After two days of solid gains for stocks (^GSPC), Wall Street is digesting the latest report on the economy. The Commerce Department reports second quarter Gross Domestic Product rose 2.3%, below economsts' forecasts. However, the previous report showing first quarter GDP fell 0.2% was revised upward. The government now says the economy grew 0.6% in the first three months of the year.
Yahoo Finance Senior Columnist Michael Santoli believes nothing in this report will do anything to influence the Fed's plans on when to hike interest rates.
"It seems not to disturb the current view that we did have a pickup in the second quarter that, hopefully, will build upon itself in the third quarter," he says. "I don't think this changes the debate after yesterday's statement."
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Facebook's spening spree
Here are some of the stocks the Yahoo Finance team will be following for you today.
Facebook (FB) The social media powerhouse had a very solid quarter, with revenue topping $4 billion for the first time. However, some investors are concerned about the company's spending, which rose 82% to $2.77 billion in the period.
Procter & Gamble (PG) The multinational consumer products firm topped analysts' estimates for earnings in the period, but revenue came in short. And it's the often heard refrain, the strong dollar ate into sales. P&G also took a hit from an accounting change related to its Venezuelan operations.
Whole Foods Markets (WFM) The high-end grocery chain came up short on both the top and bottom lines in the second quarter. The company says sales at stores open at least a year rose just 1.3%...and they were especially slow after news broke that Whole Foods was overcharging customers on some pre-packaged items.
T-Mobile U-S (TMUS) The wireless phone provider blew the doors off quarterly earnings...and revenue topped forecasts as well. T-Mobile says it added 2.1 million new customers in the period...and it's raising its forecast for new subscribers this year.
Time Warner Cable (TWC) The cable operator being purchased by Charter Communications (CHTR) missed badly on second quarter profit...and revenue came in a bit light. Time Warner Cable blames a big pension payout and higher programming costs for the disappointing results.
Royal Dutch Shell (RDS-A) The big European oil producer is slashing 6,500 jobs because of a sharp decline in business related to falling crude prices. Shell's second quarter profit dropped by one-third as its exploration and production business slumped.
Tesla price break
Tesla (TSLA) is launching a referral program, offering current owners $1,000 for referring new customers. The new buyers will also receive a $1,000 discount off the list price. CEO Elon Musk called the program an "experiment" and plans for it to last only 90 days.
Uber is launching its own car leasing program for UberX drivers. Previously, the ride sharing app partnered with GM (GM) and Toyota (TM) to lease cars. Now through the new program, Uber will directly loan cars to its drivers.
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