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Nasdaq down for 3rd session

Thursday, May 08, 2014 - 02:37

May 8 - Summary: Volatile day ends mixed, Yellen won't raise inflation target; Dish CEO talks deal strategy, Alibaba's ShopRunner deal. Bobbi Rebell reports.

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A volatile session the US markets - investors putting pressure names on Tesla and Priceline, which reported disappointing outlooks after the bell Wednesday. The major indexes closing mixed with the Dow posting a gain. Twitter and Yelp big winners. Morgan Stanley upped its rating on the social media companies. Fed chair, Janet Yellen, on the Capitol Hill for the second day, rejected the idea of raising the inflation target. (SOUNDBITE) JANET YELLEN, CHAIR OF THE BOARD OF GOVERNORS, U.S. FEDERAL RESERVE SYSTEM (ENGLISH) SAYING: "If you look at inflation expectations, they run around two percent. And they've been very stable and well-anchored, and they have not moved around when actual inflation on some temporary basis has diverged from two percent. And that is a huge asset to this country to have stable, well-anchored inflation expectations." Yellen added that the Fed is in no rush to shrink its balance sheet, and that getting it to a pre-crisis size could take the better part of a decade. Lawmakers expressed concern about the proposed Comcast Time Warner Cable deal. During a second congressional hearing, lawmakers pointed out that the combined company would have 30 percent of the cable market, and, at least, 40 percent of the broadband market. Executives from the companies defended the deal, arguing it would slow the increase in prices, and that consumers would be the big winners. Dish Network fell. The second largest U.S. satellite TV company reported better than expected revenue growth, but Chairman Charlie Ergen said it would not make a move for rival DirecTV, saying, despite the synergies, the price would be too high. He was referring to reports that AT&T and DirecTV were considering a deal. He added Dish could launch its internet TV product by the end of the year. Weekly Jobless claims fell by 26,000, snapping 3 weeks of increases, and pointing to possible strengthening in the labor market. But many are losing their jobs at Barclays. The bank is slashing 19,000 jobs in the next 3 years. The firm has been hit hard by a slide in trading revenue, and tough post-crisis regulation. Just a couple of days after filing to go public, Alibaba striking a mega deal with Amazon rival ShopRunner to help them expand into China. They will use Alibaba's domestic logistics infrastructure to launch in China later this year, allowing them to tap into the world's second largest economy. In Europe, speculation the ECB may cut interest rates sent the major indexes higher in Thursday's trading.

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Nasdaq down for 3rd session

Thursday, May 08, 2014 - 02:37