Market Minute: Verizon Bidding to Control Wireless Venture with Vodafone

Verizon Wireless - Getty Images
Getty Images

A battle for Verizon Wireless, and earnings that will move the market today.

The Dow Industrials fell 43 points yesterday, while both the S&P 500 and the Nasdaq ended virtually flat.

Verizon (VZ) is reportedly planning a $100 billion bid to take full control of its Verizon Wireless joint venture with the British phone giant Vodafone (VOD). Verizon now owns 55 percent of the wireless company. Reuters says the two sides have already held high-level talks.

This is one of the biggest days of the quarterly earnings season, with Exxon-Mobil (XOM) leading the way. Also out this morning: UPS (UPS), Dow Chemical (DOW), and 3M (MMM).

Chevron (CVX) raised its dividend by 11 percent. It's the 26th straight year the company has boosted its payout. Its earnings are due out tomorrow.

Online gaming company Zynga (ZNGA) posted a surprise profit, but that wasn't good enough to satisfy investors. Its shares are set to slide after the company issued a disappointing forecast for the current quarter.

Intuit (INTU), maker of Turbo Tax, says it endured a tough tax season. As a result, it lowered its forecast for the current quarter and the full year.

Starbucks (SBUX) and Amazon (AMZN) are due to report after the closing bell.

The biotech firm Regeneron (REGN) will be added to the S&P 500 after the close next Tuesday. That usually provides a boost, as mutual funds that track the index are forced to buy.

Microsoft (MSFT) says it will lift the curtain on its next generation Xbox game on May 21st. Both Xbox and Sony's (SNE) Playstation 4 are expected to be on store shelves in time for the holiday season.

And the new Hostess Brands, now owned by Apollo Global (APO) and another investment firm, plans to have Twinkies and Ding Dongs back on market by the middle of summer. The Wall Street Journal reports it will hire non-union workers at its bakeries.

–Produced by Drew Trachtenberg