U.S. producer prices rose 0.5% in March, well below the 1.1% consensus cited by CNBC, while core PPI increased just 0.1%. The downside surprise came even as energy prices jumped, complicating the inflation picture but reinforcing the case for a cautious Fed.
Goldman Sachs $GS slipped about 2% even after first-quarter EPS rose to $17.55 and revenue reached $17.23 billion. Record equities trading and a 48% jump in investment-banking fees drove the beat, but weaker FICC results and higher provisions kept the market reaction muted.
Globalstar $GSAT rose more than 9% in premarket trading after Amazon agreed to acquire the satellite operator for about $11.57 billion. The deal values Globalstar at $90 a share, or 0.3210 shares of $AMZN stock, and folds its spectrum assets into Amazon Leo.