Weekly Wrap Up
Markets finish a volatile weak that ends with losses, but after the wild swings, can be considered a swing for investors. After last week ugly dips, the roller coaster ride continued – huge losses Monday, big gains Tuesday, huge losses Wednesday, big gains Thursday. Friday stocks finished up, but the movement was small in comparison to the rest of the week.The extreme shifts were sparked by the downgrade of the US debt rating from AAA to AA+. The unprecedented move caused investors to panic through the majority of the week.In corporate news, Apple (AAPL: Charts, News) overtook Exxon Mobil (XOM: Charts, News) as the world’s largest company based on market value. More Market News
Economic News
Obama says U.S. remains ‘AAA country’
With markets rattled by the downgrade in the U.S. credit rating, President Obama sought to reassure the public that America remains a “Triple A country” and voiced hope that the news will prod the two parties to reach agreement on a long-term plan to cut the nation’s deficit.Obama, in an afternoon speech that was part pep talk, said the country is still a safe bet for investors.”That doesn’t mean we don’t have a problem,” the president said, speaking from the State Dining Room. (Source: LA Times) Click here to read the full article
With markets rattled by the downgrade in the U.S. credit rating, President Obama sought to reassure the public that America remains a “Triple A country” and voiced hope that the news will prod the two parties to reach agreement on a long-term plan to cut the nation’s deficit.Obama, in an afternoon speech that was part pep talk, said the country is still a safe bet for investors.”That doesn’t mean we don’t have a problem,” the president said, speaking from the State Dining Room. (Source: LA Times) Click here to read the full article
Retail Sales Climb by Most in Four Months
Retail sales in the U.S. climbed in July by the most in four months, showing consumers were holding up at the start of the third quarter.The 0.5 percent increase reported by the Commerce Department in Washington today followed a 0.3 percent gain in June that was larger than previously estimated. Another report showed that sentiment plunged this month amid stock-market declines and the threat of a default on the national debt. (Source: Bloomberg) Click here to read the full article
Retail sales in the U.S. climbed in July by the most in four months, showing consumers were holding up at the start of the third quarter.The 0.5 percent increase reported by the Commerce Department in Washington today followed a 0.3 percent gain in June that was larger than previously estimated. Another report showed that sentiment plunged this month amid stock-market declines and the threat of a default on the national debt. (Source: Bloomberg) Click here to read the full article
Business News
iPads Trump Oil: Apple Is Most Valuable US Company
It doesn’t take a visit to the Genius Bar to figure out how Apple (AAPL: Charts, News) became the most valuable company in America.Its lineup of sleek phones, computers and iPods, irresistible to customers even in tough economic times, propelled it to the No. 1 position by market value Wednesday, surpassing Exxon Mobil (XOM: Charts, News). Apple’s stock on the open market is now worth more than any other company’s.Apple’s stock fell for the day, but Exxon’s fell more. Apple finished with a market value of $337 billion, beating Exxon’s $331 billion. A single share of Apple stock now costs $363. (Source: ABC News) Click here to read the full article
It doesn’t take a visit to the Genius Bar to figure out how Apple (AAPL: Charts, News) became the most valuable company in America.Its lineup of sleek phones, computers and iPods, irresistible to customers even in tough economic times, propelled it to the No. 1 position by market value Wednesday, surpassing Exxon Mobil (XOM: Charts, News). Apple’s stock on the open market is now worth more than any other company’s.Apple’s stock fell for the day, but Exxon’s fell more. Apple finished with a market value of $337 billion, beating Exxon’s $331 billion. A single share of Apple stock now costs $363. (Source: ABC News) Click here to read the full article
Retail sales post biggest gain in four months
Consumers spent more money in July on a wide variety of goods, marking the biggest one-month increase in retail sales since the spring.Retail sales rose a seasonally adjusted 0.5% last month, the largest increase since April, the Commerce Department said Friday. Economists surveyed by MarketWatch had expected sales to increase 0.7% overall. (Source: Market Watch) Click here to read the full article
Consumers spent more money in July on a wide variety of goods, marking the biggest one-month increase in retail sales since the spring.Retail sales rose a seasonally adjusted 0.5% last month, the largest increase since April, the Commerce Department said Friday. Economists surveyed by MarketWatch had expected sales to increase 0.7% overall. (Source: Market Watch) Click here to read the full article
Technology Focus
Google+ Gets Game On; Zynga SEC Filing Points To Millions In Revenue
Google+ gave its more than 25 million users another reason to stick around — and perhaps lure some of Facebook’s 750 million members to jump on board. The social network, launched in June, introduced a casual game platform the same day rival Facebook moved to update its casual game and developers support.Google (GOOG: Charts, News) said Thursday it would offer 16 games from third-party developers including Zynga, supporting games such as “Poker” and “Angry Birds.” Google, which made an unspecified investment in Zynga, said it plans to gradually roll out games such as “Dragon Age Legends,” Electronic Arts’ popular dark fantasy “Play4Free RPG,” “Zombie Lane,” “Sudoku,” and “Bejeweled Blitz.” (Source: Media Post) Click here to read the full article
