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| Weekly Wrap Up |
Aside from a slight dip last Tuesday, markets gained ground throughout the week to close ahead before moving into the holiday weekend. The gains helped push both the Dow and the Nasdaq towards six year highs, with the Dow breaking its record on Friday. Oil prices had dipped early in the week, but bounced back on Friday. Late in the week economic news came in that eased concerns of a potential slowdown in the economy. Retail sales for December increased by a larger than expected margin, and on Thursday the Labor Department announced that jobless claims fell by 26,000. In corporate news, Motorola (MOT: Charts, News, Offers) and Sprint (S: Charts, News, Offers) both tumbled early on in the week after issuing disappointing outlooks. Apple (AAPL: Charts, News, Offers) jumped by 8.31% on Wednesday after introducing the iPhone, although the stock dipped later in the week. Apple has to deal with a trademark issue with Cisco Systems (CSCO: Charts, News, Offers) regarding the term “iPhone.” Shares of Genentech jumped on Thursday when the company announced that fourth quarter earnings increased by 75 percent. More Market News
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| Economic News |
Oil prices rebounded by more than $1 a barrel Friday, but analysts are hesitant to call a turnaround in a market that's down more than 13 percent this year on dampened heating fuel demand. Unless prices rally hard next week, U.S. drivers should see some cost savings -- at least until the spring driving season begins. Gasoline prices have fallen by about six cents, on average, since the year started. (Source: Yahoo! Finance) Full Story
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The number of newly laid off workers filing claims for unemployment benefits fell sharply last week to the lowest level in nearly six months. The Labor Department reported Thursday that applications for jobless claims dropped by 26,000 to 299,000 last week on a seasonally adjusted basis. It marked the first time jobless claims have fallen below 300,000 since the week of July 22. (Source: Yahoo! Finance) Full Story
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The trade deficit fell for a third straight month as the U.S. bill for foreign oil declined to the lowest level in 16 months and American exports hit an all-time high. The deficit for November declined by 1 percent to $58.2 billion, the lowest since July 2005, the Commerce Department reported Wednesday. The trade gap hadn't fallen for three consecutive months since early 2003. (Source: Houston Chronicle) Full Story
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| Business News |
Apparel retailer Gap Inc. (GPS: Charts, News, Offers) on Wednesday announced management changes in its merchandising and design divisions, seen as the first steps in a broader revamp of its stores to combat sliding sales and rejuvenate the classic American brand.
Gap announced the departure of Denise Johnston, the president of Gap Adult who joined the company in April, and Ivy Ross, executive vice president of product design for the Old Navy chain. Searches for their replacements are being conducted, the company said. (Source: Reuters) Full Story
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United Airlines on Tuesday won tentative approval from the federal government to operate the first-ever nonstop daily flight between Washington and China — a route potentially worth $200 million a year. The Department of Transportation’s approval gives UAL Corp.’s United a critical head start over its competitors on the highly coveted, burgeoning market. (Source: MSNBC) Full Story
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Oil major Exxon Mobil Corp. (XOM: Charts, News, Offers) is engaging in industry talks on possible U.S. greenhouse gas emissions regulations and has stopped funding groups skeptical of global warming claims - moves that some say could indicate a change in stance from the long-time foe of limits on heat-trapping gases. (Source: MSNBC) Full Story
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| Technology Focus |
PCs and video game consoles aren't enough for Microsoft anymore. The company wants its software to handle every bit of entertainment in a consumer's home. That's why Microsoft (MSFT: Charts, News, Offers) Chairman Bill Gates opened the 2007 Consumer Electronics Show in Las Vegas with a host of new products aimed at moving Microsoft from the home office, to the living room, to the kitchen and car. (Source: BusinessWeek) Full Story
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Apple Computer Inc. (AAPL: Charts, News, Offers) on Tuesday unveiled an iPod mobile phone featuring a large, smooth color screen, sending its shares up 8 percent as the company attempts to parlay its dominance in digital music players into new areas of growth.
Shaped like a thin deck of cards without the normal buttons or flip top on a mobile phone, Apple's device features a 3.5 inch touch screen for navigating phone calls and playing songs and videos. (Source: Reuters) Full Story
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Sprint Nextel Corp. (S: Charts, News, Offers) reported Monday that its cell phone business suffered a net loss of 300,000 monthly subscribers in the fourth quarter and that the struggling wireless company will cut 5,000 jobs. The company's stock plunged more than 7 percent after the financial update, which included a 2007 outlook shy of many Wall Street forecasts. (Source: Yahoo! Finance) Full Story
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