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Stock market futures were red across the board this morning (Thursday) following yesterday's trading session that saw U.S. markets post their largest gains in five weeks. Also this morning, the Commerce Department announced that orders for durable U.S. goods sunk by a record 18.2% in August due to fewer airplane contracts. The decline came after a record high 22.5% gain in July.
Here are the top stories in the stock market today:
- BABA Bonanza: According to an 8-K filing by Yahoo! Inc. (Nasdaq: YHOO) on Wednesday, the company will honor a one-year lock-up period that will prevent it from selling its remaining shares of Alibaba Group Holding Ltd. (Nasdaq: BABA). Yahoo currently owns approximately 15% of the outstanding shares in the Chinese e-commerce company, which unleashed the largest IPO in market history last week.
- Morning Jolt: Shares of Starbucks Corporation (Nasdaq: SBUX) were up more than 1.5% on Wednesday on news that the company plans to purchase the remaining 60.5% stake of its Japanese joint venture Starbucks Coffee Japan. According to the company announcement, the deal will be worth roughly $913.5 million.
- The Big Reveal: Shares of BlackBerry Ltd. (Nasdaq: BBRY) were up marginally in after-hours trading after the company unveiled its 4.5-inch square-shaped Passport smartphone on three continents simultaneously. The new device is the first major product launch by Blackberry in nearly two years, so BBRY has a long way to go if it aims to make its mark in the smartphone industry. According to data from International Data Corp., the company controls less than 1% of the global smartphone market, which is dominated by Apple Inc.'s (Nasdaq: AAPL) iPhone and Android devices powered by Google Inc. (Nasdaq: GOOGL).
- Users Revolt: Apple (Nasdaq: AAPL) device users were revolting on Wednesday after the company was forced to withdraw updates to its new iOS 8 operating system. The update disabled phone service and prevented use of the device's fingerprint scanner. More bad news came when there were multiple reports of a hardware problem that some models of the iPhone 6 Plus are bending when carried in pants pockets.