Wall Street starting February pretty much how it ended January. Stocks are now lower across the board after trying to make some headway out of the gate.
It seems consumers are not spending that extra cash from cheaper gas prices. The Commerce Department reporting that personal spending recorded its biggest decline in more than five years in December. Household purchases fell 0.3% after two months of back to back gains.
On the earnings front.
Exxon Mobil (XOM) reporting fourth quarter earnings that topped estimates, but revenue missed expectations falling more than 21% from a year earlier as lower commodity prices and planned maintenance costs weighed on results.
Food distributor Sysco (SYY) posting earnings that came in right in-line with estimates while revenue beat forecasts, up more than 7% from a year earlier. Sysco also said it plans to sell 11 of its U.S. food centers to Performance Food Group in order to win regulatory approval of its proposed deal with U.S. Foods.
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Moody’s (MCO) shares in the spotlight. The Wall Street Journal is reporting that the Justice Department is investigating the ratings service for favorable grades it issued on shoddy mortgage bonds in the lead-up to the financial crisis. This comes as the DOJ and Standard & Poor's are close to a settlement over similar alleged actions.
Intel (INTC) is buying German chip maker Lantiq from investment firm Golden Gate Capital for an undisclosed amount. The deal will help Intel expand its presence in the so-called "Internet of Things." That covers everything from gadgets in your car..to appliances in your home.
Related: Exxon Mobil profit plunges; Twitter scores big during Super Bowl
Twitter (TWTR) scored big during Super Bowl Sunday. The New England Patriots win against the Seattle Seahawks was the most tweeted NFL final in history with more than 28-million tweets relating to the big match, according to Twitter.
President Obama set to announce today a plan for Washington to get its hands on some of the up to 2 trillion dollars corporations are holding overseas. The President wants to slap a 14% tax on accumulated foreign earnings to help boost the highway trust fund.
Related: Obama to corporations: Show me the (foreign) money
Amazon (AMZN) is one of those companies that benefits from keeping profits overseas. But today we have a story about the firm making money on U.S. campuses. Amazon announcing a deal with the University of Massachusetts at Amherst to run co-branded a website offering textbooks, college gear, even ramen noodles-- all the essentials for college life! Amazon already has similar deals with U-Cal Davis and Purdue.
