Market Minute: Apple Mulls Big-Screen iPhones; Treasury Rates Set to Soar


Interest rates on Treasuries are soaring, and big news about the iPhone. Those stories and more are what's in Friday's Market Minute.

Stocks edged higher Thursday, as investors were cautious ahead of Friday's jobs report. The Dow Jones industrial average (^DJI) added 6 points, the Standard & Poor's 500 index (^GPSC) gained 2 and the Nasdaq composite index (^IXIC) rose 9.

Wall Street Premarket
Richard Drew/AP

Keep an eye on the Treasury market today. The yield on the government's 10-year note briefly topped 3 percent this morning, for the first time in more than two years. That's potentially good news for savers.

Apple (AAPL) is reportedly working on iPhones that will have screens much larger than the current 4-inch models. The Wall Street Journal says the company is evaluating phones with screens ranging from 4.8 inches to as large as 6-inches. These aren't part of the new phones the company is expected to unveil next week, but future projects.

The Journal also reports that California homebuilder Shapell Homes has narrowed down its list of potential bidders. Toll Brothers (TOL), Standard Pacific (SPF) and Brookfield Homes are on the list. Shapell is likely to fetch about $1.5 billion.

Timken Co. (TKR) has succumbed to pressure from an activist investor, and will spin-off its steel-making business. Timken will continue to operate its ball bearings unit. Timken shares have jumped more than 50 percent since the investor group began pushing for the split last November.

JPMorgan Chase (JPM) is getting out of the business of making student loans. That leaves Wells Fargo (WFC) as the only major commercial bank still making student loans. The U.S. government now provides about 85 percent of new loans for college.

Shares of Quiksilver (ZQK) are good as gold today. They're set to soar after the retailer of outdoor sports apparel reported earnings that more than doubled Street expectations.

But another retailer, Zumiez (ZUMZ), is headed in the opposite direction after warning that earnings will fall short of expectations. And gun maker Smith & Wesson (SWHC) shot itself in the foot. Earnings jumped 49 percent, but it too issued a disappointing outlook.

-Produced by Drew Trachtenberg.