Stocks are shifting between positive and negative territory after a surprise jump in the producer price index for May, weaker than expected industrial production, and a drop in consumer sentiment. Wholesale prices jumped 0.5% versus an expected rise of 0.1%. Excluding food and energy, core PPI rose 0.1%. Industrial production came in flat for the month versus an expected 0.1% rise. And the University of Michigan/Thomson Reuters consumer sentiment index for May was revised down to 82.7 from 84.5.
Investors are also weighing yesterday's late-day market action, seeing a boost in the final 20-minutes of the trading session after a Wall Street Journal Fed report exacerbated yesterday's rally right into the close.
Airbus is casting a shadow over Boeing (BA). The A-350 long-distance passenger plane taking off on its maiden flight today. It's a direct competitor to Boeing's 777 and the 787 Dreamliner. If successful, the A-350 will move into a test-flying period that could last up to 18-months. Today's test flight is said to be perfectly positioned to steal the limelight ahead of the Paris Air Show on Monday. That's where Boeing hopes to prove the Dreamliner is back on track after a series of battery problems grounded the entire fleet. For those keeping score, the 787 is outpacing the A-350 on orders 890 to 613.
Not so pretty news for Revlon (REV). The SEC fining the cosmetics company $850,000 for allegedly misleading investors, saying they "kept critical information" from its board in an attempt to go private and pay down debt back in 2009. It's a drop in the bucket for billionaire Ron Perelman, who's owned a majority stake in Revlon since taking control of it in a hostile takeover in 1985. Shares of Revlon have soared nearly 40-percent from a year ago.
Myriad Genetics (MYGN) shares are getting crushed, down double-digits after the Supreme Court ruled unanimously late yesterday that human genes cannot be patented. Myriad was at the center of the case, holding patents related to the BRCA-gene, which indicate whether a woman is at high risk of developing breast or ovarian cancer. Actress Angelina Jolie recently made headlines after undergoing a double mastectomy based on Myriad's test showing she was high-risk. Myriad shares initially soared double-digits after the decision, before reversing course and closing down 5.5% yesterday.
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