Weekly Wrap Up
After a weak Thanksgiving week, the market improved during the first week of December, but lost some steam on Friday. There were a slew of good reports that included a lower unemployment rate, fewer job losses, and soaring home sales contracts. On the other hand, the high unemployment rate and consumer spending numbers continued to worry investors. All major indices ended on the plus side. The DOW rose +78.98 to 10,388.90, setting a new high record for 2009 on December 1st and remained near a 52-week high of 10,516.70. NASDAQ was the strongest of the 3 major indices; it increased +55.91 to 2,194.35 and maintained an upward trend the entire week. The S&P 500 went up +18.71 to 1,105.98. Gold prices also remained high at above the $1,160 mark, its momentum softened by stronger dollar.
Overall, the biggest news of the week was the unemployment data. It seems that the job market is recovering and we are working ourselves out of the recession. However, we still have a long way to go before we get back to the pre-crash labor market again. Economic news has been improving and we are seeing more companies reporting less than expected loss, a profit, or improved earnings outlook. Highlights from the business front included the GE (GE: Charts, News, Offers), Vivendi, and Comcast (CMCS.A: Charts, News, Offers) deals.
Economic News
Economy lost only 11,000 jobs in November
A surprising drop in the unemployment rate and far fewer job losses last month was welcomed by investors. Figures published today by the Labor Department revealed that the economy lost only 11,000 jobs in November, far fewer than the 130,000 expected by most analysts. In a separate report, the Commerce Department said factory orders rose by 0.6% in October, analysts had expected orders to remain flat. (Source: Financemarkets.co.uk) Click here to read the full article
A surprising drop in the unemployment rate and far fewer job losses last month was welcomed by investors. Figures published today by the Labor Department revealed that the economy lost only 11,000 jobs in November, far fewer than the 130,000 expected by most analysts. In a separate report, the Commerce Department said factory orders rose by 0.6% in October, analysts had expected orders to remain flat. (Source: Financemarkets.co.uk) Click here to read the full article
US Private Sector Layoffs Narrowed in November
US private sector layoffs narrowed in November for the eighth consecutive month, indicating the labor market will be slow to mend as the economy strengthens. ADP’s (ADP: Charts, News, Offers) report showed private-sector payrolls shrinking by 169,000 workers, a bit more than the 150,000 predicted. (Source: Bloggingstocks.com) Click here to read the full article
US private sector layoffs narrowed in November for the eighth consecutive month, indicating the labor market will be slow to mend as the economy strengthens. ADP’s (ADP: Charts, News, Offers) report showed private-sector payrolls shrinking by 169,000 workers, a bit more than the 150,000 predicted. (Source: Bloggingstocks.com) Click here to read the full article
TARP is Winding Down
Treasury Secretary Timothy Geithner told a U.S. Senate panel that the administration is reaching a point where they can start winding the program down and stop making new commitments. (Source: LA Times) Click here to read the full article
Treasury Secretary Timothy Geithner told a U.S. Senate panel that the administration is reaching a point where they can start winding the program down and stop making new commitments. (Source: LA Times) Click here to read the full article
Home sales contracts soar in October
Pending home sales rose sharply in October, marking it the ninth straight month of increases, according to the National Association of Realtors. (Source: CNN Money) Click here to read the full article
Pending home sales rose sharply in October, marking it the ninth straight month of increases, according to the National Association of Realtors. (Source: CNN Money) Click here to read the full article
Business News
Barnes and Noble Delays Nook’s Store Debut
If you’re planning to head into a Barnes & Noble (BKS) this week to get your hands on a Nook, put your plans on hold. The e-reader will not be released until December 7th. (Source: CNET) Click here to read the full article
If you’re planning to head into a Barnes & Noble (BKS) this week to get your hands on a Nook, put your plans on hold. The e-reader will not be released until December 7th. (Source: CNET) Click here to read the full article
Yahoo to Integrate Facebook Connect
Everyone is trying to jump on the social network bandwagon. Yahoo (YHOO) said it will soon integrate Facebook Connect into its many Web sites, which will allow users to update their Facebook status and share news items with friends right from the company’s websites. (Source: Techcrunch) Click here to read the full article
Everyone is trying to jump on the social network bandwagon. Yahoo (YHOO) said it will soon integrate Facebook Connect into its many Web sites, which will allow users to update their Facebook status and share news items with friends right from the company’s websites. (Source: Techcrunch) Click here to read the full article
