Market Minute: Tim Cook Tries to Show Apple's Still Innovative
The bulls try to reassert control on Wall Street, and Apple needs to show that it's still on top.
After a volatile week of trading, with the market taking big swings from day to day, investors are trying to figure out whether the heavy selling has run its course, or if it was just a taste of what's to come over the next few weeks.
A rally on Friday lifted the major averages into the plus column for the week. The Dow Industrials (^DJI) gained 0.9 of a percent, the S&P 500 (^GSPC) rose 0.8 and the Nasdaq (COMPX) added 0.4.
Apple (AAPL) chief Tim Cook is expected to unveil a new music streaming service today to compete with Spotify and Pandora (P), as well as new versions of the operating systems that power iPhones, iPads and Macs. The company is under the gun to prove that it can still be an innovation leader without Steve Jobs. There are also rumors that Apple will make some sort of surprise announcement at its World Wide Developers Conference.
Google (GOOG) is reportedly near a deal to acquire popular app start-up Waze, which makes traffic and mapping software. News reports say Google is set to pay at least $1 billion dollars. Apple and Facebook (FB) were also said to be interested in buying Waze.
Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) is reportedly looking to expand its already huge insurance holdings. An Italian paper says Berkshire is interested in buying the assets that Italian insurer Unipol must sell in order to complete a big buyout it has agreed to make. Berkshire's insurance businesses already account for about a quarter of the company's revenue.
Business information provider IHS (IHS) has agreed to acquire R.L. Polk, which owns Carfax, the popular provider of information about used cars. The deal is valued at $1.4 billion.
And Exide Technologies (XIDE) has filed for bankruptcy protection, for the second time in a decade. The company makes batteries for BMW (BAMXF), Nissan and others.
-Produced by Drew Trachtenberg