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Stocks tumbled yesterday as concerns about global growth

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blasher   Tuesday, 08/14/12 09:03:17 AM
Re: blasher post# 10328
Post # of 10364 
Stocks tumbled yesterday as concerns about global growth weighed on the market. The Greek economy shrank 6.2% in the second quarter, according to preliminary government estimates. Japan's GDP expanded at an annualized 1.4% in the second quarter, while economists expected 2.7% growth. Meanwhile, investors are debating whether the U.S. economy is weak enough to warrant additional stimulus from the Federal Reserve. Google rose 2.8% after the co. said it will slash about 20% of Motorola Mobility’s work force, or 4,000 positions. Also, Google has agreed to buy Frommer’s travel guide brand from John Wiley & Sons for an undisclosed sum. Apple gained 1.3% as news reports of iPhone price-cuts fed speculation a new model of the popular smartphone will be released soon. Yahoo was down 0.9% after Stifel Nicolaus cut the stock rating to hold from buy on news that Yahoo may keep some of the cash from the sale of its Alibaba stake to invest in the business. Groupon tumbled 20% late Monday, after the daily-deals company’s quarterly revenue forecast coming in below analysts’ target.
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