You've probably heard the old adage to "sell in May and go away," as volume dries up and share prices meander during the historically sleepy summer months. Well, whatever you do, don't sleep through June! There will be plenty of events taking place during the month ahead, and a lot of them may end up moving the market. Even though earnings season is winding down, the fun is just getting started.
Here are a few of the days that I plan to approach with my eyes wide open.
June 3
This is the day Microsoft (Nasdaq: MSFT ) expects its new Bing.com search engine to be fully deployed globally. Yes, the world's largest software company is trying once again to become a force in online search, but after rolling out the likes of MSN Search, Windows Live, and Live.com, the company has gone through more costume changes than a Madonna stage show in recent years.
Microsoft can't build loyalty if it's perpetually changing the signage on its search engine, and that's why Bing is so important for Microsoft. The company doesn't have too many chances left to be a relevant player in search and, more importantly, in paid-search advertising.
June 6
It's been a while since folks have gotten excited about a Palm (Nasdaq: PALM ) product launch. The Pre is special, though. Its slick specs, combined with the potential of Palm's webOS platform, has investors rallying behind the dusty pioneer.
How much is riding on Saturday's launch? Well, the stock has soared roughly tenfold since bottoming out in December, just days before the Pre's launch details were revealed.
Still, I'm skeptical. Palm's Pre has the spec sheet and the pedigree to rock, but it's entering a crowded market, in which tens of millions of smartphone owners are already locked into two-year contracts with their existing BlackBerry and Apple (Nasdaq: AAPL ) iPhone devices. If the Pre proves simply ordinary, Palm faces a long back down to where its stock sat nearly six months ago. Then again, if the same folks who have been bidding up shares of Palm are lining up to own a Pre over the weekend, then Palm might just be getting off to a good start.
June 16
Best Buy (NYSE: BBY ) posts its first-quarter results. This an important outing for Best Buy: It will be the first quarter in which the consumer-electronics superstore didn't have to compete with Circuit City for business.
Circuit City's springtime liquidation really opens the door for Best Buy. Sure, Wal-Mart (NYSE: WMT ) is responding by beefing up its consumer-electronics offerings, while smaller specialty retailers are dangling their fishing lures as well. However, Best Buy should be the biggest beneficiary of the silent Circuit City cash registers. We'll know for sure when Best Buy reports.
June 30
Going where no Netflix (Nasdaq: NFLX ) has gone before, DVD-renting rival Blockbuster (NYSE: BBI ) announced earlier this year that it will begin mailing out video games to its online subscribers. The pilot program kicks off in the Cleveland area on this day, and the company plans to roll out the service nationwide by the end of the year.
Blockbuster is making a brilliant move, because this service will help set Blockbuster apart from Netflix's more popular Web-based DVD service. Sure, video games cost more than DVDs, and they also get dated a lot more quickly, but gamers are likely to hold on to a game longer than they would a movie -- and that extra time will help save on the roundtrip postage costs that Blockbuster incurs.
You can sell in May if you want to, but just make sure you don't go away in June.
Some other reads to get you through the month:
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