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.
Divesting: The nation's third-largest health insurer, Aetna Inc. (NYSE: AET) announced it might sell as much as $1.5 billion in Coventry Health Care Inc.'s assets. This announcement comes just a year after Aetna acquired the competitor for $5.6 billion.
Now Hiring: For anyone looking to travel for work, Japan's Nikkei Asian Review reports that in order to prepare for the production of the iPhone 6, Applemanufacturer Foxconn Group will hire up to 100,000 new workers in China to assemble the devices. According to a similar report, a second Apple manufacturer, Pegatron, is also rapidly hiring to prepare for the coming launch.
Prices Going Up: The proposed merger by AT&T Inc. (NYSE: T) and DIRECTV (NYSE: DTV) caused ire on Capitol Hill yesterday after AT&T Chief Executive Officer Randall Stephenson failed to signal that the deal would result in lower prices for customers. In fact, most of the comments perpetuated concerns that reduced competition and higher costs were guaranteed to be the end result of the $67 billion deal.
Earnings Reports: Stay tuned for earnings reports from Lindsay Corp. (NYSE: LNN), Monsanto Co.(NYSE: MON), General Mills Inc. (NYSE:GIS), Barnes & Noble Inc.(NYSE: BKS), Casella Waste Systems Inc. (Nasdaq: CWST), and Apollo Education Group Inc. (Nasdaq: APOL).
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.