Market Minute: Apple Readies New 'iProduct'; Pharma's Latest Big Deal

Apple readies a new i-product, and a big deal in the drug industry could be in the making. Those and more are what's making business news Monday.

The Dow industrials (^DJI) rose seven-tenths of a percent last week, but still ended down for all of June, snapping a streak of six monthly gains in a row. It was a similar story for the S&P 500 (^GSPC) and the Nasdaq (^IXIC).

For the first half of the year, the S&P is up nearly 13 percent, its best gain since 1998.

This is a holiday-shortened week with a half day of trading Wednesday ahead of the Fourth of July holiday. And the big monthly jobs report comes out Friday morning, which could increase volatility throughout the week.

Apple (AAPL) has filed an application in Japan to get a trademark on the name "iWatch." That's fueling rumors that the company is getting ready to roll out a new device.

Defense contractor Lockheed Martin (LMT) could feel the brunt of mandatory budget cuts imposed on the Pentagon. The Wall Street Journal reports (subscription required) the company's F-35 stealth fighter plane contract could be delayed by several years, possibly saving as much as $2.5 billion dollars. The F-35 is the Pentagon's largest weapons project.

Onyx Pharmaceuticals (ONXX) has rejected an $8.7 billion takeover bid from Amgen (AMGN), and is now looking for a buyer willing to pay more. Other big drug makers are apparently interested in Onyx and its drug to treat blood cancer.

A number of news reports says telecom mogul John Malone is looking for a big deal in the cable business. He's said to be interested in buying Time Warner Cable (TWC). That could have a big impact on other players in the industry, including Comcast (CMCSA) and Cablevision (CVC).

And Barrick Gold (ABX) says it may take a write-down as much as $5.5 billion on a project in South America, partly due to environmental issues that have forced the company to halt production. The move comes as the price of gold has slumped to its lowest level in nearly three years.

-Produced by Drew Trachtenberg

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