NEW YORK (AP) — Stocks are recovering a small portion of yesterday’s losses despite two disappointing economic reports out today. In a revised estimate, the Commerce Department said the U.S. economy shrank at annual rate of 2.9 percent in the first three months of the year. The government also said orders for long-lasting goods sank 1 percent in May. The Dow, the S&P 500 and the Nasdaq composite are all higher, but the gains are modest.
LOS ANGELES (AP) — Shares of broadcast TV companies are rising on a Supreme Court ruling that found online TV service Aereo is violating their copyrights. The court rejected Aereo’s argument that it is only an equipment distributor, saying its service amounts to a public performance of copyrighted works, which is the exclusive right of copyright holders. Stock in CBS is up 5 percent, Gannett is up 4.5 percent, while Lin Media LLC and Journal Communications are both up 6 percent.
SANTA FE, N.M. (AP) — New Mexico regulators have denied a temporary operating permit for the ride-sharing company Uber. The Albuquerque Journal reports that the Public Regulation Commission voted 3-2 to withhold the permit because Uber had requested waivers for required filings such as driver safety records and insurance information. Another ride-sharing company, Lyft, has argued it doesn’t need a permit of any kind because it is not a taxi service.
WASHINGTON (AP) — The Federal Housing Finance Agency is considering suing banks and other mortgage servicers over alleged insurance kickbacks that may have cost government-controlled mortgage companies hundreds of millions. In an internal report, the agency responsible for guarding the finances of Fannie Mae and Freddie Mac says the companies lost an estimated $168 million from the fees in 2012 alone.
NEW YORK (AP) — GoPro is one of seven companies expected to go public tomorrow. The maker of wearable sports cameras is looking to raise more than $400 million in its initial public offering, valuing the company at about $3 billion. GoPro has created a new market, selling electronics and accessories to people who want to take video of themselves jumping out of a plane or riding a skateboard — especially first-person videos that capture the experience as they saw it. The stock will trade on the Nasdaq stock exchange under ticker symbol “GPRO.”
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