Market Minute: Apple Mulls Big-Screen iPhones; Treasury Rates Set to Soar

Interest rates on Treasuries are soaring, and big news about the iPhone. Those stories and more are what's in Friday's Market Minute.

Stocks edged higher Thursday, as investors were cautious ahead of Friday's jobs report. The Dow Jones industrial average (^DJI) added 6 points, the Standard & Poor's 500 index (^GPSC) gained 2 and the Nasdaq composite index (^IXIC) rose 9.

Wall Street Premarket
Richard Drew/AP
Keep an eye on the Treasury market today. The yield on the government's 10-year note briefly topped 3 percent this morning, for the first time in more than two years. That's potentially good news for savers.

Apple (AAPL) is reportedly working on iPhones that will have screens much larger than the current 4-inch models. The Wall Street Journal says the company is evaluating phones with screens ranging from 4.8 inches to as large as 6-inches. These aren't part of the new phones the company is expected to unveil next week, but future projects.

The Journal also reports that California homebuilder Shapell Homes has narrowed down its list of potential bidders. Toll Brothers (TOL), Standard Pacific (SPF) and Brookfield Homes are on the list. Shapell is likely to fetch about $1.5 billion.

Timken Co. (TKR) has succumbed to pressure from an activist investor, and will spin-off its steel-making business. Timken will continue to operate its ball bearings unit. Timken shares have jumped more than 50 percent since the investor group began pushing for the split last November.

JPMorgan Chase (JPM) is getting out of the business of making student loans. That leaves Wells Fargo (WFC) as the only major commercial bank still making student loans. The U.S. government now provides about 85 percent of new loans for college.

Shares of Quiksilver (ZQK) are good as gold today. They're set to soar after the retailer of outdoor sports apparel reported earnings that more than doubled Street expectations.

But another retailer, Zumiez (ZUMZ), is headed in the opposite direction after warning that earnings will fall short of expectations. And gun maker Smith & Wesson (SWHC) shot itself in the foot. Earnings jumped 49 percent, but it too issued a disappointing outlook.

-Produced by Drew Trachtenberg.

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September 06 2013 at 2:39 PM Report abuse rate up rate down Reply

really bad hyped up reporting 3% is soaring!!!! get a grip, now if it was to jump from 3-10% i'd agreee

September 06 2013 at 1:07 PM Report abuse rate up rate down Reply

The interest rate on the treasury notes are a very, very good thing for social security. When Bush jr. took hundreds of billions from social security he replaced the money with treasury notes. One item holding back social security is the loss of funds and/or the loss of interest on those notes. Last report from the trustees was social security would have to take a .25% cut in wages in 2033. Maybe this will eliminate the .25% cut in your monthly pension check. Drawing s.s. thank a democrat.

September 06 2013 at 10:35 AM Report abuse +1 rate up rate down Reply
2 replies to toosmart4u's comment
The Porter Clan

You're a hoot.....You forgot about President Johnson being the first President to raid Social Security to pay for that great little Democratic adventure in Vietnam.......And Clinton taking 99.2 billion out of Social Security.........Sure, Bush was the king spender of Social Security funds but Democrats have stuck their grubby little hands in the pot also.........

September 06 2013 at 11:35 AM Report abuse +2 rate up rate down Reply

Mr. toosmart, apparently you did not realize, or are too smart to realize, as The Porter Clan pointed out, there is no Social Security Trust fund, and every President and Representative have been spending all FICA inlays as regular Treasury Revenue since it was passed to raid it in the Johnson Administration...

September 06 2013 at 3:11 PM Report abuse rate up rate down Reply