Weekly Wrap Up
Tech stocks were weak with shares of Advanced Micro Devices (AMD: Charts, News) plunging after announcing its second quarter earnings. Peregrine Financial Group’s CEO Russell Wasendorf Sr. was arrested on Friday and charged with lying to regulators about stealing more than $100 million from the company. Consumer confidence in the US has unexpectedly dropped to the lowest level for the year as consumers remain pessimistic about job hirings, the economic status in Europe and the possibility for income increases. More Market News
Confidence among U.S. consumers unexpectedly declined in July to the lowest level this year as Americans grew more pessimistic about their finances.
The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 72 this month from June’s 73.2 reading. The gauge was projected to rise to 73.5, according to a median forecast of 69 economists surveyed by Bloomberg News. Click here to read the full article
There is a remarkable trend developing in European bond markets, where investors appear increasingly willing to lend money to certain governments in exchange for next to nothing.
In the most extreme example, yields on 2-year German bonds turned negative this week, falling to a record -0.5%. That means, in theory at least, investors could end up losing money if they hold the bonds to maturity. Click here to read the full article
The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year. Click here to read the full article
The chief executive of collapsed brokerage firm Peregrine Financial Group Inc. told investigators he stole more than $100 million from the failed brokerage over nearly 20 years, according to a criminal complaint unsealed Friday.
Russell Wasendorf Sr. was arrested Friday and charged with lying to regulators, according to the U.S. Attorney’s Office. Click here to read the full article
Four JPMorgan Chase (JPM: Charts, News) executives, including former chief investment officer Ina Drew, will give back up to two years of compensation for the so-called London Whale loss, which so far totals $5.8 billion. Click here to read the full article
Amazon.com (AMZN: Charts, News) is rumored to be testing a smartphone that could be released in early 2013. But does the online retailer stand a chance against Apple’s (AAPL: Charts, News) iPhone and Google’s (GOOG: Charts, News) Android? One analyst says that an Amazon smartphone may not be the smartest move. Click here to read the full article
Facebook (FB: Charts, News) is apparently working on a job postings board that will launch later this summer, according to a report by the WSJ. “Facebook Jobs” will be an aggregator that pulls in job postings by third party providers and makes them available in one place and creates a searchable database of jobs for users to browse. Click here to read the full article
Yahoo (YHOO: Charts, News) confirmed Thursday that it was hit by a hack that affected more than 450,000 accounts, saying that hackers had gotten hold of a file that contained older user names and passwords from its contributor network, Yahoo Voices, formerly Associated Content. Click here to read the full article
The Obama administration changed a small policy this week that might have a big impact on small businesses that work with the federal government. Click here to read the full article
The move to mobile computing and the rise of social networking are the two defining trends in consumer computing over the last five years. Click here to read the full article