Recovery is gathering speed, jobs data confirm

By doris | Published: February 6, 2012

Full Story at BottomLine.msnbc.msn.com

The U.S. economy is like a flywheel: It takes a lot to get it going. Once it starts moving, it can pick up speed pretty quickly.

To see why, look no further than Friday’s jobs report, which offered convincing evidence that the U.S. recovery is finally gaining momentum.

After months of subpar growth in their payrolls, American companies added 243,000 new jobs in January, considerably more than the 150,000 that forecasters expected. That drove the unemployment rate down from 8.5 percent in December to 8.3 percent, extending a rapid decline from 9.1 percent last August.

Since last fall, a series of economic reports have pointed to gradual improvement. But the January employment report tore the cover off the ball.

Posted in America, Jobs, Recovery | Leave a comment

Dow at 4-year high, Nasdaq hits 11-year high

By doris | Published: February 5, 2012

Full Story at money.CNN.com

NEW YORK (CNNMoney) — U.S. stocks rallied Friday, as investors cheered a much stronger-than-expected jobs report.

The Dow Jones industrial average (INDU) gained 157 points, or 1.2%, the S&P 500 (SPX) added 19 points, or 1.5%, and the Nasdaq composite (COMP) increased 46 points, or 1.6%.

The rally pushed pushed the Dow, up more than 5% in 2012, to its highest level since May 2008. The Nasdaq, up more than 11% for the year, climbed to its highest level since December 2000. The S&P 500 has gained almost 7% this year, and finished at a six-month high.

The rally was sparked by the Labor Department’s monthly jobs report, which showed that the U.S. economy added 243,000 jobs in January, far exceeding expectations. The unemployment rate dropped to 8.3%, the lowest since February 2009.

Posted in Money, Stocks | Leave a comment

New York sues banks over electronic mortgage system

By doris | Published: February 4, 2012

Full Story at News.Yahoo.com

NEW YORK (Reuters) – New York State Attorney General Eric Schneiderman on Friday sued three major U.S. banks, accusing them of fraud for using an electronic mortgage database that resulted in deceptive and illegal practices.

Schneiderman filed the lawsuit against Bank of America Corp , Wells Fargo & Co and JPMorgan Chase & Co in New York state court in Brooklyn.

The lawsuit is over the banks’ use of MERS, the Mortgage Electronic Registration System the industry created in the mid-1990s to track the ownership and servicing of residential mortgage loans.

Posted in Banking, Business, Mortagage, States | Leave a comment

Green Mountain Coffee shares surge

By doris | Published: February 3, 2012

Full Story at money.cnn.com

NEW YORK (CNNMoney) — Shares of Green Mountain Coffee Roasters surged nearly 25% Thursday after a stellar earnings report.

After the closing bell Wednesday, Green Mountain (GMCR) reported $96 million in net income for the quarter ended in December, a 264% increase over the same quarter in the previous year that crushed analyst estimates.

After closing at $53.63 Wednesday, shares of Green Mountain, which makes the popular K-Cup, opened the trading day Thursday at $65.05 and closed at $66.42, up 23.8%.

“The value of single-serve, at-home brewing seems to be resonating with consumers,” Green Mountain CEO Lawrence Blanford said in a statement announcing the earnings.

Posted in Financial, Food., Stocks | Leave a comment

Automakers start year with strong sales

By doris | Published: February 2, 2012

Full Story at BottomLine.msnbc.msn.com

Car sales zoomed ahead in January, with many automakers reporting solid sales at the start of a year expected to show a steady gain in vehicle purchases.

Chrysler, now privately held and majority owned by Italy’s Fiat, was the notable standout for the month. It posted a 44 percent rise in U.S. auto sales, led by gains for its Jeep brand, while its larger domestic rival General Motors lost ground in a month marked by modest growth.

Chrysler’s sales blew past some analysts’ expectations of a 35 percent increase, demonstrating the remarkable comeback of the smallest U.S. automaker nearly three years after its taxpayer-funded bankruptcy restructuring. It also reported its first full-year profit since 1997.

Posted in Auto, Business, Economy, Financial | Leave a comment

Amazon earnings OK, but stock slides 10%

By doris | Published: February 1, 2012

Full Story at money.cnn.com

NEW YORK (CNNMoney) — Amazon’s fourth-quarter sales results weren’t awful, but investors went ahead and punished the stock severely anyway.

Amazon (AMZN, Fortune 500) earned $177 million, or 38 cents per share for the holiday quarter that ended December 31 — more than double the 17 cents per share that analysts polled by Thomson Reuters had forecast.

But Amazon’s revenue came in at $17.4 billion, missing the $18.3 billion that analysts expected.

The miss wasn’t massive, but investors responded by sending the stock nearly 9% lower in after-hours trading Tuesday.

Posted in Business, Corporate, Stocks | Leave a comment

Stocks trim losses, but end in red on Greek woes

By doris | Published: January 31, 2012

Full Story at Money.CNN.com

NEW YORK (CNNMoney) — U.S. stocks recovered most of their lost ground Monday afternoon but struggled to pull out of the red as concerns over Greece continued to weigh on the market.

Stocks started the day down about 1% after the weekend came and went without Greek leaders reaching an agreement on a debt-relief deal. But as the trading session wore on, the major indexes trimmed most of those losses.

The Dow Jones industrial average (INDU) finished 7 points lower, or 0.1%. Earlier, the blue chip index had declined 131 points. The S&P 500 (SPX) lost 3 points, or 0.3%, and the Nasdaq (COMP) slumped 5 points, or 0.2%.

