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Early Losses are Balanced Out By the End of the Week, ECB Plans Eurozone Action

By: , dated July 26th, 2012

Weekly Wrap Up

Losses early on in the week due to tech stock declines and a darkening outlook in the eurozone were mostly erased on Thursday and Friday after talks from ECB President Draghi about increased efforts to aid the economic crisis in Europe. The euro hit a two-year low against the dollar on Tuesday but leveled off by the end of the week.

Both Facebook (FB: Charts, News) and Ford Motor Co. (F: Charts, News) saw large quarterly losses. The US is currently facing a record drought and is expecting food prices to jump within the next year. Growth in the US continues to slow as consumers remain cautious about their spending and concerned about the struggles in the eurozone. More Market News

Economic News

Global Stocks Rise on Central Bank Hopes, Euro Flat
Stocks rallied on Friday on expectations the European Central Bank will tackle high borrowing costs hitting Spain and Italy, but the euro pared gains on market uncertainty about the specific action to be taken.Equities held on to their gains after Bloomberg News said ECB President Mario Draghi will meet with Bundesbank President Jens Weidmann to discuss several measures, including bond purchases, to help the euro zone. Click here to read the full article
A Food Report
As a general rule, the most successful man in life is the man who has the best information
Because of the worst drought since 1988 the U.S. Department of Agriculture declared a federal disaster area in almost one-third of all the counties in the United States – more than 1,300 counties covering 29 states, the largest disaster declaration ever made by the USDA. Only in the 1930s and 1950s has a drought covered more land. Click here to read the full article
Growth In US Slows As Consumers Restrain Spending
The world’s largest economy cooled in the second quarter as limited job growth prompted Americans to curb spending while state and local governments cut back.Gross domestic product, the value of all goods and services produced, rose at a 1.5 percent annual rate after a revised 2 percent gain in the prior quarter, Commerce Department data showed today in Washington. Household purchases, which account for about 70 percent of GDP, grew at the slowest pace in a year. Click here to read the full article

Business News

Starbucks Misses, Stock Sees Worst Day in 12 Years
Starbucks (SBUX: Charts, News) shares are feeling a serious caffeine hangover Friday, sinking more than 10% after the company’s first earnings miss since December 2008, and a lowered outlook that follows other recent disappointments from chain eateries Chipotle (CMG: Charts, News) and McDonald’s (MCD: Charts, News). According to FactSet data, this marks the seventh-worst one-day percentage loss so far in the Seattle-based coffee leader’s 20-year history as a public company; it’s been 12 years since shares saw such a lousy day. Click here to read the full article
CNOOC to Buy Nexen for $15.1 Billion in China’s Largest Foreign Deal
State-controlled CNOOC Ltd (CEO: Charts, News) launched China’s richest foreign takeover bid yet on Monday by agreeing to buy Canadian oil producer Nexen Inc NXY<l/link>for $15.1 billion, forcing Ottawa to decide whether security concerns outweigh its desire for foreign investment in its energy resources. Click here to read the full article
Ford Profit Dragged Down by Europe
The Ford Motor Company (F: Charts, News) said on Wednesday that its second-quarter profit dropped 57 percent on slower sales and wider losses in its troubled European operations.Ford said it earned $1 billion in the quarter, compared to $2.4 billion in the same period last year. Click here to read the full article

Technology Focus

Facebook’s Stock Drop Continues Friday, Makes New Low
Facebook’s ongoing pains as a newly public company extended again Friday as shares dropped to a new low following signs the company’s growth continues to slow.Shares of the No. 1 social networking company fell $3.02, or 11.3%, to $23.82 in afternoon trading, which not only notched a new low but also marked a nearly 40% decline from the company’s initial public offering price. Click here to read the full article
Apple v. Samsung Patent Trial Over iPhone and iPad Patent Claims Set to Begin
Over the past year, South Korea-based Samsung has hurtled past Apple (AAPL: Charts, News) and its iPhone to become the largest seller of smartphones in the world. And it also has become one of the companies nipping at Apple’s heels in the scorching competition for tablet sales. Click here to read the full article

Your Money

To Be or Not to Be Like Steve Jobs?
Was Steve Jobs what every entrepreneur should aspire to? Ben Austen at Wired found start-up founders to be stubbornly divided: He talked to business owners who are such fans of Jobs that they virtually wanted to wear jeans and a black turtleneck to work and also to those who run as far from the Apple (AAPL: Charts, News) co-founder’s legacy as possible. Austen nicknamed them the Acolytes and the Rejectors. Click here to read the full article
In Job Hunting, the Pas de Deux of Seeker and Offerer
I have a friend who, like many people, has been looking for a job for over a year. He’s had dozens of interviews and been called back multiple times for positions that, in the end, he never received.This friend, who asked not to be named because he was still looking for a job, summed up the whole process this way: “I liken it to playing chess on a board I can’t see against people I don’t know.” Click here to read the full article
This article was brought to you by the InvestorGuide Staff Writers and Editors.

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