Afternoon Market Update (SNE, TWX, NFLX, AAPL, PVH)

Sony Corp SNE has decided to offer the HBO programs of Time Warner Inc TWX. These programs will be offered through Sony’s PlayStation 3 in the latest of a line of deals, positioning the maker of video-game-console as a media and entertainment distribution channel. SNE has also signed similar deals with Netflix Inc NFLX and MLB.TV. The CEO of Apple AAPL, Steve Jobs, promised a company’s loyalist that he would not be "disappointed" as AAPL has large number of announcements lined up for the Worldwide Developers Conference. The conference, which is due to start within two weeks in San Francisco, will be attended by 5,000 developers. However, it would not be surprising if these developers come back disappointed as Jobs has earlier also broken his promise of a similar type. Several US stocks, such as Phillips-Van Heusen PVH, tumbled today due to large concerns about Europe’s ability to contain its debt problems and an increase in political tension on the Korean peninsula. The losses increased even after modestly positive US economic data. Read more from Benzinga's Company news.