Layoffs, Stress Tests, and Pandora’s Great Results: Morning Buzzers
The Employment Situation Report showed that the U-3 unemployment rate decreased to 7.7 percent in February, a 0.2 point decline from January’s rate of 7.9 percent.
Heading into the opening bell: DJIA: +0.55%, S&P 500: +0.47%, NASDAQ: +0.40%.
McDonald’s (NYSE:MCD) was up about 2 percent in pre-market trading after reporting that February sales declined just 1.5 percent, instead of the 1.63 percent decline that analysts were expecting. This drop was led by a 3.3 percent decline in the United States, ostensibly caused by the expiration of the payroll tax holiday, higher gas prices, and delayed federal tax returns.
Pandora (NYSE:P) stock exploded 25 percent higher in pre-market trading after reporting better-than-expected forth-quarter and full-year results. Annual revenue increased 56 percent to $427.1 million, listener hours increased 42 percent to 1.38 billion, its share of total U.S. radio listening increased from 5.74 percent to 8.48 percent, and active listeners increased 37 percent to 49 million. The company’s chief executive, Joseph Kennedy, also announced that he would be leaving.