NEW YORK (CNNMoney)
The Dow dropped 20 points to start the day and then climbed back to flat. The S&P 500 and Nasdaq indexes both fell modestly as well.
Here are the top things to watch in today's trading:
1) Tech Movers: Microsoft (MSFT, Tech30) announced a staggering 18,000 job cuts to come this morning. The move signals that new CEO Satya Nadella means business about turning around the computing giant. Most of the cuts are coming from the Nokia brand, but some of the bleeding will come from Microsoft proper. The stock is up about 3% in early trading.
Related: Layoffs part of "culture change" at Microsoft"
In other tech news, flash drive maker Sandisk (SNDK) is getting hammered to the tune of a 10% drop in early trading. The company beat on earnings and revenue this quarter, but that wasn't enough to satisfy Wall Street.
Related: Compare Microsoft and Sandisk to CNNMoney's Tech30
2) No Hangover for Time Warner: After rejecting an $80 billion bid from Rupert Murdoch's Twenty-First Century Fox (FOX), Time Warner (TWX) saw its 17% jump in yesterday's trading. Investors don't think that will be the end of things. The stock is up another 3% today. Fox shares are also up, but only slightly.
Related: Rupert Murdoch wants Time Warner for size, sports and ego
3) Playtime less fun at Mattel: Barbies and Hot Wheels aren't entertaining kids like they used to. Mattel saw tepid growth that was far less than Wall Street was expecting. The stock fell over 6% in early trading.
One bright spot for the company is American Girl doll sales, though it's a small part of the company's business.
Related: Trouble in Toy Land for Mattel
4) Better than expected economic data: Good economic data keeps rolling in for the U.S. On Thursday, initial jobless claims were once again lower than expected, coming in at 302,000.
5) Overseas markets: Russian sanctions are hitting European stocks hard. The FTSE 100 is down about half a percent and the Russian RTS index is down more than 4%. Asian stocks ended the day mixed, though Taiwanese stocks fell more than 0.8%. Oil is also ticking higher since some of sanctions impacted a Russian energy company.
First Published: July 17, 2014: 10:08 AM ET
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