Losing Streak Extends on Wednesday; Groupon Beats Estimates (GRPN, TSLA)
Wednesday marked the third negative day for US markets on rising uncertainty of taper timing and several corporate earnings misses. Bank of America (BAC) led financials lower after a suit was filed against the bank for allegedly misleading investors. After the bell both Groupon (GRPN) and Tesla (TSLA) announced second quarter earnings. Groupon also named co-founder Eric Lefkofsky as the full-time CEO.AOL Inc. (AOL) gained 1.5% after saying it would buy video advertising platform Adap.tv for $405 million. The dollar declined against most major currencies while Treasurys gained on strong demand for 10-year notes. Investors look to tomorrow's most recent jobless claims number as an important indicator of current economic status.
Word on the Street
- Consumer borrowing in the US reaches $13.8 billion in June.
- Bank of America (BAC) drops on Wednesday, leading financial stocks lower.
- Groupon (GRPN) posts a loss of $7.6 million.
- Was the most recent jobless claims number just a fluke?
- President Obama expresses support for the elimination of Fannie Mae and Freddie Mac.
- First Solar (FSLR) Stock Down on Earnings, GE & Element Power Deals.
Published on Aug 7, 2013By InvestorGuide Staff