In The News:
Modest Growth: The second reading of Q1 GDP revised slightly downward to 2.4% vs. 2.5%. Personal consumption expenditures revised up to 3.4% the best gain since Q4 2010.
Joblessness on the rise: Initial Jobless claims rose 10k to 354K. The 4 week avg. is now up 6750K to 347,250.
Pending Home Sales.. rose 0.3% to highest level in 3 years however, they missed expectations. Coming in the strongest in sales the Northeast while the West was the weakest.
Dish makes a play.. Dish is makin a play for Clearwire launching a tender offer for $4.40 a share, for the broadband company. Dish’s bid is well above Sprint’s $3.40 and complicates Sprint’s dream of US market diminution.
Contemplating… Sony announced it is working with both Morgan Stanley and Citi as they consider spinning off the entertainment unit this after an activist investor suggested the idea.
Too Much Demand.. Surging demand in the US for Subaru vehicles should be a good thing right? Not necessarily, high demand could lead to dealer shortages because of limited production capacity at the automakers plants. Year over Year sales leaped 25% in April and 17% in the first four months of 2013.
In The Markets:
Asia: Following in the footsteps in the US, Asian stocks closed mixed Friday. The Nikkei continued it string of volatility, recovering some of the triple digit losses it suffered yesterday.
Nikkei: +185.51 13774.54 Hang Seng -92.12 22,392.10 Shanghai -17.1541 2300.59
Europe: European stock markets tumbled deep into the red. Fueling the tumble investors taking profits on the final day of the month and the continued climbing the wall of Federal Reserve taper worry.
US: US markets closed on a positive note despite paring back on early session gains. Investors seemed to shrug off weaker jobless claims and a downward revision of the GDP, instead betting worse economic news will wort off the Fed’s taper talk. Dow +21.80 15324.60 Nasdaq: +23.78 3491.30 S&9: +6.06 1654.42
In Dinner or Drink:
Today we choose a drink for all global markets to enjoy as they climb the wall of worry about the Fed tapering off QE3.
Western Wall Banger