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Stock market news today, August 14, 2014: Dow Jones futures were up 17 points (0.10%) this morning (Thursday) following U.S. stocks' rally in the last trading session. Nasdaq 100 futures and S&P 500 futures were also both in the green. Yesterday, the S&P 500 Index saw a strong afternoon of trading, with all 10 of its sector indexes making gains. The index is now roughly 2% below its all-time high registered back in July.
Here's a roundup of the top stories in stock market news today:
- Ending the Monopoly: The nation of Mexico announced plans to set aside fourth-fifths of new prospective oil fields for bidding by private companies as its begins steps to end its seven-decade monopoly on energy production through state-run Petróleos Mexicanos (PEMEX). The Mexican Senate approved the reform deal in December, and the deal is expected to bring in an additional $10 billion in annual revenues for the country. With bidding expected to start in early 2015, American companies will likely focus on deep-water reserves in the Gulf of Mexico as prime targets, a boon for oil field service companies and managers of oil rigs.
- Merger Mania: According to Reuters, General Electric Co. (NYSE: GE) is in talks to sell its household appliance division to two international companies for roughly $2 billion. The report indicates that the company will sell its GE Monogram, GE Cafe, and Hotpoint brands to Quirky Inc. and Sweden's Electrolux AB (OTC: ELUXY). The deal is part of General Electric CEO Jeffrey Immelt's strategy to focus on industrial operations like jet-engine manufacturing. News of restructuring today isn't the first for GE recently – just July 31, GE spun off its consumer-finance arm Synchrony in an IPO. You can get that full story here…
- Mobile Surge: Shares of Lenovo Group Ltd. (OTC: LNGVY) were on the rise on news that the company's first-quarter profits surged more than 23%. The world's largest personal computer manufacturer reported strong growth in mobile devices and desktop stations. The company is attempting to aggressively expand across multiple divisions with a strong emphasis on acquisitions as a primary growth strategy. In January, Lenovo announced two major deals. It tentatively agreed to purchase Motorola Mobility from Google Inc. (Nasdaq: GOOGL) for roughly $2.91 billion, and it planned to purchase a server unit from International Business Machines Corp. (NYSE: IBM) for $2.3 billion.
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