Full Story at Stock Markets – Jan. 30, 2012 – CNNMoney

Stocks trim losses, but end in red on Greek woes

Posted in America, Financial, Government, Investors, Stocks | Leave a comment

Signs point to stocks finishing January strong

By doris | Published: January 30, 2012

Full Story at msnbc.com

NEW YORK — January has turned out strong for equities with just two trading days to go. If you’re afraid to miss the ride, there’s still time to jump in. You just might want to wear a neck brace.

The new year lured buyers into growth-related sectors, the ones that were more beaten down last year. The economy is getting better, but not dramatically. Earnings are beating expectations, but at a lower rate than in recent quarters. Nothing too bad is coming out of Europe’s debt crisis — and nothing good, either — at least not yet.

“No one item is a major positive, but collectively, it’s been enough to tilt it towards net buying,” said John Schlitz, chief market technician at Instinet in New York.

Posted in Economy, Stocks | Leave a comment

Taco Bell jumps into the breakfast market

By doris | Published: January 29, 2012

Full Story at BottomLine.msnbc.msn.com

It’s getting a little crowded in the breakfast nook.

Fast food chain Taco Bell announced Thursday that it’s entering the breakfast fray. It joins larger rivals such as McDonald’s, Wendy’s and Subway in a market saturated with breakfast options including specialty coffees to lure in addicts who’ll buy a breakfast sandwich along with that daily cup of joe.

Irvine, Calif.-based Taco Bell, which is known for its low price points and late night hours, is introducing a breakfast menu at nearly 800 restaurants across 10 Western states, including California and Arizona.

Posted in America, Business, Food. | Leave a comment

FDA blocks orange juice shipments from Canada

By doris | Published: January 28, 2012

Full Story at money.cnn.com

NEW YORK (CNNMoney) — The Food and Drug Administration said Friday that it had detained orange juice shipments from Canada after they tested positive for low levels of a banned fungicide previously found in Brazilian juice.

The FDA announced earlier this month that it would begin testing foreign orange juice shipments for the presence of the fungicide carbendazim before allowing them to enter the country. On Friday, the agency said that among 80 shipments from around the world it tested so far, six from Canada and five from Brazil had tested positive.

Posted in Food And Drug Administration | Leave a comment

Obama’s Chrysler 300 on sale for $1 million

By doris | Published: January 27, 2012

Full Story atmoney.cnn.com

NEW YORK (CNNMoney) — A Chrysler 300C once leased by President Barack Obama is for sale on eBay with the eye-popping “opening bid” of $1 million.

The opening bid, which is dictated by the seller, means that bidding for the car must start at that price.

The woman who posted the car on eBay Motors, Lisa Czibor, said she has received some criticism for the high asking price but that the current owner of the car fully expects to get that amount.

Czibor said in a phone interview with CNNMoney that she is listing the car for someone else but looks forward to getting a commission on the sale. She describes herself as a “life-long Ronald Reagan old-school conservative.”

“It’s all about the money for me,” she said

Posted in Auto, President, Sale | Leave a comment

Can I give my 401(k) firm the boot?

By doris | Published: January 26, 2012

Full Story at moneu.cnn.com

NEW YORK (CNNMoney) — My 401(k) is managed by a brokerage firm that was busted by the SEC for fraudulent practices (although those practices weren’t related to my 401(k) plan). Still, I don’t want to invest my money with, or pay fees to, to a firm I consider unethical. For now, I’ve switched all of my money into the bond account figuring it’s the safest place to invest until I can figure out what to do. But I’d really like to get into another 401(k) plan. Can I do that? — Michael S.

The short answer is probably not without considerable effort.

Posted in 401(k), Assets, Change, Financial | Leave a comment

Chevy Volt’s problems may not be over as GM’s CEO prepares to face Congress

By doris | Published: January 25, 2012

Full Story at BottomLine.msnvc.msn.com

The Chevrolet Volt got a clean bill of health, last Friday, with the National Highway Traffic Safety Administration closing its investigation into potential problems with the plug-in hybrid’s battery pack – but that doesn’t mean General Motors’ problems with the Volt are over, as a Congressional hearing is scheduled to begin on Wednesday.

The Volt controversy stems from a fire that occurred last spring, weeks after one of the battery cars went through a federal crash test. A second Volt battery pack caught fire after being tested in November. That triggered an investigation by the NHTSA – as well as hearings by the House Committee on Oversight and Government Reform, California Republican and committee chairman Darryl Issa contending that the government agency initially tried to cover up the original fire.

Posted in Auto, Congress, GMC, Investigation | Leave a comment

Macy’s sues Martha Stewart Living for breach

By doris | Published: January 24, 2012

Full Story at msnbc.com

NEW YORK — Macy’s Inc is suing Martha Stewart Living Omnimedia Inc, accusing the company of breach of contract for entering into an agreement to sell certain products to J.C. Penney Company Inc.

Macy’s says Martha Stewart Living granted it the exclusive right to make and sell certain products under a 2006 agreement, according to a New York state Supreme Court filing Monday.

Macy’s is seeking a preliminary injunction stopping Martha Stewart from violating the contract. It also is seeking an order sealing the lawsuit and motion, saying it is prohibited from disclosing certain information.

The court filing does not detail the products in question.

Posted in Business, Corporate, Market, Sue | Leave a comment