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IRS Helping People File Their Taxes in Order to Receive Stimulus Check
2008-03-30 17:57:00
The IRS is working over time in order to help tax payers file their taxes to ensure that every eligible tax payer receives the stimulus check. The government is expecting the stimulus check to boost the economy and help revive economic conditions; however, major retailer J.C. Penny has already issued a warning stating that it expects its revenues to be significantly lower throughout 2008.
More About: People , Taxes , File , Check , Order

Countrywide's CEO To Receive $19 Million as Part of Bank of America Deal
2008-03-30 05:19:00
As part of Bank America 's pending takeover offer Countrywide's CEO, Angelo Mozilo, is expected to receive $19 million in stock next week. Angelo Mozilo is expected to retire after the buyout; however, President Sambo has been offered $36.4 million in order to lead the combined company's consumer mortgage division.
More About: Bank of America , Deal , Part

Bush Intends to Expand Mortgage Relief Efforts
2008-03-29 23:15:00
The Bush Administration reported that it plans to expand on its efforts to help homeowners avoid foreclosures. The White House stated that it is committed to helping borrowers refinance their mortgages at lower rates. Under the new plan being considered banks would be encouraged to forgive part of the debt, which is larger than the value of the home and allow lender to refinance smaller mortgages with federal backing.
More About: Mortgage , Relief

J.C. Penny Issues Lowers Q1 Earnings Estimates
2008-03-29 16:14:00
In a sign that the retail industry is one of the industries being hit hardest by economic conditions, J.C. Penney has slashed its first quarter guidance. The company now only expects to report earnings of 50 cents per share significantly lower then its previous estimate of 75 cents a share. J.C. Penny stated that although the tax rebates may help a little; they expect lackluster sales throughout 2008.
More About: Issues , Earnings , Estimates

Newspaper Print Ads Plummet 9.4%
2008-03-29 16:06:00
Print advertising sales plummeted a record 9.4 percent. U.S. newspapers have been facing stiff competition from both cable television and Internet advertising in a period were the economy has stiffened sales. Down 23 percent, real-estate ads is leading the drop in loss advertising sales.
More About: Print , Newspaper

Yahoo, MySpace, Google Join to Create OpenSocial
2008-03-28 22:56:00
The three Internet giants, Yahoo , Google , and MySpace, have all joined together to form OpenSocial. OpenSocial is a non-for-profit foundation, which is scheduled to launch within the next 90 days. OpenSocial is a framework that will allow developers to develop web applications which will work across all major websites. OpenSocial will be a direct competitor with Facebook's propiretary application framework.
More About: Myspace , Join , Create

Red Hat's Adjusted Earnings Beat Analysts' Expectations
2008-03-28 22:51:00
Red Hat reported adjusted fourth quarter earnings of 20 cents a share, beating analyst expectation of 19 cents a share. The stock climbed nearly 5.5 percent immediately following the news.
More About: Earnings , Beat , Expectations

AT&T to Start Pushing Mobile TV in May
2008-03-28 22:46:00
AT&T is planning to offer its mobile TV service starting in May. The service will initially only be offered on the LG Vu and Samsung Access and will feature a complete programming package including CBS, Comedy Central, ESPN, Fox, MTV, NBC, NBC News, and Nickelodeon. Verizon has been able to capitalize on AT&T's delay in bringing its TV service to the market. Verizon's current service sports more then 150 programs and is available across four phones.
More About: Mobile , Start , Mobile TV

Federal Reserve Loans $37 Billion to Struggling Financial Companies
2008-03-28 03:34:00
The U.S. Federal Reserve stated that have loaned a total of $37 billion to struggling financial companies. This represents a 28.5 percent increase over a week earlier as the central bank continues to step in with attempts to stabilize the credit markets.
More About: Companies , Loans , Financial

Adobe Releases Online Free Version of Photoshop
2008-03-28 03:25:00
Adobe released their new online version of Photoshop for free. The new service entitled Adobe Photoshop Express allows users to edit, store, and share images online through Adobe's website.
More About: Adobe , Free , Online , Version

3G iPhone on the Way
2008-03-27 00:39:00
According to Ken Dulaney, an analyst at Gartner, production orders for the 3G version of the iPhone have already begun. His sources indicate that Apple has already placed an order for 10 million units for 3G iPhones; possibly indicating that Apple plans to exceed its initial goal of selling 10 million iPhones in 2008.
More About: Iphone

New Home Sales Reach 13 Year Low
2008-03-27 00:35:00
New home sales in the U.S. dropped to a new 13 year low in February. The decline was slightly worse then analysts had been expecting. Current inventories levels on the market are the highest in more then 26 years due to new foreclosures continuing to compound on an already flooded market.
More About: Sales , Home , Reach , Year , New Home Sales

Oil Surges Nearly $5 on Supply Concerns
2008-03-27 00:32:00
Crude oil prices jumped nearly $5 dollars, after a report was released showing weaker inventories. The news helped fuel the surge in prices after a further decline in the dollar led the initial charge.
More About: Concerns

Clearwire May Receive Funding for its Wireless Venture with Sprint
2008-03-27 00:31:00
Shares of Clearwire jumped Wednesday, after news was leaked that the company may receive funding from Comcast, Time Warner, or Bright House Networks in order to help pay for its new wireless WiMax deployments.
More About: Venture , Wireless , Sprint , Funding

Tata Set to Close Jaguar Purchase
2008-03-26 01:00:00
Tata, India's largest automobile manufacturer, is set to acquire both the Jaguar and Land Rover brands from Ford. Although, the exact price has yet to be released, Tata is expected to pay around $2 billion for the brands.
More About: Close , Purchase , Tata

