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Apple and IBM team up; Time Warner rejects Murdoch offer; Mulally joins Google board

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Time Warner (TWX) shares soared this morning after reports that the media conglomerate rejected an $80 billion takeover offer from Rupert Murdoch's 21st Century Fox (FOX). The New York Times reported Fox first approached Time Warner in early June. It also offered to sell CNN as part of its proposal to clear any regulatory hurdles.

Producer price inflation rose in June, reversing a decline in May. The Labor Department said that the producer price index for total final demand rose 0.4%, after a 0.2% decline in May. Economists predicted a rise of 0.3% in June.

Two former technology rivals Apple (AAPL) and IBM (IBM) announced a partnership yesterday. IBM will create business apps for iPhones and iPads and then sell Apple products to its corporate customers. The partnership will also provide AppleCare support to enterprise clients. Apple and IBM engineers are developing over 100 new apps for specific industries, the first of which they hope to debut this fall. The apps will be for functions such as device management, data security and analytics.

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Google (GOOGL) announced that former Ford (F) CEO Alan Mulally joined its board of directors. Mulally was president and CEO of Ford from 2006 to 2014 and is credited with steering the automaker through the financial crisis and avoiding bankruptcy. Before Ford, Mulally spent nearly four decades at Boeing (BA).