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Consumer spending posts biggest gain in nearly 7seven years

Wall Street is getting off to sluggish start after a three-day weekend. 

On the economic front, consumers were out shopping last month, even though they brought home less in their paychecks.

The Commerce Department reported that personal spending jumped a better-than-expected 1% in April, while personal income rose 0.4% last month.   

Stocks to Watch

Celator Pharmaceuticals (CPXX) shares are surging ahead of the open. Ireland based Jazz Pharmaceuticals (JAZZ) is buying its US rival in a deal valued at about $1.5 billion. That translates to $30.25 a share in cash, which represents a 72% premium from Celator's closing price on Friday. The deal will give Jazz access to an experimental drug for a rare leukemia.  

Micron Technology (MU) shares soared in early trading after RW Baird upgraded the stock to outperform from neutral and raised its price target by about 50% from its current price to $18 a share. The analyst is citing a rebound in PCs and the Chinese smartphone market, which will help improve demand for memory chips.  
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Tesla (TSLA) shares are in the spotlight. The luxury electric car maker is gearing up for its annual shareholder meeting in Mountain View, California at 5 p.m. ET. CEO Elon Musk's Q&A session with investors will be closely monitored.  

Tata Motors' (TTM) US-listed shares were up sharply this morning after the Indian automaker delivered better-than-expected earnings for the first three months of the year. Profits tripled thanks to strong sales of its Jaguar Land Rover in Europe and China. 

Free pass for Apple

Apple  ( AAPL) is looking for a waiver – which would require that 30% of an iPhone be made in India – in order to open Apple Stores in India. Meanwhile, it was emphasized that the tech giant still can’t sell refurbished phones. 

Walmart’s big plan

Walmart ( WMT) is working overtime to step up its online sales in China. Walmart’s plan is to sell more groceries online – to entice people to shop more frequently – in hopes of buying big ticket items like TVs and laptops. Its goal is to be one of the top three online sellers in the country.

Warriors make history

The Golden State Warriors bounced back from a 3-1 deficit to beat the Oklahoma City Thunder in game seven of the Western Conference finals. The Warriors outscored the Thunder 29 to 12 in the third quarter thanks Stephen Curry.