Following four-consecutive days of stock market (^GSPC) declines, Wall Street is focusing on the final revision of fourth quarter GDP and a speech this afternoon by Fed Chair Janet Yellen.
The Commerce Department says the economy grew at a 2.2% rate the last three months of 2014, the same as its previous revision and below economists' estimates.
Yahoo Finance's Aaron Task thinks that while the report isn't especially good, investors won't spend too much time dwelling on this data.
"It's not terrible but it's not going to give anybody great faith or hope," he says. "This is kind of a wash because it's a rear guard action and people are already thinking about what the first quarter numbers are going to look like."
Meantime, Yahoo Finance Senior Columnist Michael Santoli is more curious about what Yellen might say on what the Fed plans are after it begins raising interest rates.
"I think a lot of people want to hear if she has anything to say about her broadly-framed expectations for once the start, how it's going to look, whether they can get back to 3% short-term rates," he notes. "I'm not saying she's going to lay that all out, but I do think people are going to be caring about exactly what the nuances are within that talk."
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Blackberry turns a profit
Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.
Blackberry (BBRY) shares are on the move in early trading. The Canadian smartphone maker swinging to a surprise profit in the fourth quarter. Analysts had expected a loss for the period. But revenue fell short of forecasts. Sales fell more than 32% from a year earlier as Blackberry continues to struggle with sluggish demand for its smartphones.
GameStop (GME) shares falling in the pre-market. The video-game retailer provided a weaker-than-expected outlook for the year after reporting earnings and revenue that missed forecasts in its holiday quarter. GameStop says the stronger dollar and weak demand for older model consoles hurt sales.
Related: BlackBerry swings to profit; GameStop takes a hit; Yahoo rewards shareholders
Restoration Hardware (RH) shares are down sharply in early trading. The high-end home furnishings retailer warning that the West Coast port slowdown will take a toll on first quarter earnings, but stressed the impact would be temporary. The company posting earnings that slightly beat estimates, while revenue was roughly in line with Wall Street views. And it also said it plans to expand its product lines, revamp its catalogs and launch new businesses.
Yahoo (YHOO) shares are higher in early trading. The company is putting some of the proceeds from its public offering of Alibaba (BABA) to work by buying back $2 billion worth of its own shares. Yahoo still owns about a 15% percent stake in Alibaba. And it is also the parent of Yahoo Finance.
Pepsi wins cola wars
In the latest skirmish in the cola wars, we have a change in rankings. Data from trade publication Beverage Digest finds Pepsi (PEP) has passed Coca-Cola's (KO) Diet Coke as the number two selling carbonated beverage in America. Regular Coca-Cola still maintains the number one spot.
Related: 'No Diet Coke, Pepsi'
And Google (GOOGL) is reportedly bringing its augmented reality sci-fi game, Ingress, to TV. The tech news website, The Information, reports that the geo-location game has soared in popularity since its release in 2012.
Related: Google bringing sci-fi game to TV: Report
