Market Minute: Apple Readies New 'iProduct'; Pharma's Latest Big Deal

Apple readies a new i-product, and a big deal in the drug industry could be in the making. Those and more are what's making business news Monday.

The Dow industrials (^DJI) rose seven-tenths of a percent last week, but still ended down for all of June, snapping a streak of six monthly gains in a row. It was a similar story for the S&P 500 (^GSPC) and the Nasdaq (^IXIC).

For the first half of the year, the S&P is up nearly 13 percent, its best gain since 1998.

This is a holiday-shortened week with a half day of trading Wednesday ahead of the Fourth of July holiday. And the big monthly jobs report comes out Friday morning, which could increase volatility throughout the week.

apple iwatch mobile technology japan
Josep Lago, AFP/Getty Images
Apple (AAPL) has filed an application in Japan to get a trademark on the name "iWatch." That's fueling rumors that the company is getting ready to roll out a new device.

Defense contractor Lockheed Martin (LMT) could feel the brunt of mandatory budget cuts imposed on the Pentagon. The Wall Street Journal reports (subscription required) the company's F-35 stealth fighter plane contract could be delayed by several years, possibly saving as much as $2.5 billion dollars. The F-35 is the Pentagon's largest weapons project.

Onyx Pharmaceuticals (ONXX) has rejected an $8.7 billion takeover bid from Amgen (AMGN), and is now looking for a buyer willing to pay more. Other big drug makers are apparently interested in Onyx and its drug to treat blood cancer.

A number of news reports says telecom mogul John Malone is looking for a big deal in the cable business. He's said to be interested in buying Time Warner Cable (TWC). That could have a big impact on other players in the industry, including Comcast (CMCSA) and Cablevision (CVC).

And Barrick Gold (ABX) says it may take a write-down as much as $5.5 billion on a project in South America, partly due to environmental issues that have forced the company to halt production. The move comes as the price of gold has slumped to its lowest level in nearly three years.

-Produced by Drew Trachtenberg

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Jobs is rolling in his grave over what has become of his once great company. Apple should be ashamed of itself for the deteriorated state of service and product since Jobs' death. The last update did more damage, slowed down every application, and in general fouled up more files than any good it did. I'm not ready to go back to windows, but Apple is sure pushing me that way.

July 01 2013 at 10:45 AM Report abuse rate up rate down Reply
1 reply to posthuf's comment

I Purchased my first apple computer last year. a MacBook Pro. I love everything about it. The trac pad is one of the best hardware features I have ever seen and it will spoil you rotten in about 24hrs.
I am not sure what you mean by the latest update slowing everyhting down. My MBP is just as fast and loyal as it was a year ago. Though I opted not to get Mountain Lion. My plan is to Upgrade my Memory to 8 GB upgrade the Hard drive to solid state and upgrade to Mavrick when it comes out. With those upgrades I should be able to have a fast reliable MBP for another 2-3 years.
The only thing I dont like about Apple right now is the MBP Retina's They are all solid state to begin with and the Harddrive, and memory are soldered in place and the battery is a soft cell that it super glued in place affectively preventing any upgrades to the system. Which isnt smart since the world of the computer changes so fast you should at the very least be able to replace the hard drive and memory.

July 01 2013 at 12:27 PM Report abuse rate up rate down Reply

Do a G00GLE search for "FAST MARKET CASH" and check the top result. Once you get there, they have pennystock-pages that you need to click on to see how people are making millions off of their investments.

July 01 2013 at 10:08 AM Report abuse rate up rate down Reply


July 01 2013 at 9:41 AM Report abuse rate up rate down Reply