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U.S. Stamps to Rise 1 Cent to 42 Cents Each
2008-05-11 14:10:00
The United States Postal Service is rising its rates on its first class stamps from 41 cents to 42 cents each. The new price goes into effect starting Monday. The rise of one penny represents a 2.4 percent price increase. Consumers will still be able to use their existing Forever stamps even after the price change goes into effect.
More About: Cents , Cent , Stamps , Rise

New iPhone Firmware Has Support for 3G
2008-05-11 14:07:00
Apple's new iPhone firmware, iPhone 2.0 Beta 5, has a hidden option for enabling or disabling 3G. Disabling 3G allows the user to increase battery life at a cost of lower bandwidth throughput. It also appears that Apple will be using the same firmware for both existing iPhone models and the new 3G iPhone models; however, of course you will need a new 3G model to see or activate the hidden 3G setting.
More About: Iphone , Firmware , Support

Apple Out of iPhones
2008-05-10 21:52:00
Both the US and the UK Apple stores are listing the iPhone as unavailable. Apple had been widely rumored to be releasing the next version of its iPhone at WWDC in June; however, with both stores showing the phone as unavailable speculation has been rising about an early launch. Keep in mind this very well may just be a temporarily supply issue.

OPEC May Increase Oil Output
2008-05-10 15:33:00
In order to bring oil prices down, a top Libyan oil official reported Friday that OPEC may hold an early meeting to discuss the prospects of increasing oil output. The group currently has its next meeting scheduled for September; however, due to intense pressure the group maybe looking at moving up its meeting. OPEC stated during its last meeting March that investor speculation not supply concerns drove up the costs of oil; however, with energy prices continuing to soar there is now increased pressure on OPEC. And last week U.S. Senator Frank Lautenburg introduced a new bill requiring the U.S. government to take anti-competitive action against OPEC.

The Reasons Ballmer Bailed on Yahoo
2008-05-10 15:25:00
The primary reason Microsoft bailed on Yahoo is that the price didn't match up. Not only the initial takeover costs, but the costs to merge the two companies software would had been a costly and time intensive endeavor. And although acquiring Yahoo would helped Microsoft compete on the web front, Microsoft's real threat is that online services such as Google Docs may potentially challenge Microsoft's core Office software in the future.
More About: Reasons , Yahoo!

Google & Yahoo Looking to Partner
2008-05-10 15:18:00
Despite Microsoft walking away from acquiring Yahoo , Yahoo is still planning to pursue its defensive strategy of teaming up with Google . The two companies have been talking together about the possibility of working together. Yahoo and Google tested their advertising programs last month and determined that Google's Adsense was more accurate at placing profitable text ads. For this reason, Yahoo is considering using Google's software as opposed to its own, which could excel Yahoo's advertising earnings.
More About: Partner , Yahoo!

Clear Channel Posts 70 Percent Gain in Profits
2008-05-09 23:43:00
Clear Channel posted a whopping 70 percent gain for its first quarter led by the sale of its South African outdoor advertising firm. However, the company is still in a rough position, as radio revenues continue to diminish. Clear Channel is also hoping to go private; however, the process has been stalled on litigation.
More About: Profits , Clear Channel , Clear , Posts

Citigroup to Sell $400 Billion in Assets
2008-05-09 23:36:00
CEO Vikram Pandit plans to reduce its current assets by nearly $400 billion within the next three years. The will make Citigroup no longer be the largest bank. The bank currently owns around $2.2 trillion in assets, and has already announced plans to reduce its assets by $65 billion.
More About: Sell , Billion

Activision Posts Profits on Increased Game Sales
2008-05-09 04:02:00
Activision blew away wall street's estimates for its fourth quarter. The company posted game sales nearly doubling that of the same quarter a year prior. The company also issued a better then expected guidance for its first fiscal quarter. The company is expecting earnings of 13 cents a share, and plans to launch a new version of Guitar Hero for the DS as well as Enemy Territory: Quake Wars for the XBOX 360 and the PS3.
More About: Sales , Game , Profits , Posts , Activision

