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

Stocks Mixed as Yahoo!, Groupon Tumble

NEW YORK (TheStreet) -- Major U.S. stock indices closed mixed Wednesday as tech stocks fell amid a selloff in Yahoo! (YHOO - Get Report) and Groupon (GRPN - Get Report) shares and investors digested remarks from Federal Reserve Chair Janet Yellen. Indices were gaining from earlier in the session.

Productivity in the U.S. fell more than expected during the first quarter while labor costs rose.

  • The Dow Jones Industrial Average was up 0.72% to 16,518.54 while the S&P 500 was 0.56% higher at 1,878.21. The Nasdaq was sinking 0.32% to 4,067.67.
  • Russian President Vladimir Putin said troops were pulled back from the Ukrainian border, with his seemingly moderated stance causing Russian shares to rally. 
  • Yahoo! was 6.63% lower after Chinese Internet group Alibaba filed plans for its IPO on Tuesday. Yahoo! has a 24% stake in Alibaba.
  • Groupon shed just over 20% after reporting that its first-quarter loss widened to 6 cents a share from a year earlier.
  • First Solar (FSLR) shares gave up 5.75% as investors weighed second-quarter concerns against a near doubling of first-quarter earnings.
  • Yellen's testimony before the Joint Economic Committee in Washington Wednesday morning had a slight dovish tilt, with new mentions of downside risks to the growth outlook, noted BNP Paribas economist Laura Rosner. "Yellen's view is still that "a substantial amount of slack remains in the labor market" means the Fed has ample room to take a patient approach to normalizing rates."
  • Productivity fell 1.7% in the U.S. nonfarm business sector in the first quarter while unit labor costs rose by 4.2%. Expectations were for a 1.2% fall in nonfarm productivity and a 2.8% rise in labor costs.
  • Chesapeake Energy (CHK) gained 4.44% after saying first-quarter profit jumped as it reported a 47% rise in revenue and higher production. The company raised its production growth outlook for 2014 to 9% to 12%.
  • Tesla Motors (TSLA) is expected to post first-quarter earnings of 8 cents a share after the markets close on Wednesday. Other companies due to report include Prudential Financial (PRU), while Walt Disney (DIS) posted second-quarter profit of $1.08 a share against 83 cents a share a year earlier.
  • In international markets, Germany's DAX closed 0.57% higher while the FTSE was 0.03% lower. The Hang Seng closed 1.05% lower while the Nikkei shed 2.93%. Prime Minister Yingluck Shinawatra has been ordered to resign by a Thai court, which found she had abused her power.
  • Markets closed lower Tuesday after the OECD cut its global growth forecast and financial shares fell following a poor results from American International Group (AIG).

-- By Andrea Tse and Jane Searle in New York

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
Submit an article to us!
SYM TRADE IT LAST %CHG
GRPN $7.04 0.00%
YHOO $42.04 0.00%
AAPL $128.70 0.00%
FB $78.81 0.00%
GOOG $540.78 0.00%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs