Stocks were higher today after Yellen’s remarks yesterday that seemed to put a rate hike in June off the table.
Oil prices rose again today on Nigerian supply disruptions.
First-quarter productivity was revised slightly upwards to a 0.6% decline from an initially reported 1% decline. The data showed that unit labor costs, a measure of compensation, rose 4.5% in the quarter while the output of goods was up only 0.9%.
Valeant Pharmaceuticals (VRX) sharply cut its earnings guidance this morning. The company now expected to earn between $6.60 to $7 a share for the year, compared to its previous guidance of $8.50 to $9.50 a share. The move comes after new CEO Joseph Papa took the reins last month following a tumultuous period for the firm. Shares were down 13% at midday and are off over 87% over the last twelve months.
There were reports late Monday that Verizon (VZ) is expected to submit a $3 billion bid for Yahoo’s (YHOO) core Internet business. Private-equity firm TPG is also expected to bid. Yahoo shares were down slightly on the news.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.