Market Minute: Bidding War for Sprint; Dole CEO Offers to Buy Company

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A bidding war for Sprint, and it's game on for video game fans. Those and more are what's in business news Tuesday.

The Dow industrials (^DJI) fell 9 points Monday, the S&P 500 (^GSPC) was virtually flat and the Nasdaq (^IXIC) added 4-points.

The race for Sprint Nextel (S) continues to heat up. Japanese suitor SoftBank has raised its takeover offer to $21.6 billion as it tries to fend off a bid from Dish Network (DISH). Dish says it will consider its options.
david murdock chairman dole food offers buyout
Justin Sullivan/Getty Images
Dole Food's (DOLE) biggest investor, company Chairman and CEO David Murdock, is offering to buy the 60 percent of the company that he doesn't already own.

Electronic Arts (EA) says it's ready to roll out 11 new video games for the Xbox One and the Sony Playstation 4, which are due out later this year. Most of the games are action or sports-related, including updates of popular titles such as Madden, FIFA and Need for Speed. However, none of the games are made to play on Nintendo.

Meanwhile, Sony (SNE) is pricing the Playstation at $399. That undercuts the newly set $499 price for Microsoft's (MSFT) Xbox One.

Corinthian Colleges (COCO) is set to take a hit after the for-profit education firm received a subpoena from the Securities and Exchange Commission. It covers student loan defaults and how the company recruits students. That could also drag on Apollo Group (APOL) and other education rivals.

Tech stocks could come under pressure after Texas Instruments (TXN) narrowed its earnings outlook for the current quarter. The chip-maker, often seen as a bellwether for the industry, didn't report bad news -- but said it won't reach the top end of its previous forecast.

Lululemon Athletica (LULU) is more lemon than lulu today. Its chief executive is suddenly stepping down. No reason was given, but the move comes just three months after the company recalled a popular line of yoga pants because they were too sheer. As a result, Lululemon's net quarterly earnings edged just barely higher.

And Boeing (BA) has raised its long-term forecast for worldwide aircraft demand. It says airlines will need more than 35,000 new planes over the next 20 years. That's up nearly 4 percent from the company's previous outlook.

Check back after the market closes Tuesday for the new DailyFinance closing bell report.

-Produced by Drew Trachtenberg


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bakethis

If the Japanese actually buy Sprint, will they start making tele/cell/phones in Japan again, or will the phones continue to be made in China?

June 11 2013 at 12:34 PM Report abuse rate up rate down Reply
h.hughjardon

Or you could opt for the obama/verizon share everything plan

June 11 2013 at 12:07 PM Report abuse rate up rate down Reply
blackburndh

Whoever buys Sprint needs to improve their service. The Huntington, WV area service sucks.

June 11 2013 at 12:06 PM Report abuse rate up rate down Reply
atragon

Backass phones, lousy service, stupid contracts, Direct Connect drops... what, they couldnt find the $50 to buy this company out?

June 11 2013 at 11:49 AM Report abuse rate up rate down Reply
Kuntheer

Today we argue whither or not we allow the NAS to compile data on citizens; is there any doubt as to whether Japan would if they owned sprint?

June 11 2013 at 10:41 AM Report abuse rate up rate down Reply
mike at home

It would be nice if the employees of that company could purchase it. Some ganteed loans from the government would help and a employee owned company would help all here in America thank you

June 11 2013 at 8:48 AM Report abuse rate up rate down Reply