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U.S. stocks were headed for a higher open Tuesday, following better-than-expected retail sales and manufacturing data.
The first round of economic data this week helped set the stage for an early rally.
Economy: The Commerce Department said retail sales slid 0.2% in May. While it was the first decline in 11 months, it was much less of a decline than economists had expected.
Additionally, the Labor Department issued a brighter report on the producer price index. The PPI rose 0.2% in May, slightly better than the 0.1% that economists had forecast.
U.S. stock futures were higher all morning, on the heels of positive data out of China. The country released a report on industrial production that beat expectations.
Companies: Smartphone makers Apple (AAPL, Fortune 500) and Nokia (NOK) agreed to settle their long-running patent dispute early Tuesday. Apple will pay Nokia a one-time sum, and ongoing royalties will go to Nokia. Shares of Nokia jumped 4% in premarket trading, while shares of Apple edged up less than 1%.
Meanwhile, Honda (HMC) released its full-year forecast Tuesday, announcing that it expects a 63.5% drop in 2011 profit. Shares of Honda slid 1.7%.
Shares of Best Buy (BBY, Fortune 500) climbed more than 5%, after the consumer electronics retailer reported first-quarter results that beat expectations.
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