Market Minute: Google CEO Larry Page Discloses Health Condition
Google's top exec reveals why he's been out of the spotlight lately, and Walmart plans to go it alone on safety inspections.
The Dow Industrials rallied 123 points yesterday, closing at another record high. Incredibly, the Dow has now gained ground for 18 straight Tuesdays. The S&P 500 rose 16 and the Nasdaq gained 23 points.
Google (GOOG) CEO Larry Page is suffering from a rare and chronic medical condition, a paralysis of both vocal chords. He says the condition is improving and he continues to run the company, but he's limited in how much and how loudly he can talk. He made the health disclosure just as key conference for Google's software developers gets underway in San Francisco. Bloomberg reports the company is about to launch a new Spotify-like, subscription-based music streaming service.
Walmart (WMT) says it will go it alone and not sign on to an international safety plan for factories in Bangladesh. The company says it will inspect all of the 279 factories it uses there, but critics say Walmart's proposal falls short of the legally-binding plan that many European retailers have agreed to support. Gap (GPS) says it is still considering the global plan.
T-Mobile (TMUS) has reduced the discount it offers on the iPhone 5. It had been selling the smartphone for $100 less than other carriers; that discount is now $50.
Farm equipment maker Deere (DE) beat earnings estimates, but the company says its sales for the rest of year could be under pressure.
After the bell we'll hear from tech industry leader Cisco Systems (CSCO).
Yahoo (YHOO) is planning a marketing blitz to attract a younger audience. The company's chief financial officer told a technology conference yesterday that Yahoo has an aging demographic, and that it has to become cool again.
And Actavis (ACT) has reportedly received and rejected a takeover bid from Mylan (MYL). Reuters says the offer values the generic drug maker at more than $15 billion.
-Produced by Drew Trachtenberg