Automatic Data Processing said 191,000 private sector jobs were added in March, that is slightly less than the 195,000 Wall Street was expecting. The ADP report comes ahead of Friday’s big jobs report. Yesterday, auto sales came in surprisingly strong, with Chrysler, GM, Ford and Toyota all handily beating analysts’ expectations for March.
Yahoo Finance Editor-in-Chief Aaron Task says there are signs that the American consumer is feeling better, but there is reason to be cautious on the economy. “It’s not like it’s going gangbusters, so it’s all relative,” said Task. “It’s looking better than it did in January, but it’s not looking great either so I think you have to keep all this in perspective.”
Among the stocks the Yahoo Finance team will be watching today: General Motors (GM). Despite the ongoing investigations plaguing GM, one analyst says the company could see robust growth in the next few years. Mike Ward from Sterne Agee told CNBC that light vehicles sales could bring record profitability and cash flow in the next few years. GM CEO Mary Barra will testify again today about how the company handled a faulty ignition switch recall, this time in front of a Senate committee. In yesterday's appearance in front of a House panel, Barra called the company's actions unacceptable and disturbing. She also said that GM was considering paying damages to the families of the victims who were in accidents related to the faulty ignition switch.
High-frequency trading firm, Virtu Financial reportedly has delayed its initial public offering which was expected as soon as this Friday. According to the Wall Street Journal, sources say the IPO will be delayed at least a week. The decision comes amid a growing firestorm over high-frequency trading following the release of a new book, "Flash Boys," by best-selling author, Michael Lewis. Lewis and the main player in his book had a fiery exchange with the head of one of the United States’ biggest exchanges on the CNBC set on the floor of the New York Stock Exchange yesterday. Brad Katsuyama, the trader at the center of Lewis’ book, said he does believe the U.S. markets are rigged and that William O’Brien, president of BATs Global Markets is “a part of the rigging.”
There are growing calls this morning for the new CEO of Mozilla to step down. The online-dating site OKCupid is calling for a boycott of Mozilla's Firefox browser because CEO Brendan Eich donated $1,000 in 2008 in support of California's Proposition 8 which banned gay marriage. Our poll today asks, should Mozilla’s new CEO resign over his support for a ban on gay marriage? Cast your vote and post your comments as well.
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