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Dow Jones today, June 25, 2014: The U.S. stock market dipped on Tuesday despite continued positive economic data in consumer confidence and domestic housing markets. Consumer confidence struck its highest monthly level since January 2008. Meanwhile, the U.S. Department of Commerce reported that new home sales increased 18.6%, reaching a seasonally adjusted rate of 504,000 units for the year. This is the highest level since May 2008.
Here are the top stories moving the Dow Jones today:
- The Big Reveal: The Wall Street Journal reports that Google Inc. (Nasdaq: GOOG, GOOGL) will unveil its own in-home, television box today to compete against Apple Inc.'s (Nasdaq: AAPL) Apple TV and Amazon.com Inc.'s (Nasdaq: AMZN) Fire TV. The TV box will run on Google's new Android TV software and will allow users to "play movies, games and other content on televisions," according to the report.
- Thanks, Taxpayers: Reuters reports that the U.S. Air Force has awarded a $1.9 billion contract to Lockheed Martin Corp. (NYSE: LMT) to build two additional missile-warning satellites. These costly platforms are part of the nation's Space-Based Infrared Systems (SBIRS), which will have six satellites after their completion.
- Facebook Still "Cool": Despite concerns that Facebook Inc. (Nasdaq: FB) would lose its user base as "younger Americans" drop off the social network, a new survey suggests the company is still dominating the Web. A report by Forrester Research Inc. (Nasdaq: FORR) indicates that nearly half of teenage Americans have increased their time on the social network since last year. The company's recent purchase of WhatsApp has dramatically increased teen use in emerging markets, where the phone app is a drastically cheaper alternative to text messaging.
- Today's Economic Calendar: Today's schedule features GDP revisions, an update on corporate profits in the United States, and the EIA Petroleum Status Report.
- The IPO of the Day: Camera manufacturer GoPro will price its initial public offering later this afternoon, according to multiple reports. The company is anticipating the sale of roughly 17.8 million shares in an effort to raise approximately $400 million. Prices are expected to fall between $21 and $24 per share. The stock will begin trading Thursday with the ticker GPRO.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.