Twitter (NYSE:TWTR) fell 17.96% today after its major insider lockup expiration. The stock was for sale all day on record volume -- 11 times the monthly average. This occurred even though before the lockup expiration some insiders said that they wouldn't sell. However, social media peer Facebook (NASDAQ:FB) bottomed around its lockup period in 2012.
March's trade deficit narrowed to $40.4 billion from $42.3 billion in the month prior. This was slightly worse than the $40 billion expected. The government's approximation for the month's trade balance was -$38.4 billion. As a result, the month's figure was poor enough to cause most Wall Street economists to revise down their first-quarter GDP tracking to reflect a contraction.
Tomorrow's Financial Outlook
The most significant report tomorrow is March's consumer credit growth, as reported by the Fed. Credit is expected to grow by $16.1 billion in the month after increasing $16.48 billion in the month prior. Preliminary nonfarm business productivity and unit labor costs for the first quarter will also be released. The Treasury will be selling $24 billion of new 10-year notes at 1:00 p.m. EDT. The rate paid on these notes will dictate a number of government-backed interest rates, such as those for student loans. Janet Yellen is scheduled to testify to the Joint Economic Committee.
The Bank of Japan will release the minutes of its April meeting tonight, and is expected to draw significant investor interest. Also scheduled to be released overnight is New Zealand's employment change, Australian retail sales, China's final services PMI, and German factory orders.
Fifty-six major US companies are scheduled to report tomorrow. Of these reports, Sotheby's (NYSE:BID), Molson Coors (NYSE:TAP), Chesapeake Energy (NYSE:CHK), Devon Energy (NYSE:DVN), 21st Century Fox (NASDAQ:FOXA), CF Industries (NYSE:CF), Green Mountain Coffee Roasters (NASDAQ:GMCR), Tesla Motors (NASDAQ:TSLA), Zillow (NASDAQ:Z), AOL (NYSE:AOL), and Prudential Financial (NYSE:PRU) are of note.
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