Optimism is high on Wall Street as investors return from the long Labor Day weekend. Stocks (^GSPC) are getting a boost from a "bad news is good news" scenario from China, where officials report exports and imports fell in August. That is raising speculation the country's central bank will once again take steps to stimulate the economy there.
Yahoo Finance Columnist Rick Newman notes today's good feelings come on the heels of Friday's big selloff of U.S. equities. And he anticipates this up and down mood will persist until the Federal Reserve meets next week to decide if its time to raise interest rates or not.
"We're probably going to see yo-yoing markets for the next 10 days until we get to that Fed decision," he says. "And then if they put it off we'll just keep playing this game all over again. Sideways September I think it might turn out to be."
Big media deal
Here are some of the stocks the Yahoo Finance team will be watching for you today.
Media General (MEG) The TV station operator is buying rival media company Meredith (MDP) for $2.4 billion. Meredith is the publisher of Better Homes and Gardens and Family Circle magazines as well as the owner of several television stations. The combined companies would have 88 TV stations reaching about one-third of the U-S market. The agreement prices Meredith at more than $51 dollars a share...about 12% above Friday's closing price.
Concordia Healthcare (CXRX) The Ontario-based pharmaceutical company is teaming with a European private equity firm to buy British health care products maker Amdipharm Mercury. Concordia values the deal at $3.5 billion.
Alibaba (BABA) The Chinese e-commerce firm has a new deal with German retailer Metro. The agreement will allow Metro to launch its "e-shop" on Alibaba's platform, giving it more access to the Chinese market. We should note that Yahoo (YHOO), parent of Yahoo Finance, owns about a 15% stake in Alibaba, which is is spinning off.
Toyota Motors (TM) The Japanese carmaker is set to unveil its revamped 2016 Prius hybrid in Las Vegas today. The new Prius is expected to have an upgraded battery that will boost the current car’s electric range plus better gasoline efficiency, which will allow it to get more than 50 miles per gallon.
Apple (AAPL) Tomorrow, the company holds a much-anticipated event in San Francisco where it's expected a new iPhone 6 will be announced...along with an updated Apple TV set top device and larger iPad. Meantime, Reuters is reporting Apple is increasing hiring for its artificial intelligence division as it tries to compete with rivals in making smart phones smarter.
Marchionne stirs up GM merger talk again
We’ve seen M&A rev up certain sectors of the market, but could the auto sector be next? Fiat Chrysler (FCAU) CEO Sergio Marchionne is heating up the merger talk about General Motors (GM) again, claiming a tie-up with GM remains a “high priority.” This after GM squashed that proposal earlier this year
Could Amazon (AMZN) have a Christmas present for techies? The Wall Street Journal reports the online retailer plans to release a $50 tablet with a 6-inch screen just in time for the holidays. This move would halve the price of Amazon’s current Fire HD 6-inch tablet.
Their vacation is over, but their work is just beginning. Members of Congress, returning from their summer recess, have a big fight coming up - funding the government. With a September 30th deadline looming, time is running out.
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