Stock market news today, June 11, 2014: The Dow Jones Industrial Average today looks to continue its momentum, after it closed at another record high – its 10th of the year – on Tuesday. The Dow was down most of the day, but rallied in the last hour. U.S. crude oil futures flirted with $105 per barrel.
Here's what you should know to make your Wednesday profitable:
- The Biggest IPO of 2014: FOX Business reports that Chinese online giant Alibaba Group Holding Ltd. is in the process of planning its initial public offering "roadshow" for late July. The company is likely to undergo its initial public offering pricing during the first week in August, according to reports. The news comes on the same day that Reuters reported that Alibaba is set to purchase mobile browser giant UCWeb. The deal will be the largest Internet merger in the nation's history.
- Tax Troubles Ahead: The European Commission has opened three separate investigations into tax agreements between Ireland and Apple Inc. (Nasdaq: AAPL), Starbucks Corp. (Nasdaq: SBUX) and the Netherlands, and Fiat Finance and Trade and Luxembourg.
- Google's Next Buy: In an effort to boost its Internet offerings around the world, Google Inc. (Nasdaq: GOOG, GOOGL) will purchase satellite image provider Skybox Imaging for $500 million in an all-cash deal. The deal will improve Google Maps service and will help boost the company's goal to provide Internet access to the two-thirds of the earth that lack services.
- OPEC Sets a Price: The Organization of Petroleum Exporting Countries (OPEC) announced this morning that it will maintain its official production target of 30 million barrels a day for the fifth consecutive meeting of its member nations. According to reports, OPEC nations are content with a price range of $100 to $110 per barrel.
- Take a Picture: Sports camera company GoPro Inc. has priced its initial public offering between $21 to $24 per share, valuing the company at up to $3 billion. Trading under the Nasdaq "GPRO," the company would raise $427.2 million if it hit the top end of this pricing range.
- Today's Economic Calendar: A light schedule features the EIA Petroleum Status Report, the U.S. Treasury budget, and MBA purchase applications.