| IN THE NEWS TODAY |
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Concern over the Greek debt situation was again dragging down global stock markets, while investors await the outcome of the Fed's two-day policy meeting, which begins this morning. (CNBC) |
As Greece remains defiant, despite talks with its international creditors stuck in deadlock, anger and concern is mounting in Europe about the finale to this Greek drama. (CNBC) |
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Wall Street remains convinced of a Fed rate hike in the third quarter. Respondents to the CNBC Fed Survey continue to look for the central bank's first rate increase in nine years to take place in September. (CNBC) |
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Gap (GPS) plans to close 175 namesake stores, about 26 percent of its North American locations, over the next few years. The retailer also plans to cut about 250 jobs at headquarters this fiscal year. (CNBC) |
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The judge's decision in the AIG (AIG) rescue case that the government's actions were too severe and the bailout was illegalcould have far-reaching consequences should another financial crisis occur. (NY Times) |
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UnitedHealth (UNH) and Anthem (ANTM) are each seeking to buy smaller rivals, as health insurers aim to cut costs and cope with the federal health-care overhaul. (WSJ-subscription) |
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Most Americans have heard little or nothing about a pending Supreme Court case that threatens to cripple Obamacare and possibly affect 2016 political races, according to a new poll. (CNBC) |
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Real estate mogul Donald Trump plans to release a summary of assets that total about $9 billion as part of his likely entry into the racefor the Republican presidential nomination. (Washington Post) |
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Waterlogged Texas was getting set for another soaking as Tropical Storm Bill barreled towards the coast this morning, with 4 to 8 inches of rain by the end tomorrow possible. (NBC News) |
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| BY THE NUMBERS |
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Ahead of the Fed's policy statement and chief Janet Yellen's news conference tomorrow afternoon, investors get a read this morning on the housing sector. The 8:30 a.m. ET housing starts report is expected to show a drop 4.7 percent for last month, following a 20.2 percent surge in April. |
With FitBit's IPO just days away, the fitness band maker has raised its price range for shares to $17 to $19 each, valuing the company at the midpoint at $3.7 billion. |
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| STOCKS TO WATCH |
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Under Armour (UA) plans to create a new class of stock with no voting rights. The Class C shares will be traded on the NYSE, with shareholders getting one share of the new stock for each share they now own. |
Toyota (TM) shareholders approved the creation of a new class of stock, despite opposition from overseas funds. They won't be listed and must be held for five years before shareholders can convert them into common stock. |
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Wal-Mart (WMT) is the subject of a complaint filed with the IRS by a coalition of labor groups accusing the Walmart Foundation of violating its tax-exempt status through its donations. |
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Coty (COTY) is on the verge of completing a deal to buy three businesses from Procter & Gamble (PG) for about $12 billion. P&G is in the process of selling a number of its beauty related businesses. |
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Etsy (ETSY) plans to launch a crowdfunding service, allowing sellers to raise money on the crafts retailer's website. The Wall Street Journal reports the service may be launched as soon as today. |
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The CFO of Verizon (VZ) told a Wall Street Journal conference the company has no desire to sell the Huffington Post after completing its AOL (AOL) acquisition, or buy Dish Network (DISH). (WSJ) |
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| WATERCOOLER |
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Drones that carry medical supplies and provide audio instructions for CPR could be the future. Google got a patent last week to provide emergency services using unmanned aircraft. (CNBC) |
Straight out of sci-fi and spy movies, the jetpack could soon become a commercial reality if a New Zealand manufacturer has its way. (CNBC) |
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