Stock Markets Drop as U.S. Economy Stalls – Latest Updates on FB, PYPL, SNDK and UPS

New York, New York – April 29th, 2016 – Despite strong earnings from Facebook and major acquisitions by Abbott Laboratories and Comcast Corp., U.S. markets fell Thursday as data showed economic growth stalled in the first quarter. The Dow Jones Industrial Average fell 1.17 percent to close at 17,830.76, up 2.37 percent year-to-date, while the S&P 500 Index declined 0.92 percent to close at 2,075.81, up 1.58 percent year-to-date.

On Thursday, the Labor Department reported gross domestic product (GDP) grew at a 0.5 seasonally adjusted annualized rate, which was the worst performance since the first quarter of 2014. Economists had forested a growth of 0.7 percent in the first quarter. GDP grew by 2.4 percent in 2015, which was equal to the growth seen in 2014.

"The economy essentially stalled in the first quarter, but that doesn't mean it is faltering," said Joel Naroff, chief economist at Naroff Economic Advisors, a strategic economic consulting firm. "Some of the restraints to growth are dissipating. Growth is likely to accelerate going forward."

Here are Thursday’s Stocks to Watch:

Facebook Inc. (NASDAQ: FB) shares spiked 7.20 percent to close at $116.73 a share Thursday. The stock traded between $116.23 and $120.79 on volume of 86.75 million shares traded. The company reported total revenues were $5.38 billion for the first quarter of 2016, an increase of 52.0 percent when compared to a year ago and surpassing analysts’ estimates of $5.20 billion. Shares of Facebook have gained approximately 12.0 percent year-to-date and are up roughly 3.0 percent in the past month.

Find out more about Facebook including full access to the equity report at: 
www.StockTheory.com/FB

Paypal Holdings Inc. (NASDAQ: PYPL) shares gained 0.15 percent to close at $40.07 a share Thursday. The stock traded between $39.91 and $41.49 on volume of 17.78 million shares traded. The company reported revenues were $2.544 billion for the first quarter of 2016, an increase of 19.0 percent when compared to a year ago. GAAP earnings per diluted share grew 43.0 percent to $0.30. Shares of Paypal have gained approximately 11.0 percent year-to-date and are up roughly 4.0 percent in the past month.

Find out more about Paypal including full access to the equity report at: 
www.StockTheory.com/PYPL

SanDisk Corporation (NASDAQ: SNDK) shares gained 0.83 percent to close at $76.50 a share Thursday. The stock traded between $75.96 and $76.81 on volume of 2.81 million shares traded. The company reported a net income of $78 million, or $0.37 per share, for the first quarter of 2016, compared to a net income of $39 million, or $0.17 per share, a year ago. Shares of SanDisk have gained approximately 1.0 percent year-to-date and are up roughly 1.0 percent in the past month.

Find out more about SanDisk including full access to the equity report at:  
www.StockTheory.com/SNDK

United Parcel Service, Inc. (NYSE: UPS) shares dropped 1.46 percent to close at $104.91 a share Thursday. The stock traded between $104.06 and $106.54 on volume of 4.20 million shares traded. The company reported total revenues were $14.4 billion for the first quarter of 2016, an increase of 3.2 percent when compared to a year ago. Shares of United Parcel Service have gained approximately 9.0 percent year-to-date and are down roughly 1.0 percent in the past month.

Find out more about United Parcel Service including full access to the equity report at:  
www.StockTheory.com/UPS

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