In The News:
The ADP private sector job report was released this morning showing in February 139,000 jobs were created. We will have a full recap in tomorrow’s daily digest.
RadioShack (RSH) shares tumbled on Tuesday after the company announced a much larger than expected loss in Q4 and that they plan on closing up to 20% of the ailing electronics vendor’s stores. Investors have grown increasingly disillusioned with RadioShack, whose performance has continued to erode this year despite management’s effort to turn the chain around. In fact, the latest results appear to have further dented confidence. In Q3, the company had to write off inventory, saw gross margins drop by 8 percentage points, and announced that same-store sales had fallen 8.4 percent. According to the company, in the final three months of 2013 same-store sales had a 19 percent drop because of “traffic declines and soft performance in the mobility business.” The company has had major problems converting to the new landscape of technology where people have converted from more expensive desktop and laptop computers to tablets and smartphones. The company is trying to dig itself out the hole by recently redesigning stores and paying big bucks to run an ad at this year’s Super Bowl.
Beam me up…
The next step for Facebook Inc. (FB), is drones. The world’s No.1 Internet social network is in talks to buy drone maker Titan Aerospace for $60 million, according to media reports. The high-flying drones would give Facebook the ability to beam wireless Internet access to consumers in undeveloped parts of the world. The effort would help advance Facebook’s Internet.org effort, aimed at connecting billions of people in places such as Africa and Asia, who do not currently have Internet access in places.
In The Markets:
Asian stocks closed mostly higher on Wednesday. Jittery investors were calmed a bit by Tuesday’s Wall Street rally and news China will keep its inflation target the same.
European markets closed higher on Wednesday after reports the situation in the Ukraine was starting to calm a bit.
U.S. markets closed up on Tuesday with the best gains of this year and the S&P hitting a record high. Investors were calmed by reports that Russian troops ended military exercises in the border region of the Ukraine. DJIA: +227.85 16395.88 S&P -28.18 1873.91 NASDAQ:+ 74.67 4351.97
In Dinner or Drink:
Beam Me Up Jimmy…
3 oz. Jim Beam® bourbon whiskey
1 1/2 oz. Jim Beam Black Label bourbon whiskey
1 oz. Wild Turkey® 101 bourbon whiskey
1/2 oz. grenadine syrup
Combine all whiskies in a shot glass, top with grenadine last and stir.
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