Cheddar Afternoon Business Update 10/27: GDP, Facebook, Toys R UsPosted: Updated:
Despite a record hurricane season, a new report by the Commerce Department shows that the economy isn't suffering.
The Commerce Department says the GDP grew 3 percent, marking this quarter the second quarter in a row that economic growth reached President Trump's target.
In other news, Facebook is spending more than $8 million this year to hire a lobbying team to boost its political influence, according to the Wall Street Journal. Facebook has also reportedly held several focus groups with public relations professionals to figure out the best way to respond to the Russia ad controversy.
Meanwhile, the Toys R Us bankruptcy filing is having a major effect on toymakers. Mattel's shares sank to their lowest since the 2008 financial crisis last quarter with a 13 percent sales decline.
Cheddar reports that analysts do not believe Mattel is going to turn things around anytime soon.