TOP STORIES
U.S. GDP GROWTH SLOWS TO 2.6%
Gross domestic product expanded at a 2.6% annual rate in the
fourth quarter. The economy grew 5% in the third quarter and 4.6%
in the second quarter after contracting in the first three months
of the year.
CHEVRON HELPED BY REFINING, ASSET SALES
Chevron posted better-than-expected 4Q results, as asset sales
and strength in its refining segment helped offset tumbling crude
oil prices. Overall, earnings fell to of $3.47 billion, or $1.85 a
share. Revenue fell 18% to $46.1 billion.
U.S. STOCKS TRADE MIXED
U.S. stocks traded mixed after data showed U.S. economic growth
slowed in the fourth quarter. Investors continued to watch 4Q
earnings. Shares of Amazon.com, which posted a higher-than-expected
profit, rose 11%.
BANK OF RUSSIA CUTS INTEREST RATES
Russia's central bank unexpectedly cut its key interest rate by
two percentage points, saying a sharp economic slowdown would soon
ease inflationary pressures, prompting the ruble to fall.
SHAKE SHACK SAID TO PRICE IPO AT $21
Thanks to hearty investor appetite, Shake Shack's initial public
offering priced well above expectations, netting the burger chain a
valuation of $745.5 million.
OIL PRICES WAVER AFTER U.S. GDP DATA
Oil prices wavered between gains and losses as 4Q U.S. economic
growth came in weaker than expected. Analysts said the small gains
early in the session were likely the result of traders taking
profits from bearish bets against the market given the end of the
trading week and month.
ALTRIA SALES GROW AS CIGARETTE PRICES RISE
Altria Group posted higher 4Q revenue as higher prices offset a
decline in cigarette volume. Earnings matched analysts'
projections, while its top line exceeded them. Altria also said its
operating chief, Dave Beran, would retire March 1.
MASTERCARD PROFIT SURGES 29%
MasterCard's 4Q profit jumped 29% to $801 million, or 69c a
share, as the credit-card company posted higher purchase volume and
revenue. Shares rose 2% as the results exceeded analysts'
expectations.
MATTEL VOWS URGENCY TO IMPROVE RESULTS
Mattel confirmed a decline in sales and profit during the
holiday-shopping quarter, and said it would act with urgency to
improve results, just days after it warned of downbeat results and
its CEO abruptly quit.
TYSON FOODS TOPS EXPECTATIONS
Tyson Foods' revenue rose a better-than-expected 24% to $10.82
billion in its December quarter as sales in its packaged food
segment surged. Results topped analysts' expectations.
CANADA'S ECONOMY CONTRACTS UNEXPECTEDLY IN NOVEMBER
The Canadian economy contracted unexpectedly in November as the
manufacturing sector's output recorded the sharpest monthly decline
in six years, and mining oil and gas extraction shrank.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Grand Central
IMPORTANT DATA DAY FOR THE FED
Janet Yellen was upbeat at a luncheon with Senate Democrats
about the U.S. economy, according to lawmakers. Data out today will
dictate whether she can keep smiling. Sign up here for The Wall
Street Journal's daily report on global central banks.
Analysis
RUSSIA CUTS RATES BACK -- MARKET REACTS
Going against overwhelming consensus that the key benchmark rate
was going to be left at a record 17% level, the Bank of Russia cut
interest rates. Here is how the market reacted.