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Groupon revised its financial results on Friday, an unexpected restatement that deepened losses for the daily deals site and once again raised questions about the accounting practices of the newly public company.

As part of the revision, Groupon disclosed a “material weakness in its internal controls, saying it had failed to set aside enough money to cover customer refunds. The accounting issue increased the company’s losses in the fourth quarter to $64.9 million from $42.3 million.

The news sent shares of Groupon tumbling 6 percent, to $17.29, in after-hours trading. Shares of Groupon have fallen more than 30 percent since the company went public in the fall.

The disclosure highlights current concerns about the reliability of Groupon’s financial statements.

Founded only four years ago, the company has experienced astonishing growth as it came to dominate the world of daily deals.

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Average mortgage rates jumped significantly higher week-over-week, Freddie Mac revealed in its latest weekly mortgage report at the end of last week.

According to Freddie Macs Primary Mortgage Market Survey for the week ending March 22, 2012, 30-year fixed-rate mortgages rose to an average above 4.00 percent for the first time since October 27, 2011.

Mortgage rates are catching up with increases in U.S. Treasury bond yields placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011, Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.

Average rates for 30-year fixed mortgages rose to 4.08 percent in this most recent data after averaging 3.92 percent the previous week. One year ago at this time, 30-year fixed mortgages averaged 4.81 percent. The 30-year fixed averaged 4.10 percent back in late October 2011 the last time it was above 4 percent.

Shorter-term 15-year fixed-rate mortgages rose to an average of 3.30 percent from 3.16 percent one week earlier.

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Stocks bounced today, ending a streak of losses this week. Part of what brought this about was a jump in consumer confidence, which this month reached its highest levels since 2007. In corporate news, after a brutal quarter talk of Research in Motions eventual sale began circulating the financial and tech press. As one of the few American auto companies that weathered the recession without a bailout, Ford rewarded its CEO with almost $30 million in compensation last year.

Word on the Street

• Consumer sentiment is at its highest in years.
• The Consumer Financial Protection Bureau has a new director.
• Rim may be headed towards eventually selling the company.
• European authorities agreed to a massive euro bailout fund today.
• Fords CEO made tens of millions in 2011.

Interesting Tidbits

Somewhere, over the rainbow, bluebirds fly…right into Wal-Mart. According to the Wall Street Journal, American Express will offer their new prepaid Bluebird card at about 180 select Wal-Mart stores on the west coast.  

If you’re thinking a big-box discount retailer isn’t exactly standard Amex territory, you’re right. The usually upper-tier credit card issuer is venturing into a new market with Bluebird, positioning the reloadable cards as an approachable, easy alternative to credit cards and a good option for those without traditional bank accounts.

The Bluebird cards will be accepted wherever American Express credit cards are accepted, but come with a host of perks the traditional cards lack. There are no monthly fees, no over-draft fees, no late fees—but of course, that is partially because you’re dealing with your own money, not credit.

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So what’s better, Buying or Renting? Whether renting is better than buying depends on numerous factors. The information listed here will help answer these questions for you.

How about Rent-to-Own Deals: Good Questions to Ask

For Buyers:

• How much of the rent is going to the down payment?
• How locked in are you if you change your mind?
• What will it cost you to get out of the deal?
• How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?

For Sellers:

• Who will tend to the property and pay for routine maintenance?
• Who pays for major repairs?
• What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
• Will you manage the property yourself, or hire an agent?
• What if the renters change their minds?

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With the masses descending on Omaha this weekend to hear Warren Buffett at the Berkshire Hathaway annual meeting, it is a good time to take a look at the stock. Investors are expected to ask why the stock has been lagging the Standard & Poor’s 500, among other issues.

But one look at the chart tells us that lagging performance depends on the time frame examined. Over the past 10 months, a time span chosen for the reason discussed below, then yes, Berkshire Hathaway only gained 1.9% vs. the S&P 500′s gain of 26.6%. But if we look farther back, it is not quite so bad.

However, if we start the comparison in January 2010 then Berkshire actually beat the market by a small amount.

Analysts can torture data such as this any way they choose and that is why it is important to look at a stock over multiple time periods. I chose a 10-month look-back for the current bout of underperformance because the relative performance chart itself peaked in Jun 2010 as shown in the chart.

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