Stocks close higher....

Dow +92.34
Nas + 21.26
S&P +11.86


Nice day for Pharmaceuticals...rough day for Restaurant stocks....

Google Nexus 7 to be available starting at $199

Purchasers of the device will also get $25 to use on Google Play, a Transformers Movie, a book ,and several magazines for free. The device will start shipping in mid-July.

Google introduces 7-inch tablet called Nexus 7

The device was built in partnership with computer company ASUS, will run Jelly Bean, is optimized for Google Play, and is "super-thin," Google says. Games are "extremely fast and smooth" on the tablet, Google says, adding that its battery will support up to nine hours of video playback. It uses a Tegra 3 chipset and a 1280x800 HD Display, and has the portability of a paperback book, the company added.

Arena diet dug Lorcaserin approved by FDA, Bloomberg says

Arena Pharmaceuticals trading halted, pending news

Note today is the FDA action date for the company's diet drug. :

Germany's Linde eyeing Lincare Holdings, FT Alphaville reports

Suitors are eyeing Lincare Holdings, a Florida-based provider of oxygen, respiratory and other chronic therapy services to patients in the home, sources tell the FT's Alphaville. Germany's Linde is said to be leading the bidding, and the sources say the purchase price is potentially $40 or more per share, valuing Lincare at about $3.4B.

Microsoft says tablets will outsell PCs in 2013, Reghardware reports

Microsoft (MSFT) says Windows 8 will be the driving force that shifts sales to tablets versus PCs in 2013, according to Reghardware.com.

Exxon Mobil CEO says domestic natural gas prices are too low, Reuters says

Exxon Mobil (XOM) CEO Rex Tillerson said U.S. natural gas prices are not sustainable for the energy industry to cover the cost of finding and producing new supply, reports Reuters. In a presentation at the council of Foreign Relations, Tillerson said "we are all losing our shirts today."

Chipotle (CMG) Q2 revenues trending below estimates, says ITG

ITG said Chipotle Q2 revenues are trending at $700M, below consensus of $706M, on continued strong check and traffic growth.

CMG is down $20 to $395.25 this morning....

U.S. pending homes sales index rebounded 5.9% to 101.1 in May

U.S. pending homes sales index rebounded 5.9% to 101.1 in May, erasing the 5.5% drop in April to 95.5. This matches March's level which was the highest since April 2010. The improvement is consistent with some generally more positive housing data reported this week. The index was up in each of the four regions surveyed, paced by the 14.5% surge in the West. On an annual basis, the index is up 15.3% y/y versus 14.7% previously.

Entropic Communications (ENTR) sees upside to revenue and EPS in Q2

Entropic Communications announced expected revenue in Q2 of 2012 will be stronger than the company's previous outlook, which was provided on April 24. Entropic expects to release financial results for Q2 on August 1. At that time, the company will review its quarterly results and provide an outlook for Q3 of 2012.

The stock is up to $5 from a close of $4.08 yesterday....

Perrigo (PRGO) receives FDA approval and launches new products

Perrigo announced that it has received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application for clindamycin phosphate and benzoyl peroxide 1.2% / 5% topical gel, the generic equivalent of Duac Gel. Perrigo acquired the ANDA in 2009, transferred production to a Perrigo manufacturing facility, and submitted an amendment to the ANDA, which was the first submission with a paragraph IV certification, Perrigo may be entitled to 180-days of marketing exclusivity and FDA has deferred determining Perrigo's exclusivity period until there is another ANDA in condition for approval. Patent litigation for this product was dismissed with prejudice in 2009. Perrigo has commenced shipment of the product.

O'Reilly Automotive (ORLY) sees Q2 EPS at lower end of $1.13-$1.17 range Q2...consensus is $1.19.

O'Reilly Automotive lowers Q2 SSS guidance to 2%-2.5% from prior 3%-5%

Greg Henlsee, CEO and Co-President stated, "Our previously announced second quarter comparable store sales guidance reflected our slow start to the quarter in April due, we believed, to the shift of some business into the first quarter as a result of the early spring weather in many of our markets, and we expected sales trends would stabilize as the quarter progressed. We saw improved comparable store sales results for the month of May; however, comparable store sales in June were below our expectations, and we now expect comparable store sales for the second quarter to finish in the range of 2.0% to 2.5%."

Zynga (ZNGA) price target lowered to $9 from $13 at Piper Jaffray

Piper Jaffray believes Zynga made no progress in addressing key investor concerns at its event yesterday, but continues to feel the stock is undervalued at current levels. The firm lowered its price target for shares and keeps an Overweight rating on the name. :theflyonthewall.com

Arena Pharmaceuticals (ARNA) shares rally ahead of PDUFA

Shares of Arena Pharmaceuticals are up huge in the last week ahead of today's PDUFA date for the company's obesity drug Lorcaserin. Piper attributes a lot of the share volume to retail investors, and points out Arena is a heavily shorted name. Piper believes Lorcaserin is well positioned to penetrate the large global obesity market and sees further stock upside should the FDA approve the drug.

BEFORE THE BELL

U.S. stock index futures pointed to a mixed open as investors remained on the sidelines ahead of the June 28-29 EU Summit, which is expected to do little to resolve the region’s debt crisis. Major economic data like durable goods and pending home sales are scheduled to be released. Best Buy Co Inc will be in focus after sources said it is working with banks including Credit Suisse to explore a potential private takeover of the world's largest consumer electronics retailer. European shares surrendered most of their early gains, with cyclical shares losing ground. Most Asian shares ended higher. Oil and gold were lower.


TOP NEWS


• Europe's leaders at odds before summit

European leaders sound unusually divided before a high-stakes summit, with Germany's Angela Merkel saying total debt liability would not be shared in her lifetime and giving little support to Italian and Spanish pleas for immediate crisis action.

• Judge halts sales of Samsung Galaxy Tab in U.S.

A U.S. judge on Tuesday backed Apple Inc's request to stop Samsung Electronics selling its Galaxy Tab 10.1 tablet in the United States, giving the iPhone maker a significant win in the global smartphone and tablet patent wars.

• Planned Google tablet to rival Amazon

Google Inc will soon unveil a tablet co-branded with Taiwan's Asustek Computer Inc and priced to compete with Amazon's Kindle Fire device, an Asustek executive said.