Google+ gave its more than 25 million users another reason to stick around — and perhaps lure some of Facebook’s 750 million members to jump on board. The social network, launched in June, introduced a casual game platform the same day rival Facebook moved to update its casual game and developers support.Google (GOOG: Charts, News) said Thursday it would offer 16 games from third-party developers including Zynga, supporting games such as “Poker” and “Angry Birds.” Google, which made an unspecified investment in Zynga, said it plans to gradually roll out games such as “Dragon Age Legends,” Electronic Arts’ popular dark fantasy “Play4Free RPG,” “Zombie Lane,” “Sudoku,” and “Bejeweled Blitz.” (Source: Media Post) Click here to read the full article
More Fake Apple Stores In Kunming Than Real Microsoft Stores Worldwide
I don’t know if I can handle this. Authorities in the city of Kunming have found an additional TWENTY-TWO unauthorized Apple retailers after a near-perfect copy of one of Apple’s retail outlets was discovered in the Chinese metropolis weeks ago, Reuters reported Thursday.China’s Administration for Industry and Commerce has ordered the city’s stores to stop using Apple’s logo. Still unclear: how many of the shops were selling fake Apple products, and how many had obtained goods smuggled out of Chinese factories building real Apple products. (Source: Forbes) Click here to read the full article
I don’t know if I can handle this. Authorities in the city of Kunming have found an additional TWENTY-TWO unauthorized Apple retailers after a near-perfect copy of one of Apple’s retail outlets was discovered in the Chinese metropolis weeks ago, Reuters reported Thursday.China’s Administration for Industry and Commerce has ordered the city’s stores to stop using Apple’s logo. Still unclear: how many of the shops were selling fake Apple products, and how many had obtained goods smuggled out of Chinese factories building real Apple products. (Source: Forbes) Click here to read the full article
Your Money
Five Rules for Innovating in a Shaky Economy
When stock markets gyrate and growth prospects darken, it’s tempting to rein in innovation programs and hoard cash. The S&P 500 did exactly that during the Great Recession, increasing their cash levels by over 50% to nearly $1 trillion today. As it looked like the economic storm clouds were dissipating (ah, the good old days…) the prospects for company growth looked barren, which is what will happen after firms have locked their cash away. So we saw a wave of mergers and share repurchases as companies found they had few programs in-house that could profitably absorb all that cash quickly. Rather than carefully watering a set of growth crops, companies had a fire hose of cash that they turned off and on. This is no way to nurture the growth prospects of tomorrow. (Source: Harvard Business Review Blog) Click here to read the full article
When stock markets gyrate and growth prospects darken, it’s tempting to rein in innovation programs and hoard cash. The S&P 500 did exactly that during the Great Recession, increasing their cash levels by over 50% to nearly $1 trillion today. As it looked like the economic storm clouds were dissipating (ah, the good old days…) the prospects for company growth looked barren, which is what will happen after firms have locked their cash away. So we saw a wave of mergers and share repurchases as companies found they had few programs in-house that could profitably absorb all that cash quickly. Rather than carefully watering a set of growth crops, companies had a fire hose of cash that they turned off and on. This is no way to nurture the growth prospects of tomorrow. (Source: Harvard Business Review Blog) Click here to read the full article
The 6 Surefire Keys To Dominate Anything You Want
My dad wouldn’t let me watch the TV show “Mr. Ed.” I wasn’t allowed to eat “Captain Crunch” cereal. I had pretty relaxed parents when I was little. I was allowed to do most things. But “Mr. Ed” was bad. And “Captain Crunch” was bad.
“Mr. Ed” was a TV show about a man who owned a talking horse. I never watched the show so I can’t tell you much more about it. But from what I gather, whenever he had problems with his wife, he’d go outside to his barn and talk to his horse, Ed, about his problems. My dad thought the show was sexist. “He would talk to his horse instead of his wife!” my dad would say. So that show was out. (Source: Business Insider) Click here to read the full article
My dad wouldn’t let me watch the TV show “Mr. Ed.” I wasn’t allowed to eat “Captain Crunch” cereal. I had pretty relaxed parents when I was little. I was allowed to do most things. But “Mr. Ed” was bad. And “Captain Crunch” was bad.
“Mr. Ed” was a TV show about a man who owned a talking horse. I never watched the show so I can’t tell you much more about it. But from what I gather, whenever he had problems with his wife, he’d go outside to his barn and talk to his horse, Ed, about his problems. My dad thought the show was sexist. “He would talk to his horse instead of his wife!” my dad would say. So that show was out. (Source: Business Insider) Click here to read the full article
