By midday today, U.S. markets had recouped some of the losses felt after May's dismal jobs report. While unemployment fell to 4.7%, its lowest level in eight years, part of the drop was due to an increase in discouraged workers. Also worrying, the economy only added 38,000 jobs last month while analysts were expecting 162,000 jobs and there were downward revisions to previous months. This latest data set raises questions about whether the Federal Reserve will be able to raise interest rates this month.
Starbucks (SBUX) continues to move beyond the brand's much-loved coffee offerings. The Seattle-based company just announced a deal with Anheuser-Busch InBev (BUD) in which the beer brewer will bottle Starbucks' line of Teavana iced tea. "We see an amazing opportunity for tea," AB InBev CEO Carlos Brito said on a call with media Friday.
Shares of Chemours (CC) dropped as much as 7% Friday, following a report released Thursday by Citron Research's Andrew Left in which he said the DuPont (DD) spinoff was destined for bankruptcy. Left's report calls out the hefty $4 billion debt load Chemours inherited from the spinoff and the financial risks posed by ongoing litigation the company faces due to toxic chemicals found in the drinking water near DuPont/Chemours plants.
Bank of America (BAC) shares were down nearly 4% as Friday's jobs report made a June rate hike appear less likely. The Charlotte, N.C.-based bank has been called the best "pure play" on rising interest rates, so any hint of rates staying flat negatively impacts the bank. The broader KBW Nasdaq Bank Index (BKX) was down nearly 3% by midday.
E*TRADE Financial (ETFC) shares plunged as much as 5% amid the broader selloff in financials. The online trading platform company was fined $900,000 by the Financial Industry Regulatory Authority (FINRA) earlier this week. In a statement announcing the fine, FINRA called E*Trade out for failing to adequately "review the quality of execution of its customers' orders" and for "supervisory deficiencies" in protecting customer information.
It's National Doughnut Day and Real Money got a chance to sit down with Dunkin Brands (DNKN) CEO Nigel Travis to see how the company is celebrating. Quick hint: The Massachusetts-based company is giving away a free classic doughnut with drink purchase today. Happy Friday!
-- Written by Carleton English