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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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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.