Restrictions on the sale of Facebook stock by the social media firm's employees end this week, meaning many of them will be millionaires, not just millionaires "on paper." But the sale will likely drive the stock price down.
Google's quarterly earnings report was mistakenly released while markets were open, instead of after. A 20 percent drop in profits, as prices of online and mobile ads decline, sent shares down immediately.
The third-quarter earnings season kicked off today with an ominous warning about global growth from the IMF. A weak consolation for Americans is that we are the only major economy where the IMF expects decent growth in the next year.
Shares in the office supply store Staples are down 15 percent this morning after the company said its sales dropped 5.5 percent last quarter. Meanwhile, the discount retailer Target said it made a $700 million profit last quarter
Pfizer seems to be weathering the loss of its patent for Lipitor just fine. The drug company says its second quarter profit jumped 25 percent. That's despite lower revenue, and competition from generics for its cholesterol-fighting blockbuster.
The British oil company BP is reporting a sharp drop in profits. The company made just $238 million last quarter, compared with more than $5 billion a year ago.