Weak Economic Data Confirms Slowing Global Growth (SBX,TRLA)

Global growth extends the rut it has been in recently with stocks seeing little change again on Thursday. Reports showed that Asian economies continued with weak data and worries over the euro zone hold as well. In the US, jobless claims remained around two-month highs after 382,000 were reported for the past week. In corporate news, Starbucks (SBX) unveiled a new single-serve coffee product, pushing shares of Green Mountain Coffee Roasters Inc. (GMCR) down. Exxon Mobile (XON) made a $1.6 billion deal with Denbury Resources (DNR) to acquire the Bakken shale assets in North Dakota and Wyoming. Making its IPO debut on Thursday was Trulia Inc. (TRLA), whose stock soared 41%, selling six million shares above what was in the proposed range.

Word on the Street

• Bernard Madoff’s victims will be receiving a $2.48 billion payout to cover their losses.
• US unemployment claims drop slightly from last week to 382,000.
• Green Mountain (GMCR) shares fall after Starbucks (SBX) announces a new single-cup coffee machine.
• Wal-Mart (WMT) announces it will stop selling Amazon Kindle products after the inventory is depleted.
• Bank of America (BAC) is accelerating their cost-cutting program and plans to rid 16,000 of their jobs by the end of the year.
• Regulators at the SEC are being urged to slow down the high-speed trading that has caused recent problems.
• Spain’s second bond sale of the week sees success and reduces chances of a bailout.
• JC Penney (JCP) reports a pessimistic outlook for the second half of the year, stock plunges.

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