Stocks Recover as Facebook's Shares Soar
Stocks seemed to recover today after a jump in GDP growth. Facebook (FB) posted revenue of $2.59 billion in the fourth quarter, its shares skyrocketed up 16% to begin the trading day at $62.11. The U.S. economy grew at a pace of 3.2% in the fourth quarter, which is down from the 4.1% growth seen in the third quarter. Despite the slowdown, the second half of 2013 showed the best stretch of economic activity since the end of 2011. Jobless claims rose last week. Weekly applications rose by 19,000 last week to 348,000, which is the highest in about a month.Under Armour (UA) is having its second bast day in its IPO history. Under Armour's shares shot up 22% today after topping Wall Street's expectations.
Word on the Street
- Ford (F) plans on releasing 16 new models in 2014.
- Could you soon opt to be anonymous on Facebook (FB).
- Costco (COST) stores already pay above the minimum wage.
- Department of Justice now requests $2.1B from Bank of America (BAC).
- Olive Garden is trying something new to increase business.
- Amazon (AMZN) misses earning estimates significantly.
- Medivation (MDVN) cancer drug shows promise.
Published on Jan 30, 2014By InvestorGuide Staff