Wachovia's CEO Removed from Chairman of the Board
2008-05-09 03:56:00
Wachovia announced Thursday that CEO Ken Thompson will no longer serve as chairman of the board. This will allow him to focus 100% of his time as CEO guiding the company. Lanty Smith, the bank's head independent director since 2000, will become the new chairman of the board.
More About: Board , Chairman

Facebook Adds Online Safeguards
2008-05-09 03:53:00
Facebook is adding over forty new safeguards aimed at deterring cyber criminals. Facebook announced Thursday that is aiming to protect its young users from sexual predators and inappropriate content. Facebook is now the second largest social networking Website with more then 70 million active users.
More About: Online , Facebook

Oil Trades Near $124
2008-05-08 04:21:00
Oil prices continue to rise dramatically. This time oil is up on concerns that U.S. demand is rising after a government report showed that U.S. worker productivity increased signaling stronger economic growth leading to higher energy demands.

Toyota Raising Prices
2008-05-08 04:06:00
Toyota is actually raising prices on some of its low-end models. The company has seen higher demand for its fuel-efficient products such as the Yaris and the Hybrid Camry. The new price of the 2008 Yaris Sedan will be $12,425, $200 higher then its current price. Both the Camry and the Hybrid Camry are seeing similar price increases. Despite higher demand for its fuel-efficient models, the company has been losing profits due to the falling dollar.
More About: Toyota , Prices

Senator Chales Schumer Says Bank of America Should Reconsider Countrywide A
2008-05-07 03:21:00
U.S. Senator Charles Schumer reported, that Bank of America should seriously consider cutting its proposal to acquire Countrywide for $4 billion, if the mortgage company's past profits were overinflated due to bad lending practices. Several analysts have speculated that Bank of America will either seek better terms or withdraw from the acquisition altogether.

Sprint Nextel's Deal with Clearwire Almost Complete
2008-05-07 03:18:00
According to a published report on Tuesday, Sprint 's has reached an agreement with Clearwire , combining the two companies wireless broadband divisions. Clearwire traded up 12.4 percent immediately following the news.
More About: Deal , Complete

Oil Reaches $120
2008-05-06 00:52:00
Oil rose to $120 Monday, after news that the services industries grew signaling higher energy consumption. Oil prices rose nearly $3.65 to close at $119.97, the highest closing price since crude oil trading began in 1983. Domestic demand for petroleum products dropped nearly 2.7 percent last year; however, foreign demand in China, India, and the Middle East has far surpassed the drop in demand here in the U.S.

Fed Says Banks Still Tightening Loans
2008-05-06 00:42:00
The Federal Reserve issued a report stating that banks are still tightening loan terms making it tougher for both companies and consumers to borrow funds. In fact nearly 70 percent of banks rose their loan rates for commercial borrowing up from 45 percent in January.
More About: Banks , Loans

Countrywide's Stock Pluments on Rumors Bank of America will Back Out of Tak
2008-05-06 00:38:00
Shares of Countrywide tumbled Monday after rumors that Bank of America will likely negotiate an even lower takeover offer then the previously agreed price of $7 a share. Paul J. Miller, analyst at FBR Capital Markets, thinks Bank of America should back out of the deal altogether stating that the deal is not worth more then $2 a share. The news comes just after Bank of America reported that it may not honor Countrywide's $97.23 billion in debt obligations.
More About: Rumors , Stock , Back

Stimulus Payment Schedule
2008-05-04 15:29:00
The IRS has posted their official stimulus check schedule on their website, link above. As previously noted, direct depositors have already started receiving their stimulus checks, and paper checks will start being mailed out on May 16th. The economic stimulus checks will be distributed based upon your last 2 digits of your social security number, those with lower digits will receive their checks first.
More About: Schedule , Payment

Bush States Americans are in for a "Tough Economic Period"
2008-05-04 15:26:00
President Bush stated that American are in a "tough economic period" after several reports were released on Friday that indicated weakness in the economy. The economy lost more American jobs for the fourth straight month in a row, and total economic growth is near zero here in America.
More About: Economic , Americans , States , Tough

Microsoft Drops Bid for Yahoo
2008-05-04 03:00:00
In an unexpected move, Microsoft has withdrawn its bid for Yahoo stating the two companies could not agree on an acceptable price. Steve Ballmer stated that Microsoft had been willing to pay up to $44.6 billion for Yahoo; however, Yahoo wanted at least $53 billion.
More About: Yahoo!

