Markets Tread Lightly on Mixed Economic News Ahead of Holidays (ATVI, ERTS)

Markets have begun the day stagnant with light trading fueled by the upcoming holidays. Mixed economic reports have helped keep the market from adding meaningful gains, as well. Consumer sentiment has risen to it’s highest level in June thanks to greater job prospects and big discounts from retailers this holiday season. New home sales rose 5.5% in November, but still less than expected. In corporate news, Activision (ATVI) is targeting rival Electronic Arts (ERTS) in a lawsuit claiming EA stole high quality employees from the fellow video game maker in 2009.

Note: This is not an end of day summary. Data is current as of 11:59 AM

Word on the Street

• Markets dragged down by the financial sector, light trading ahead of the Christmas holiday.
• The Commerce Department announced consumer spending rose 0.4% in November. .
• Jo-Ann Stores has agreed to be absorbed by Leonard Green & Partners LP for $1.6 billion to help spur growth.
• Sales of new single family homes rose in November, but less than expected, showing signs of weakness in the market.
• US mortgage rates drop for the first time in six weeks, bringing down borrowing costs from a seven month high.
• Activision (ATVI) targets Electronic Arts (ERTS) in lawsuit claiming EA lured two of their top employees away in 2009.
• Despite their busiest day in history, FedEx (FDX) worries investors by missing estimates and slowing growth.

Interesting Tidbits

• Successful entrepreneurs need to have the ability to communicate their ideas to others. A great way to improve your presentation skills is by writing.
• If you’re the boss, who performs your performance review? Here’s a few techniques that will help you get honest, constructive feedback from your employees.

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