The economy added 192,000 jobs in March, slightly less than expected and less than a revised 197,000 in February. The unemployment rate remained 6.7%. Economists were expecting 200,000 new jobs and an unemployment rate of 6.6%.
Yahoo Finance Editor-in-Chief Aaron Task said the headline numbers were something of a disappointment because whisper numbers on Wall Street were running as high as 250,000 to 275,000 jobs for March. But Task also said the market may see some upside to the disappointing report. “The expectations were that this was going to be a hot number and maybe this is good for the market because it takes concerns about the Fed off the table for the moment.” One of the concerns among traders was that a very strong number would lead the Federal Reserve to speed the pace of tapering in its monthly bond-buying program.
Among the stocks the Yahoo Finance team is watching today: Micron Technologies (MU). After the close yesterday, the company said it swung to a profit in its second quarter. The semiconductor firm beat Wall Street earnings estimates by $0.09 a share. Revenue nearly doubled, coming in just ahead of estimates.
And watch shares of GrubHub today as they begin trading on the New York Stock Exchange under the ticker: GRUB. The online food-ordering company raised a higher-than-expected $192 million dollars in its initial public offering Thursday. The company sold 7.4 million shares, which priced above the expected range at $26 a share. GrubHub runs the websites Seamless.com and Menupages.com. The IPO price values the company at about $2 billion.
In other news, Brendan Eich stepped down as CEO of Mozilla, the company behind the Firefox web browser, after he came under intense criticism for making a contribution to a campaign to ban gay marriage in California. Eich was under pressure from outside the company as well as from some Mozilla employees who took to Twitter (TWTR) to vent their frustration at his elevation to chief executive. Eich made a $1,000 contribution in support of California Prop 8, which sought to ban same-sex marriage in California in 2008. Eich, who co-founded Mozilla, was CEO for less than two weeks.
And Nest Labs, which was bought by Google (GOOG) in January for $3.2 billion, has halted sales of its smoke and carbon monoxide alarm, the "Nest Protect". The company said it discovered a faulty feature which could prevent the alarm from sounding in the case of a fire. The feature allows users to wave their hand under the smoke detector to turn the sound off in the event of a false alarm. Nest found the wave of the hand could actually disable the alarm and delay its activation in the event of a real fire. The company said alarms with a Wi-Fi connection can have the Wave feature disabled. Those without Wi-Fi can be returned for a full refund.
And the White House is objecting to Samsung's use of a photo of President Obama. Red Sox star David Ortiz took a selfie with President Obama when the team was honored at the White House. Ortiz took the photo using his Samsung phone and Samsung used the image to promote its phone, as it did with Ellen DeGeneres' selfie seen 'round the world from this year's Oscars.
White House Press Secretary Jay Carney said "as a rule, the White House objects to attempts to use the president's likeness for commercial purposes, and we certainly object in this case."
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