Private employers added 281,000 jobs in June, according to giant payroll processor ADP. The gains are the most jobs added in a month since November 2012 and far better than the 213,000 jobs economists were expecting. The number of private-sector construction jobs added in June was the most since February 2006.
The report comes just one day ahead of the government’s monthly jobs report, which will be released on Thursday this week instead of the traditional first Friday of the month due to the July 4th holiday. Economists expect to see about 211,000 jobs added in the month of June.
The jobs report will be especially closely watched after surprisingly weak economic growth in the first quarter. Q1 GDP declined 2.9% in the first three months of year.
Federal Reserve Chair Janet Yellen is expected to address economic growth and jobs when she speaks today before the International Monetary Fund about monetary policy and financial stability.
In corporate news, JPMorgan CEO Jamie Dimon said he has treatable throat cancer. Dimon said the cancer was caught at an early stage and he will remain on the job while he undergoes eight weeks of radiation and chemotherapy. Dimon has served as CEO for the past eight years.
Among the stocks the Yahoo Finance team will be watching today: GoPro. (GPRO)
The stock slid for the first time since its IPO, falling sharply in early trading. Shares of the camera-maker are coming off gains of 103% in its first four days of trading since its debut Thursday at $24-dollars a share.
Shares of cloud service provider Rackspace Hosting (RAX) surged in early trading after TechCrunch reported that the company is considering taking itself private. Rackspace said in May it had hired bankers to explore its options, including partnering with or being acquired by another company.
Shares of Constellation Brands (STZ) shined in early trading. The company, whose brands include Corona beer and Robert Mondavi wines, reported earnings of $1.07 a share, blowing past analysts' estimates. Revenue also topped estimates driven by strong beer sales. The company also raised its full-year outlook.
Shares of Paychex (PAYX) fell in early trading after the company said current first quarter earnings growth would be between 6% and 8%. Analysts were expecting 8% earnings growth. After the close Tuesday, the company reported fourth quarter earnings and revenue that were in-line with estimates. Profits rose 18% from a year earlier thanks to strong growth in its payroll and human resource services businesses as it added more clients due to increased demand for HR outsourcing services. The company also was upbeat about revenue and earnings growth for the rest of the year.
And Google (GOOGL) acquired streaming music service Songza for an undisclosed amount. Songza has just over five million users, a fraction of rivals, like Pandora (P) and Spotify, each of which has tens of millions of users. Songza's technology uses factors like time of day and a listener's location to create custom playlists. The company's CEO said that technology could translate to other uses beyond music.
Plus, Amazon (AMZN) is suing a former employee for allegedly violating a non-compete clause by going to work for Google’s cloud business. The suit, first reported by GeekWire points to a growing rivalry between Amazon and Google for domination of the cloud. The case will be closely watched in the industry as competition for talent grows increasingly fierce.
We want to know what you think about these stories or any others. Tweet us @hotstockteam.