Market Wrap: Apple, Microsoft Battle for Tech Supremacy; U.S. Outlook Raised; lululemon CEO Out
End of the Day: S&P 500 up down 0.6 to to 1,642.81; Dow Jones up down 9.5 to to 15,238.59; Nasdaq up 4.6 to 3,473.77
* Standard & Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term unsolicited sovereign credit ratings on the United States of America. The outlook on the long-term rating is revised to stable from negative.
* Apple (Nasdaq: AAPL) unveiled iOS 7 today. iOS 7 is completely redesigned with subtle motion, an elegant color palette and distinct, functional layers that make it feel more alive. The typography has been refined for a cleaner, simpler look, and the use of translucency and motion makes even simple tasks more engaging. iOS 7 has hundreds of great new features, including Control Center, Notification Center, improved Multitasking, AirDrop, enhanced Photos, Safari, Siri, and introduces iTunes Radio, a free Internet radio service based on the music you listen to on iTunes.
* Microsoft (Nasdaq: MSFT) was arguably the next-largest news maker in the tech space today, detailing launch plans and pricing on its successor gaming console, the Xbox One. Shares of Microsoft started strong today, but ended up closing slightly lower on the session amid the news.
* Booz Allen Hamilton (NYSE: BAH) confirmed that Edward Snowden was an employee of the firm for less than three months. Snowden was named as primary person behind the NSA leak.
* IHS, Inc. (NYSE: IHS) signed a definitive agreement to acquire R.L. Polk & Co., a recognized leader in providing automotive information and analytics solutions. The $1.4 billion transaction will be funded with 10 percent equity and the remainder with cash on hand, cash from an existing revolver and a new bank term loan.
* After markets closed today, lululemon athletica, inc. (NASDAQ: LULU) reported Q1 EPS of $0.32 on revs of $345.8 million, with the consensus looking for EPS of $0.30 and revs of $341.1 million. Additionally, CEO Christine Day said she would be stepping down from the company, though no time fram was given. For more color, click here.
* McDonald's Corp (NYSE: MCD) global comps rose 2.6 percent in May, versus estimates calling for a 1.9 percent gain. For more color on the numbers, UBSH) and StellarOne Corporation (Nasdaq: STEL) announced the signing of a definitive merger agreement, pursuant to which Union will acquire StellarOne, creating the largest community banking institution in the Commonwealth of Virginia.