Business News

Stop Yellen at me!

US Stocks sold off yesterday after the Federal Reserve chairwoman Janet Yellen spooked investors by warning that stock values are quite high, which is unusual for a sitting head of the Fed.

The payroll processing company ADP came out with their report which showed the private sector added 169,000 jobs in April which was well below forecasts.  The slowing pace of job gains in the US may prompt Federal Reserve officials to delay raising interest rates longer than anyone expects.

US Productivity in the 1st quarter fell by 1.9% resulting in the first back to back drop since 2006.  The decline in productivity stemmed from companies hiring more workers and those workers working more hours.

Shares of Alibaba are 7.6% higher after the company reported earnings that top wall st. estimates.  The Chinese e-commerce giant beat profit and revenue estimates in their fiscal 4th quarter.  The company also announced their Chief Operating Officer will become their CEO on May 10th.

Shares of Tesla Motors are lower this morning after the company reported earnings that was actually better than expected.  The stock is lower because the company is burning through cash at an alarming rate.  At their current cash burn rate the company could survive 3 more quarters before they ran out of cash.

The organic supermarket chain Wholefoods saw their stock fall 10% after the company reported disappointing 2nd quarter sales.  Wholefoods also announced they will begin opening smaller stores targeted at millennial shoppers.

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Lars Larson
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