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GDP Expands Less Than Expected, Mixed Close For Markets
Posted on January 27, 2012 at 16:33 PM EST
The nation's economy grew in the fourth quarter but at a slower than expected pace. The markets closed mixed with the Dow dropping 74 points to 12,660 while Nasdaq gained 11 points to 2816. On the upside The Paragon Report said that Sina (Nasdaq: SINA) will increase its revenue as more Chinese begin using the Internet. More than half a billion Chinese used the Internet in 2011. Despite strict government regulation, approximately 40% of China's population, more than 500 million people, used the Internet in 2011. Shares of social networking site Renren (NYSE: RENN) surged.
First Solar (Nasdaq: FSLR) was listed by a Seeking Alpha contributor as one of five solar stocks to own. On the downside Robert Half (NYSE: RHI) reported higher fourth quarter earnings and revenue but the results fell short of expectations. Fourth quarter earnings dropped for Chubb (NYSE: CB) due to hurricane losses.
Legg Mason (NYSE: LM) blamed a restructuring charge for sharply lower third quarter earnings. In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 798.
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