Markets see significant losses for the second day in a row on a slew of bad and strange news. The jobs report for April came in a mixed bag. The unemployment rate fell for the month, however job growth also fell. The conflicting news sent both domestic and global stocks down. Oil companies like Exxon (XOM) and British Petroleum (BP) took a particularly strong hit after US crude oil fell more than 4 percent.
In more unconventional news, rumors regarding Yahoo’s (YHOO) CEO that began circulating yesterday have been found to be true. Scott Thompson lied about his Computer Science degree, causing decision makers to call for his firing. The head position has been a revolving door for Yahoo since it’s fall from grace. In other corporate news, LinkedIn (LNKD) reported strong earnings, beating expectations and raising revenue hopes for future social companies to go public.
Word on the Street
- Weak April jobs report sends markets on a downward slope. Global markets hit, as well.
- Unemployment falls but job growth slows.
- Yahoo (YHOO) Board of Directors call for CEO Scott Thompson’s firing after lying about Computer Science degree.
- Social job site LinkedIn (LNKD) sees a share price boost after beating expectations.
- The Washington Post (WPO) sees first quarter earnings double but ad revenue continues to slide.
- Rumors swirl Microsoft (MSFT) plans to sell its Xbox 360 for a measly $99 plus subscription fees.
- Green Mountain Coffee (GMCR) roasted as shares get slashed in half.