Apple Could Kill Pandora
Apple, Inc (AAPL) could be setting the stage for a collapse of Pandora (P), a
firm Apple saved just a few years ago. Pandora shares were lower by 11% into
late afternoon trading on Monday after the announcement of a streaming-music
service between Apple and Warner Music Group - potentially called, iRadio. Apple
may gain more freedom to market the music as it wishes, by paying up. Apple has
hundreds of millions of customers to promote iRadio to, instantly making Apple
the market leader in streaming music. The deal means Apple would pay twice what
Pandora does for advertising that runs against Warner Music. Apple
streaming-music service would benefit from the ubiquity of iTunes, the world's
largest seller of digital music.
Atlanta Federal Reserve President Dennis Lockhart, who is not a voting member of
the Fed's interest rate setting panel, said on Monday that it is not a "foregone
conclusion" that Federal Reserve Chairman Ben Bernanke will step down when his
second term ends early 2014. Per Lockhart, the speculation about Bernanke's
retirement is "not really in any way feeding into the policy deliberations."
Additionally, Lockhart said the central bank is approaching the time at which it
may dial back its $85 billion per month quantitative easing program. Lockhart
said, "To translate tapering into downward adjustment, I think we are
approaching a period in which it can be considered. I still think we have to be
cautious, to make sure that we're reading an economy that has momentum and has
growing confidence. I think there's certainly a case for, at this very moment,
it being a little bit premature. So, you know I think it's a meeting-by-meeting
kind of thing."
A mini-flash crash struck on Monday, affecting Hyatt Hotels Corp. (H) and
Williams-Sonoma Inc. (WSM). At approximately 9:31am ET, shares of
Williams-Sonoma fell from $53.50 a share to $51.27 a share in less than a
second. At approximately 11:19am ET, shares of Hyatt jumped from nearly $40.96 a
share to $43.00 a share in a matter of milliseconds. The NYSE cancelled trades
in Williams-Sonoma executed at or below $51.96 a share between 9:31 am ET and
9:32 am ET. The Securities and Exchange Commission continue to search for
solutions to the potentially hazardous market moves in the computerized market
Chris Williamson, chief economist at Markit said on Monday, "The May survey
paints a downbeat picture of U.S. manufacturing business conditions. Output,
order books and employment are all growing modestly, suggesting the sector is at
risk of stalling." During May, the final reading of Markit's manufacturing
purchasing managers index picked up to 52.3 from a six-month low of 52.1 in
April. The flash or initial estimate for May was a reading of 51.9, the lowest
since October 2012. Markit said the PMI was consistent with only a modest rate
The U.S. Department of Commerce said Monday that construction spending rose 0.4%
during April to a seasonally adjusted annual rate of $860.8 billion.
Non-residential construction spending, which includes projects such as
health-care facilities, rose 0.7%, while residential construction spending fell
0.2%. Spending in April was 4.3% higher than same period during 2012.
The Institute for Supply Management Index released on Monday showed U.S.
manufacturers contracted in May for the first time since the fall of 2012. ISM
for May fell to 49%, marking the first contraction since November 2012 and the
lowest reading since June 2009. ISM's new-orders gauge dropped to 48.8% from
52.3%; production index fell to 48.6% from 53.5% and the employment gauge edged
lower to 50.1% from 50.2%
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