Market Minute: Facebook's Mobile Numbers Impress; GM Beats Street


Facebook (FB) finds its mobile mojo, and General Motors (GM) beats the Street.

The Dow Industrials tumbled 138 points yesterday, the S&P 500 lost 14 and the Nasdaq fell 29.

Facebook Mobile

Facebook's quarterly net rose seven percent and revenue jumped 38 percent, topping expectations. Revenue from the all-important mobile sector was stronger-than-expected. The social networking giant says the number of monthly active users jumped 23 percent from a year ago to 1.1 billion, even though the pace of growth slowed a bit from previous quarters.

And yay for Yelp (YELP). Its revenue was also better than expected, sending its shares sharply higher. The online consumer review company also pointed to strength from its mobile operations.

The third highest rated Super Bowl ever helped CBS (CBS) post strong results. Its net rose 22 percent.

General Motors' earnings fell 14 percent from a year ago, but that was still good enough to easily top expectations. The results were hurt by big losses from Europe. GM also maintained its outlook for the full year.

Ford (F) is adding a third shift at a Missouri plant to boost production of the popular F-150 pick-up truck. It's also making improvements elsewhere at that plant. In all, the company will add 2,000 workers there. Yesterday Ford reported an 18 percent jump in April sales.

Fortune magazine reports IBM (IBM) and Lenovo have broken off talks about the sale of Big Blue's low-end service business.

The insurance company ING (ING) is about to launch the second largest IPO of the year, but the initial pricing of $19-50 a share is below the target range.

Alcoa (AA), trying to deal with the prolonged slump in aluminum prices, says it may cut up to 11 percent of its smelter capacity in the U.S.

And J.C. Penney (JCP) says 'sorry' to its customers. In a new ad, the retailer says it has learned from its mistakes, and the company wants the chance to win back your business.

-Produced by Drew Trachtenberg