Jobs Data Pressure Stocks

U.S. stocks closed mostly lower on Wednesday, followed a disappointing jobs report from ADP Employer Services. After an 87-point drop, the Dow Jones Industrial Average fell 10.75 points, or 0.08%, to 13,268.57. The S&P 500 retreated 3.51 points, or 0.25%, to 1,402.31. The Nasdaq Composite rose 9.41 points, or 0.31%, to 3,059.85.

Facebook is set to raise the roof off Wall Street with its upcoming initial public offering, which has a target valuation on the social-media giant as high as $110 billion. Inc unveiled a new effort to develop original comedy and children’s TV shows to distribute over the company’s video streaming service. The move is part of a broader push by Amazon to produce its own content, including video and e-books, to sell to its millions of customers over the Internet.

Chesapeake reported disappointing earnings and a media report raised new questions about the CEO’s personal business dealings. hesapeake, based in Oklahoma City, reported a net loss of $71 million, or 11 cents per share, for the first three months of the year. Stripping out a charge for derivatives contracts, Chesapeake made money, but not as much as Wall Street expected.

Yelp Inc. (NYSE:YELP) on Wednesday reported a first-quarter loss of $9.8 million, or 31 cents a share, compared with a loss of $2.8 million, or 19 cents a share, for the year-earlier period. Revenue was $27.4 million, compared with $16.5 million in the same period the previous year.

Green Mountain Coffee Roasters (NASDAQ:GMCR) late Wednesday cut its fiscal 2012 outlook, following slowing sales of its K-Cup portion packs and Keurig coffee brewers during the recent quarter. Profit for the company’s fiscal second-quarter was $93 million, or 58 cents a share, up from $65.4 million, or 44 cents a share, in the same 2011 period. Sales increased 37% to $885.1 million.






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