Markets Fizzle on Missed GDP Expectations (BBY, EBAY)
Though positive, GDP data missed expectations today, failing to curb a three day decline in major stock indices. The Commerce Department revised Q4 disposible income up by $10.6 billion to $11.73 trillion, and jobless claims are at a four year low. Best Buy (BBY) reported a $1.7 billion loss in Q4, and will be shutting down 50 stores. eBay (EBAY) announced it had found the new president for its PayPal division. They chose David Marcus, PayPal's vice president of mobile.
Word on the Street
- Indices continued to decline for the third day in a row.
- Best Buy (BBY) reported a big loss for its Q4.
- Real disposable incomes rose faster than expected back in Q4.
- Jobless claims are down to their lowest in years.
- The US Treasury took a $48.8 million loss on its TARP assets.
- eBay (EBAY) has announced the new president for its PayPal division.
Published on Mar 29, 2012By InvestorGuide Staff