The Markets Now: RIM Down 5% After BlackBerry 10 Introduced
Gloomy economic news brought down stocks, and Chesapeake CEO exits.
Gloomy economic news brought down stocks Wednesday, with the Dow (INDEXDJX:.DJI) falling 0.05% to 13946.95 and the S&P 500 (INDEXSP:.INX) dropping 0.09% to 1506.04. The Nasdaq (INDEXNASDAQ:.IXIC) also inched down to 3156.16, a decline of 0.08%.
The US GDP shrank for the first time in three and a half years in the fourth quarter, going down 0.1%. For all of 2012, however, it advanced 2.2% compared to 1.8% last year.
Chesapeake Energy (NYSE:CHK) CEO Aubrey McClendon announced that he will step down after federal regulators and board members investigate whether or not he made antitrust violations. Shares moved up 5.96% to $20.11.
Ally Financial (NYSE:GMA), which received three rounds of federal aid, has only repaid $5.8 billion of the $17.2 billion it received from the government, causing the Treasury Department to consider a plan for Ally to repay taxpayers. Shares declined 0.04% to $25.36.
Dunkin' Brands Group (NASDAQ:DNKN) made plans to expand the doughnut chain to Vietnam, and Ho Chi Minh City in particular, signing an agreement with Vietnam Food and Beverage Co. Shares rose 0.53% to $36.17.
H&M's (STO:HM-B) fourth-quarter net profit fell from $5.36 billion last year to $5.29 billion this year. The company points its finger at the higher costs of expanding into new brands and a stronger Swedish krona. The stock is up 0.34% at $235.70.
Today Research In Motion (NASDAQ:RIMM) unveiled its BlackBerry 10, which the company hopes will help it to reclaim its share of the smartphone market. Its stock plunged 4.79% to $14.91.
Amazon's (NASDAQ:AMZN) fourth-quarter income plunged 45% and brought in $0.21 in earnings per share compared $0.38 a year earlier. Though earnings missed expectations, its profit margin rose 24.1%, which is 4% higher than it was a year ago. Its shares rallied 6.23% to $276.00.
Boeing (NYSE:BA), which is still examining the source of 787 battery problems, reported fourth-quarter earnings that beat analyst estimates for earnings per share of $1.18; the company had earnings per share of $1.28.
Apple (NASDAQ:AAPL) inched up 0.46% to $460.40, despite predictions that the stock would steadily decline.
Facebook (NASDAQ:FB) will release its much-anticipated earnings report after the closing bell with analysts expecting Facebook to report earnings per share of $0.15. Shares moved up 1.69% to $31.31 after a stock buyback.
Zynga (NASDAQ:ZNGA) continued to fall today after a disappointing performance yesterday, declining 0.38% to $2.61.
Gold gained 18.6 to 1681; crude oil is at 97.70, up 0.13.
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