NEW YORK (CNNMoney)
Here's what you need to know:
1. Stocks on the rise: The Dow and S&P 500 are up over 0.3%, while the Nasdaq is also climbing over 0.2%. It's a turnaround from Tuesday when the Dow Jones Industrial Average shed 119 points, its biggest one-day percentage drop in more than a month.
2. Aereo ruling sparks media madness: CBS Corporation (CBS) skyrocketed as much as 7% after the Supreme Court said streaming service Aereo's business model violates broadcasters' rights by using tiny antennas to snap up content on public airwaves. Shares of Disney (DIS), which owns broadcaster ABC, also jumped on the news, as did Comcast (CMCSA), owner of NBC, and Twenty-First Century Fox (FOXA).
Related: Supreme Court rules against Aereo
3. Ugly GDP figures aren't a huge concern: The Commerce Department said the economy shrank 2.9% in the first quarter, even uglier than the 1.8% decline that economists from Briefing.com had predicted. Analysts were expecting a weak final figure for the period, which included unusually harsh winter weather. In that regard, investors are largely shrugging off the bad news, and have donned their forward-thinking caps.
Related: Three reasons NOT to freak out about -2.9% GDP
4. Movers and shakers -- Barnes and Noble, General Mills, Apollo Education: Barnes and Noble (BKS) shares soared as much as 10% after the struggling bookseller said it has begun taking steps to separate its retail and Nook segments.
General Mills (GIS) stooped after the cereal maker reported disappointing earnings that were stymied by expensive promotional activity that didn't translate into greater sales.
Apollo Education (APOL) ticked up after the for-profit college operator beat earnings estimates. Still, the company said degree enrollment sank significantly at the University of Phoenix.
And Monsanto (MON) is up over 5% after the company announced a big share buyback and strong quarterly results that topped Wall Street expectations.
Related: CNNMoney's Tech30
5. M&A still hot: Shares of Hanesbrands (HBI)jumped after the company said it planned to acquire French apparel-maker DBA Apparel in an all-cash deal. Mergers and acquisitions activity has spiked this year as companies try to capitalize on their high stock prices by using the cash to buy other companies.
6. International action: The Dubai stock market suffered a dire tumble to start the week, as concerns about continued turmoil in Iraq damaged investor confidence and one of Dubai's biggest construction companies reported trouble. However, the benchmark Dubai Financial General Market Index recovered about 6% on Wednesday.
Russia's main Micex index declined by nearly 1% on reports that the West might slap more sanctions on Russia.
The Micex has been on a wild ride this year, dropping by over 20% and then fully recovering as worries about the Ukraine crisis and sanctions intensified and then receded.
All major European markets were lower Wednesday. Asian markets ended in negative territory.
First Published: June 25, 2014: 9:52 AM ET
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