Hello friends and Fortune readers.
Happy Friday! After a tumultuous week in the markets, U.S. stocks look set to open down slightly on this last trading day of January. Burger joint Shake Shack makes its market debut today, and on the earnings front Dow component Chevron (CVX) reports results. Earlier, toy giant Mattel (MAT) said sales of its iconic Barbie doll fell for a third consecutive year in 2014. On Thursday evening Amazon (AMZN) beat Wall Street’s earnings expectations, but Google’s (GOOG) earnings and revenue missed expectations.
Here’s what else you need to know about today.
1. How fast did the U.S. economy grow at the end of 2014?
The Commerce Department released its first estimate of fourth-quarter growth this morning, and it wasn’t as strong as hoped. The U.S. economy grew by a 2.6% annual pace in the fourth quarter of 2014, down from the 5% pace seen in the third quarter. Economists had estimated that gross domestic product would grow at a 3.2% annual rate from October to December.
2. The State of the League.
NFL commissioner Roger Goodell delivers his annual State of the League address in Arizona today. The football league has had a rough year facing a spat of domestic abuse scandals and the most recent “Deflategate,” where the Patriots were accused of using footballs that were inflated lower than required. Goodell will be answering questions on both those topics, as well as looking forward to what’s ahead. The Super Bowl matchup between the New England Patriots and Seattle Seahawks will take place on Sunday at 6:30 p.m.
3. Obama unveils biomedical research program.
President Obama is set to announce a new “precision medicine initiative” that includes plans to collect genetic information on one million Americans to support scientific research. Scientists can use the reams of genetic data to help develop drugs and treatments that address specific patient characteristics. It could eventually help doctors better match the drug that would be most effective for each patient, what’s more called individualized medicine. President Obama is asking for a starting sum of $215 million as part of his budget request for the upcoming fiscal year that starts Oct. 1.
4. The earnings continue — and an stock debut.
Chevron, Honda, and Mattel all reported their quarterly earnings this morning. Honda took a hit from the Takata airbag recalls. The Japanese automaker’s net profit fell 15.1% from a year earlier despite growing revenue. Mattel’s net profit fell 59% to $149.9 million for the quarter as sales of it’s trademark Barbie dolls plunged 12%. Lower oil prices are expected to weigh on Chevron’s fourth-quarter earnings when it reports this a.m.
Also in company news: Shake Shack starts trading today on the New York Stock Exchange under the ticker “SHAK” after raising $105 million. It priced its initial public offer at $21 a share last night, well above the expected range of $17 to $19 a share.
5. Spotify could be worth nearly $8 billion.
The music streaming service is looking to raise about $500 million in venture capital, according to the Financial Times. Spotify brought Goldman Sachs (GS) on board for its latest funding round, which could boost its value to as much as $8 billion. The private funding means Spotify is likely to put off an IPO, which many anticipated would come this year. Spotify’s current investors include Napster-founder Sean Parker, Technology Crossover Ventures and Sony Music. The streaming service last raised money at the end of 2013, when it secured $250 million.