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Stock market news today, June 5, 2014: Dow Jones futures pointed toward a 0.02% gain on Thursday ahead of the highly anticipated policy statement from the European Central Bank (ECB). The rise comes fresh off of yesterday’s (Wednesday’s) notable surge, when the Dow Jones Industrial Average hit a new intraday high and the Standard & Poor's 500 Index hit its 16th record high of the year.
Here’s what you should know to make your Thursday profitable:
- The Mobile Megadeal: A massive mobile deal could merge the third- and fourth-largest mobile phone networks if it receives regulatory approval. Sprint Corp. (NYSE: S) and T-Mobile US Inc. (NYSE: TMUS) have agreed in principle on a merger worth approximately $50 billion. The companies are now working on finalizing the agreement. Under the proposed deal, Sprint would buy T-Mobile for around $40 per share.
- Insider Questions: FOX Business reports that Steve Cohen, head of hedge fund SAC Capital, has retained defense attorney David Boies to help him address questions surrounding the ongoing regulatory focus on insider trading. Regulators have targeted Cohen in civil and criminal reports for the last eight years. In addition, more than 10 people have been implicated, including one Cohen lieutenant, Mathew Martoma, who is now facing a possible 20-year sentence for insider trading.
- Blame Verizon: Online streaming company Netflix Inc. (Nasdaq: NFLX) is under heat for releasing on-screen messages that blame users’ Internet service providers (ISPs) if the video fails to buffer quickly. The company is taking a more direct stance, recently targeting Verizon Communications Inc. (NYSE: VZ), whose CEO called the content provider’s targeting strategy a “PR Stunt.”
- Today’s Economic Calendar: A full calendar features jobless claims, a speech by the Minneapolis Federal Reserve Bank President, the Federal Reserve balance sheet, and the Challenger Job-Cut Report. Investors are beginning to focus on U.S. employment data ahead of Friday’s release. A European merger, Alibaba IPO news, and major earnings reports are also on tap today…