Comcast will Buy a Controlling Stake in NBC from GE
As expected, Comcast (CMCS.A), the nation’s largest cable operator, will buy a controlling stake in NBC from General Electric (GE). Now that the deal is done, an intense regulatory review will take place and it is expected to take one year to complete. (Source: Slashfilm.com) Click here to read the full article
As expected, Comcast (CMCS.A), the nation’s largest cable operator, will buy a controlling stake in NBC from General Electric (GE). Now that the deal is done, an intense regulatory review will take place and it is expected to take one year to complete. (Source: Slashfilm.com) Click here to read the full article
Kraft Foods Taking Takeover Offer Directly to Cadbury Shareholders
Let the fight commence. Kraft Foods Inc. (KFT) took its $16.3 billion hostile takeover offer for Cadbury PLC (CBY) straight to shareholders of the British company. It was reported earlier that Hershey (HSY) is considering a $17 billion bid, but Kraft is still the most financially able suitor. (Source: Thedeal.com) Click here to read the full article
Let the fight commence. Kraft Foods Inc. (KFT) took its $16.3 billion hostile takeover offer for Cadbury PLC (CBY) straight to shareholders of the British company. It was reported earlier that Hershey (HSY) is considering a $17 billion bid, but Kraft is still the most financially able suitor. (Source: Thedeal.com) Click here to read the full article
Technology Focus
Christmas Comes Early for Cisco Systems
Perseverance has finally paid off for Cisco Systems (CSCO). The world’s largest maker of networking equipment said it won about 89 percent of shares for its 19 billion-kroner ($3.38 billion) bid for Tandberg ASA and plans to complete the acquisition soon. Click here to read the full article
Perseverance has finally paid off for Cisco Systems (CSCO). The world’s largest maker of networking equipment said it won about 89 percent of shares for its 19 billion-kroner ($3.38 billion) bid for Tandberg ASA and plans to complete the acquisition soon. Click here to read the full article
Oracle Wants the Whole Sun
Rumors circulated earlier today that Oracle (ORCL) backed off its position in negotiations with the European Commission regarding its acquisition of Sun Microsystems Inc. (JAVA). The company quickly issued a statement saying that the rumors were false. (Source: Thestreet.com) Click here to read the full article
Rumors circulated earlier today that Oracle (ORCL) backed off its position in negotiations with the European Commission regarding its acquisition of Sun Microsystems Inc. (JAVA). The company quickly issued a statement saying that the rumors were false. (Source: Thestreet.com) Click here to read the full article
How Google Can Help Newspapers
Don’t bite the hand that feeds you. That’s what Google (GOOG) is telling the newspaper industry and Rupert Murdoch. Wall Street Journal let Google CEO Eric Schmidt address the criticism today in an Op-Ed piece. Will the search engine’s revision of its First-Click-Free (FCF) program satisfy nagging publishers? (Source: The Wall Street Journal) Click here to read the full article
Don’t bite the hand that feeds you. That’s what Google (GOOG) is telling the newspaper industry and Rupert Murdoch. Wall Street Journal let Google CEO Eric Schmidt address the criticism today in an Op-Ed piece. Will the search engine’s revision of its First-Click-Free (FCF) program satisfy nagging publishers? (Source: The Wall Street Journal) Click here to read the full article
Your Money
7 Things To Know About Roth IRA Rules for 2010
There are some big changes coming in 2010 regarding your IRA and Roth conversion rules. Be sure to read these 7 things to know before the year is over so that you can take advantage of this once in a decade opportunity. (Source: Good Financial Cents) Click here to read the full article
There are some big changes coming in 2010 regarding your IRA and Roth conversion rules. Be sure to read these 7 things to know before the year is over so that you can take advantage of this once in a decade opportunity. (Source: Good Financial Cents) Click here to read the full article
Safety Tips For Online Shopping This Christmas Season
Indentity theft, credit card debt, frauds, and even job security are real threats this holidays season. Be sure to read these tips before you blunder. (Source: Cash Money Life) Click here to read the full article
Indentity theft, credit card debt, frauds, and even job security are real threats this holidays season. Be sure to read these tips before you blunder. (Source: Cash Money Life) Click here to read the full article
9 Year End Tax Moves to Make by December 31st
Bargaineering offers 9 year end tax moves that include buying a house, sell some losing stocks and mutual funds, donate to charities, adjust your withholding, and bunch your deductions. (Source: Bargaineering) Click here to read the full article
Bargaineering offers 9 year end tax moves that include buying a house, sell some losing stocks and mutual funds, donate to charities, adjust your withholding, and bunch your deductions. (Source: Bargaineering) Click here to read the full article
