Lets get you to the top stories. Goldman sachs reported its highest earningspershare in more than five years. All of goldbergs major businesses Beat Estimates. The firm paid a smaller portion of revenue in compensation. Citigroup also Beat Estimates First Quarter net income rose 21 . Citi helped offset trading present it with a 10 drop in expenses. Etsy shares doubled in early trading after pricing at the high end of the range, a ranged a raised 267 million in its ipo. Party city went public, shares opened 20 as private equity owners did not sell any stock in the ipo. Trading is underway from virtu financials. The first highspeed trading firm to go public. It raised 314 Million Dollars in its offering. The ipo was delayed after the publication of Michael Lewis boys. Flashboys. Another sign of strength in the u. S. Labor market. For the sixth straight week, fewer than 300,000 americans filed for firsttime jobless benefits. The table a number of people receiving benefits was the lowest s
Good to have you here. Good to be here. Not so unusual on the first trading day of the year that you would have a reversal of some of the trends you saw last year. Overall stocks were up and now they are down. Individual stocks did very poorly last you and are up today. That is right. Tried to play the counter trade. Time for a big picture. To tell you what is happening right now, we will start with the s p 500. Down about one percent. We were up six percent in 2013. No one wanted to sell them. Today, fine. We put a little bit of the profitability in our park it pocket. This is a surprise. Right now, the yield is 298, about twoyearm high. That is in spite of that her data. Manufacturing, construction, and jobs, all better. It may be the same sort of thing. You take ons down enough and people will buy them. That in turn pushes the yield down. You take hold down far enough and eventually people will buy it. It had the worst year in 12 years. Today, people are buying it. Everything is run
President randy levine on opening day. Lets kick it off with what everyone is talking about. Gm cannot seem to catch a break. Gm recalls more than one million more cars. Headed to the t, they ignored defects. Oh, yeah. Make that about 7 million. That is the total number of cars that gm has recalled the First Quarter of this year. Saturn,y malibu, the and the g six. The recall adds to the one in 2010, which includes the chevy cobalt. The recall, also in a recall a decade in the making. Mary barrow will reportedly make sense of this in her testimony on capitol hill later today. We are going to have more on the story coming up in lunch money. Here is the thing. Gm recalls are not the only thing washington is worried about. The fbi is investigating whether highfrequency trading firms break the law. Are they at nonnonpublic information to gain an edge . There is certainly a question about timing here. Michael lewis is trying to sell his book right now on flash trading. The book shows off a
Prison to politics. And in innovation, robots that think for themselves and behave like termites. Get psyched for that. First off, kicking it off with what everyone is talking about. Gm has company in the recall department. It is one of the biggest recalls in history, toyota recalling more than 6 million cars because of 5 million defects. The company does not actually know of any injuries or deaths linked to them, but the cars being recalled our top sellers , like the corolla, the camry, and the rav4. The company trying to avoid what gm is going through right now. And getting a recall out in the open. Toyota also wants to avoid its painful experience of 2010 when it recalled 10 million vehicles because of unintended acceleration. Back then, the president of toyota spent a lot of time in washington. Regulators had punished the company for covering up information and being too slow in making the 2010 recall. Toyota has pledged to improve the process. He has instituted a threeyear freeze
On opening day. Lets kick it off with what everyone is talking about. Gm cannot seem to catch another break. Recall debacle. Gm recalls more than a million more cars. A is headed to the hill to explain why they ignored three 13killed people. The one it announced last night is tear tied to power steering. Ads to one from 2010. That car also in the ignition switch recall. The ceo will make sense of the testimony. We will have more coming up as well as throughout the day. Gm recalls are not the only thing washington is worried about. Lets lead with the fbi. Investigating whether highfrequency trading firms break the law. There is a question about timing. Trying to sells his book right now on flash trading. This stems from a multiyear investigation that has resulted in at least 79 convictions. Michael lewis was on 60 minutes and claimed the u. S. Stock markets are rigged because of highfrequency traders. It may not be that he is the highfrequencyng trading to the fore. Announcing that ther