Buffet Says Worst Over for Wall Street
2008-05-04 02:49:00
Buffet stated on Bloomberg Television, "the worst of the crisis in Wall Street is over." However, he also stated that for Americans with mortgages, that there is a lot more pain still to come. Buffet says that the Federal Reserve looks to have adverted more failures when it helped J.P. Morgan buyout Bear Stearns and has helped ease most of the global credit crunch for bankers.
More About: Buffet

Sun Microsystems Comes Up Short
2008-05-03 15:30:00
Sun Microsystems reported lower then expected numbers for its third quarter. Sun reported a loss in earnings of $34 million or 4 cents a share, sending the stock down nearly 8 percent in after-hours. CEO Jonathan Schwartz stated, that a slowing U.S. economy posed significant challenges for the company; however, he reiterated that they are marking progress in developing nations abroad.
More About: Sun Microsystems , Short

Goldman Sacs Quietly Eliminating Positions
2008-05-03 00:30:00
Goldman Sachs is not immune to the large losses in the financial sector either. Sources indicate that the company has been quietly reducing its number of financial positions well above the previously announced 5 percent it stated last month. The company affirmed that its number of positions will drop temporarily in-line with current economic conditions.

Linen 'n Things Files for Bankruptcy Protection
2008-05-03 00:26:00
Retail chain Linen 'n Things filed for chapter 11 stating that it will close 120 of its under performing here in the U.S. The retail chain suffered large losses as a result of the economic downturn. The company stated it has no plans to close any of its stores in Canada, which are among the highest performing for the company.
More About: Bankruptcy , Files

Fed to Accept Bonds Backed by Auto Loans and Credit Cards
2008-05-03 00:22:00
For the first time, the Federal Reserve is increasing its funding provided to banks by backing auto loans and credit cards. The plan aimed at increasing liquidity in the market comes just after employment figures showed the fourth straight month of job losses in the U.S.
More About: Credit Cards , Credit , Loans , Auto , Bonds

Exxon Mobile Misses Earnings Forecast
2008-05-02 00:33:00
Despite a 17 percent year over year increase in earnings, and surging oil prices, Exxon reported earnings below analysts estimates sending the stock down over three percent. Exxon reported earnings of $2.03 a share compared to $1.62 a share for the same quarter a year prior; however, investors were anticipating $2.14 a share.
More About: Mobile , Earnings , Forecast

Microsoft Ready to Make Decision Regarding Yahoo
2008-05-02 00:30:00
Steve Ballmer told employees during a scheduled meeting that the decision about rather or not to proceed with the Yahoo acquisition would be coming "in very short order." He stated that Microsoft is evaluating three large options. Although not stated, the three large options are most likely, to walk away from the deal, offer a higher bid, or to take the bid directly to Yahoo's shareholders.
More About: Decision , Make , Ready

Microsoft May Now Offer Up to $35 for Yahoo
2008-05-01 03:22:00
Microsoft leaked to the Wall Street Journal that it is willing to pay between $34 and $35 to acquire Yahoo ; however, large Yahoo shareholders have indicated that they want an offer between $35 and $37 a share. This puts the two companies between $4 apart from making a deal. The leak also states that Microsoft does not want to pursue hostile negotiations and may still walk away from the deal altogether.
More About: Microsoft , Yahoo! , Offer

Google to Launch New YouTube Advertising Campaign
2008-05-01 00:04:00
Google's CEO, Eric Schmidt, reported in a television interview that his highest priority for this year is to start making money from YouTube. He stated that the company is set to release a series of new products aimed at increasing advertising revenue on YouTube's site. He did not disclose any details of the new ads other then to state that the new ads would be "much more participative, much more creative ... much more interesting in and of themselves." Shares of Google rose 4.7 percent following the announcement.
More About: Google , Youtube , Advertising , Campaign , Launch