Microsoft May Raise its Offer
2008-03-26 00:55:00
According to analysts at Citigroup, the Microsoft -Yahoo merger is likely to happen and it may happen at a higher price. Citigroup analysts are predicting that Microsoft may raise its offer to as much as $34 a share. Microsoft has previously stated that it has no plans to raise its offer; however, there has been reports of continued negotiations between the two companies.
More About: Offer

Obama Challenging Clinton to Release Her Tax Returns
2008-03-26 00:48:00
Obama released his tax returns for 2000 to 2006 and has publically challenged Hillary Clinton to do the same. This comes after speculation over her personal $5 million dollar campaign contribution and rumors about questionable income about Bill Clinton investing in an investment company that invests in tax shelters.
More About: Obama , Release

XM-Sirius Gains Approved from Justice Department
2008-03-25 02:36:00
The Justice Department announced approval for the XM Satellite and Sirius Monday. The proposed $5 billion merger still has to be approved by the Federal Communications Commission who is lingering concerns that the merger would create a monopoly in satellite radio. It has now been over a year since the merger was first announced.
More About: Justice Department

JPMorgan Increases Bear Stearns Buyout Deal to $10 Per Share
2008-03-25 02:32:00
JPMorgan has increased its buyout offer to $10 a share in order to deal win shareholder approval. Share s of Bear Stearns rose over 88 percent following the announcement.
More About: Deal

Existing Home Sales Increase in February
2008-03-25 01:20:00
The market rallied today after reports came in that existing home sales increased by 2.9 percent in February . According to Thomson Financial, analysts were expecting a decline as high as 0.8 percent. Much of the turmoil in stocks have been related to the real estate market, and if today's figures can be sustained there is a much better chance of a market recovery.
More About: Sales , Home

Microsoft Offering Free Support For Vista SP1
2008-03-25 01:14:00
After numerous complaints, Microsoft has made the decision to offer free support for anyone experiencing issues with the new service pack. A lot of users have been experiencing issues with the service pack. Microsoft officially released SP1 last week.
More About: Vista , Free , Support

Dell Looking Towards China and India
2008-03-23 16:39:00
Dell is gearing its efforts towards both China and India in order to boost profits and regain the lead in personal computers. Dell reported at its news conference that it plans to release at least 50 percent more notebook models overseas then it did last year and also design its products specifically with Chinese and Asians needs in mind.
More About: Dell

China Mobile Posts High 2007 Growth
2008-03-23 16:36:00
China Mobile , the largest mobile phone carrier in the world, posted strong growth for 2007. The company has been increasing its subscribers while at the same time increasing its revenues per subscriber by brining in additional revenues from its new music and instant messaging services.
More About: China , Growth , High , Posts

Democrats Pushing For Stronger Government Involvement for Financial Compani
2008-03-23 16:34:00
Democrats are pushing for tighter regulation on hedge funds and fund managers much similar to the types of regulations that commercial banks have had for several years. The new regulations could bring new requirements such as requiring higher cash reserves in order to deal with unexpected losses. They are pushing towards giving the Federal Reserve more power over the financial markets allowing them to regulate financial institutions when necessary. The moves come just after Bear Stearns collapsed due to massive losses related to the housing and credit crises.
More About: Government , Democrats , Financial , Stronger

Central Bank Considering Buying Mortgages
2008-03-22 23:06:00
The U.S. Federal Reserve and the European Central Bank are open to the idea of using public money to bailout mortgage securities in order to help clean up the credit markets, according to the Financial Times. The Federal Reserve has already taken drastic steps in order to prevent more massive bank losses this year.
More About: Buying , Mortgages , Central Bank

After Over a Year Mac Mini Set to Receive Upgrade
2008-03-22 22:59:00
According sources at AppleInsider, Apple's Mac mini is expected to receive its biggest upgrade since the transition to Intel processors. The new units are expected to receive Intel's new Penryn microprocessors starting at 2.1 gighz with the same GMA X3100 graphics card as current MacBooks. Apple is also expected to refresh their iMac line with the new microprocessors.
More About: Mini , Mac Mini , Year

Microsoft Officially Releases Vista Service Pack 1
2008-03-22 03:38:00
The first major service pack for Microsoft Vista has been officially released. The update includes a collection of security fixes as well as other subtle updates. As the majority of businesses tend to wait for at least the first major service pack, this release represents a major psychological milestone eliminating a large concern with adopting a new operating system.
More About: Service , Pack , Service Pack

S&P Downgrades Goldman Sachs
2008-03-22 03:28:00
Standard & Poor lowered their rating for Goldman Sachs on Friday while the market was closed. S&P downgraded the company to "negative" from "stable" due to citing that the company will likely see a 20 to 30 percent reduction in income as the company is posed to deal with larger write-downs going forward.

Citigroup Cuts an Additional 2,000 Jobs
2008-03-21 02:37:00
Citigroup announced that it was cutting an additional 2,000 new jobs in its investment banking division. The largest U.S. bank has been experiencing significant drops in revenues due to its credit problems and large exposure to sub-prime lending.
More About: Jobs , Citigroup , Cuts

Apple Consdering Releasing an Unlimited Music Plan
2008-03-21 02:32:00
Apple Inc. is rumored to release a new unlimited music service. The new plan could be offered for as low as $20 per device. According to sources Apple is currently negotiating deals with record labels, the first step needed to launch the new monthly subscription service. Some analysts are concerned about the proposal stating that the deal would create an accounting nightmare and deprive some artists if Apple were to start giving away songs on its iTunes music store. Apple's iTunes music store currently only accounts for 10 percent of Apple's revenues; however, it has been a major selling point in increasing iPod sales.
More About: Music , Apple , Unlimited , Plan