U.S. stocks fell on Wednesday as weaker-than-expected data spurred concerns over economic growth ahead of Friday's jobs report. Bobbi Rebell reports.
A sluggish mid-week session for stocks - the major indexes giving up ground. A pair of weaker-than-expected economic indicators raising concerns about Friday's jobs report. The ADP private payrolls report came in well below forecasts. A separate report on manufacturing growth fell in March to its slowest pace in almost two years. Flipping burgers will pay a little more for McDonalds workers. Starting in July, the fast food giant will raise the average pay of its roughly 90,000 workers to around $10 an hour- and tack on benefits like paid vacations. Shares of GoDaddy surged as much as 34 percent in their debut on the New York Stock Exchange. The web hosting domain registration company is well known for its controversial advertising strategy and sponsorship of race car driver Danica Patrick. Kathleen Smith manages the Renaissance Capital IPO Exchange traded fund: SOUNDBITE: KATHLEEN SMITH, PRINCIPAL, RENAISSANCE CAPITAL (ENGLISH) SAYING: "Certainly investors should look at the leverage on the company. We think the cash-flow is enough to cover the debt however it is floating rate debt so be forewarned that if interest rates go up this could cause a pinch for the company. Also I think investors should look at the risk of competition for GoDaddy. There are other major firms including Google, Microsoft, who are aiming at this market." The next big IPO to look for: Etsy. The crafts website says its initial public offering will be priced at between $14 and $16 per share- which could value the company at close to $1.8 billion. The deal is off. Shopping mall owner Macerich stock sold off after Simon Property withdrew its offer to buy the company. And auto sales fell in March slowed by the ferocious winter weather. Seven of the top eight automakers' sales fell short of analysts expectations. Turning to Europe: Stocks there opened the second quarter with a winning session.