Retailers report surprise drop in November
NEW YORK (AP) — The nation's retailers posted a surprise sales decline for November after two consecutive months of gains, as a modestly positive start to holiday shopping wasn't strong enough to offset weak spending the rest of the month. The 0.3 percent decrease, according to one measure, is especially worrisome because it comes on top of a freefall last November as spooked shoppers went into a defensive crouch after the financial meltdown. Analyst had expected a strong gain.
Service sector activity, retail sales disappoint
NEW YORK(AP) — Further evidence that the economic recovery will be a slow and bumpy one emerged Thursday with reports that service sector activity and retail sales unexpectedly shrank in November as consumers held back on purchases. The government did report one positive sign: New jobless claims dropped for a fifth straight week. But productivity gains in the third quarter showed that employers are managing to squeeze more work out of fewer workers. That's an ominous sign for the nearly 16 million Americans looking for jobs — and for many others who fear losing theirs.
Comcast aims to reshape entertainment with NBC
PHILADELPHIA (AP) — Comcast Corp. announced Thursday it plans to buy a majority stake in NBC Universal for $13.75 billion, giving the nation's largest cable TV operator control of the Peacock network, an array of cable channels and a major movie studio. Although the deal could mean that movies could reach cable more quickly after showing in theaters, and that TV shows could appear faster on cell phones and other devices, it was already raising concerns that Comcast would wield too much power over entertainment.
Poor report on services saps stock market gains
NEW YORK (AP) — Investors didn't make any big bets on stocks after a weak snapshot of the service industry revived worries about the economy's ability to recover. Major stock indicators were mixed and traded in a tight range Thursday after the Institute for Supply Management said its index of activity in the service industry fell to 48.7 in November from 50.6 in October. That's well below the 51.5 figure analysts had been expecting and signals contraction.
Exec pleads guilty to bribing NY pension officials
NEW YORK (AP) — A California venture capitalist pleaded guilty Thursday to charges that he helped his company land a quarter-billion dollar deal with New York's giant public pension fund by making nearly $1 million in illegal gifts to state officials. Markstone Capital Partners chairman Elliott Broidy entered the plea in a Manhattan courtroom Thursday morning. He admitted to a felony charge of rewarding official misconduct.
Bernanke claims tools, will to reel in stimulus
WASHINGTON (AP) — Making a case for a second term as head of the Federal Reserve, Ben Bernanke said Thursday that he has the tools and the political backbone necessary to reel in massive economic support once the recovery is firmly rooted. While widely crediting with helping keep the Great Recession from becoming a second Great Depression, Bernanke faces enormous anger from both Congress and the public for bailing out Wall Street, while ordinary Americans are struggling under the crush of high unemployment, stagnant incomes and rising foreclosures.
Toll Bros. loses $111 million in Q4, but sees hope
HORSHAM, Pa., (AP) — Toll Brothers Inc. lost $111.4 million in the fiscal fourth quarter, but the luxury homebuilder is seeing signs of a turnaround in the housing market. The company's loss of 68 cents a share was largely due to continued write downs on the value of its land holdings and staff reductions. Excluding those charges, the builder almost broke even. In the year-ago quarter, which included a larger amount of write downs, Toll lost $78.8 million, or 49 cents a share.
GM agrees to reconsider dealer closings
DETROIT (AP) — General Motors says it will reconsider its decision to close some dealerships as part of a compromise to scuttle federal legislation that would require it to keep dealerships open. GM says it will conduct face-to-face reviews with dealerships and agree to binding arbitration. The automaker says in some cases, dealerships would regain lost franchises.
Rates on 30-year mortgages set new record low
WASHINGTON (AP) — The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week.
Weak demand puts natural gas prices at 52-week low
NEW YORK (AP) — Natural gas prices have slumped well below what they were last year, and that trend will likely continue into 2010. The New York Mercantile Exchange contract for January delivery at one point dropped to a new 52-week low of $4.432 per 1,000 cubic feet on Thursday.
