This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First-Quarter GDP Revised Lower: Ahead of the Ticker

NEW YORK ( TheStreet) -- The latest estimate of U.S. gross domestic product for the January to March period has been revised down to growth of 1.8% from an earlier estimate of 2.4%.

The Commerce Department attributed the revision down to less consumer spending, a decrease in exports and softer business investment. Consumer spending, which accounts for about two-thirds of the GDP figure, rose at a 2.6% annualized pace during the period, down from the 3.4% pace estimated in the previous report.

Consumer spending had grown at a 1.8% rate in the fourth quarter of 2012.

According to Reuters, economists had expected the GDP report to be unchanged. The revision marks the third estimate for the first quarter.


Carnival Corp. (CCL - Get Report) announced it is replacing its CEO Micky Arison.

Arison, who has held the post since 1979, is the son of the company's founder, Ted Arison. He will continue to serve as chairman, while fellow board member Arnold W. Donald will take over as CEO.

Carnival Cruise Lines has come under fire after a string of bad incidents have damaged the company's reputation. Last year, the Costa Concordia's sinking off the coast of Italy killed 32 people, while earlier this year passengers of the Carnival Triumph endured what were described as terrible conditions after the ship was left stalled without power in the Gulf of Mexico for days after an engine room fire. Shortly after, a backup emergency diesel generator failed on the Carnival Dream and the company was forced to cut the trip short and fly all of the ship's more than 4,000 passengers back to Florida from St. Maarten.

Carnival announced Arison's departure as the company released second-quarter profit of $41 million on lower fuel and administrative costs. That's up from $14 million the company earned during the same period last year.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CCL $47.78 0.00%
AAPL $107.72 0.00%
FB $87.23 0.00%
GOOG $597.79 0.00%
TSLA $238.63 0.00%

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs