jacques Chirac, Nicolas Sarkozy and Francois Hollande, according to WikiLeaks, citing top secret intelligence reports and technical documents. (Reuters) |
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| A federal judge in Boston today is expected to formally sentence 21-year-old Dzhokhar Tsarnaev to death for his role in the 2013 Boston Marathon bombings. (NBC News) |
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| South Carolina lawmakers have agreed to hold a debate later this summer on whether to remove the Confederate flag from the grounds of the Capitol. Meanwhile, the coffin of State Sen. Clementa Pinckney, among those killed in the mass church shooting, will be on display today in the Statehouse Rotunda. (AP) |
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| Alibaba (BABA) has become the latest retailer remove Confederate flag-themed items from its website. Meanwhile, Warner Bros. has decided to stop licensing products related to the iconic "Dukes of Hazzard" muscle car, the General Lee, which had the Confederate flag on the roof. (Reuters & Vulture) |
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The Senate is preparing to hand President Barack Obama a major victory with final passage of fast-track authority to negotiate trade deals. The measure, opposed by Democrats, has already passed in the
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| Sysco's (SYY) planned merger with US Foods has beentemporarily blocked by a judge for further review-raising concerns the decision could ultimately kill the $3.5 billion deal. |
| Dutch supermarket operator Ahold (AHONY), behind Stop&Shop and Giant in the U.S., is buying its Belgian rival Delhaize (DEG), parent of Food Lion, in an all-stock merger. |
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| CME Group (CME) has delayed the final closing of its open outcry futures pits in New York and Chicago by four days, until Monday July 6. A further review by the CFTC could ultimately delay the closing by up to 90 days. |
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Freeport-McMoran's (FCX) Freeport-McMoRan Oil & Gas unit filed for an IPO of up to $100 million in common shares. The offering plans to list on the New York Stock Exchange under the ticker symbol FMOG.
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| Stock-focused hedge funds are beating the S&P 500 for the first time in years from bets on instability in Europe and a wave of mergers, according to the Wall Street Journal. |
| Interest rates pulled back only very slightly last week, butit was enough to push mortgage volume higher, with total applications up 1.6 percent and refinancings up 2 percent. |
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| Lennar (LEN) this morning reported earnings and revenue that beat expectations. The homebuilder saw new orders climb about 18 percent, and the average sales price up 8 percent. |
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| Chemical maker Monsanto (MON) is also out with earnings this morning, while retailer Bed Bath & Beyond (BBBY) is on the short list of companies releasingquarterly numbers after today's closing bell. |
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The Energy Department issues its weekly look at oil and gasoline inventories at 10:30 a.m. ET. Late Tuesday, an industry report from the American Petroleum Institute showed a 3.2 million barrel drop in crude stores for last week.
Seeking Alpha
Today's Markets:
In Asia, Japan +0.3% to 20868. Hong Kong +0.3% to 27405. China +2.5% to 4690. India -0.3% to 27730.
In Europe, at midday, London +0.2%. Paris -0.6%. Frankfurt -1.1%.
Futures at 6:20: Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude +0.5% to $61.29. Gold +0.1% to $1178.20.
Ten-year Treasury Yield -2 bps to 2.39%
Notable earnings before today's open: LEN, MON
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