Top Ten News 7/01-7/05: Jobs Show Up; Onyx (ONXX) In Play; Yields in Focus

Top ten news items on Wall Street for week of July 1 - July 5:

1. The U.S. posted much better-than-expected job growth in June and prior months were revised sharply higher. Total June nonfarm payrolls grew 195,000, versus the 165,000 expected by economists. The change in total nonfarm payroll employment for April was revised from +149,000 to +199,000, and the change for May was revised from +175,000 to +195,000. With these revisions, employment gains in April and May combined were 70,000 higher than previously reported. The unemployment rate was unchanged at 7.6 percent.

2. Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) received and rejected an unsolicited proposal from Amgen Inc. (Nasdaq: AMGN) to acquire all of Onyx's outstanding shares and share equivalents for $120 per share in cash, subject to due diligence and other conditions. The Board of Directors of Onyx had evaluated the proposal made by Amgen with the assistance of its financial and legal advisors and concluded that the price proposed by Amgen significantly undervalued Onyx and its prospects, and was not in the best interest of Onyx or its shareholders. Onyx communicated this determination to Amgen on Friday, June 28, 2013.

3. The 10-year Treasury yield hit the highest level since August 2011 following the better-than-expected U.S. June jobs numbers. A better jobs picture suggests that the Fed could taper QE sooner rather than later. The yield moved to 2.72%

4. Nokia Corporation (NYSE: NOK) and Siemens AG (NYSE: SI) announced that they have entered into a definitive agreement pursuant to which Nokia acquires Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks. The purchase price for Siemens' stake is EUR 1.7 billion and the transaction is expected to close during the third calendar quarter of 2013.

5. WTI crude moved above $100 per barrel this week given the Army ouster of Egypt's President Mohamed Morsi.

6. The ISM Index showed a return to manufacturing expansion last month. The ISM index for June rose to 50.9, from 49.0 in May and the Street consensus of 50.5. Readings above 50 signal growth in a segment.

7. Zynga Inc. (Nasdaq: ZNGA) appointed Microsoft executive Don Mattrick as Chief Executive Officer and a member of the Board of Directors, effective July 8, 2013. Mattrick has been at the forefront of the industry and brings more than 30 years of executive experience developing, building and managing profitable entertainment businesses. Mark Pincus, Zynga's founding chief executive officer, remains Chairman of the Board of Directors and Chief Product Officer of the Company.

8. U.S. prosecutors don't have enough evidence to file criminal insider-trading charges against Hedge fund titan Steven Cohen of SAC Capital as a five-year statute of limitations nears.

9. The Obama administration abruptly announced a delay in a key provision that mandates companies with 50 or more workers to cover their workers or face a fine of a much as $3,000 per employee. The delay will push the mandate back one year from 2014 to 2015, and importantly postpones the date beyond next year's midterm elections.

10. The White House petition that seeks to prevent States from blocking Tesla (NASDAQ: TSLA) from selling cars directly to customers received enough signatures. 100,000 signatures were needed, and at last count 101,154 signatures were received.

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