New estimated have already started coming in showing upwards of 6.5 billion in insured losses and $10-$20 billion in economic losses resulting from Hurricane Sandy, making it already worse than Hurricane Irene. The final total could be as high as 25 billion according to some estimates when combining economic and actual physical damages.
Washington, D.C. -
The Labor Department reported that new jobless unemployment claims fell 23,000, down to 369,000 for last week.
Economists generally think a reading below 400,000 points to an increase in employment, with hiring likely to outpace layoffs.
FedEx has announced that it plans to hire 20,000 seasonal workers for the holiday period, the same amount as last year.
In a statement, the delivery company said that while the volume of packages it expects to ship will actually increase from last year, 280 million, more consumer will be opting for the slower and cheaper ground transport and SmartPost, a feature the lets consumers send it via FedEx, who then hands it off to the U.S. Postal Service for final delivery to homes and PO Boxes.
New York City -
The Down Jones Industrial Average, DJIA, opened this moring dropping more than 200 points in the first hours as companies report lower earnings and revise lower fourth quater earning expectations.
As of noon, the Dow was down 227.66 points at 13,118.38, or 1.71% of the total value of the stock market.
Bellweather companies like 3M reported lower earnings and DuPont said it plans to cut 1,500 jobs. Retail sales have only been modest and manufacturing was down in several sectors.
Washington, D.C. -
The Labor Dept reported that new jobless claims for state unemployment has dropped another 30,000 last week to 339,000, the lowest its been since Feb 2008.
About 114,000 new jobs are estimated to have been added by private employers in September with about 3.27 million still on unemployment benefits nationwide.
Blunting the good news, the U.S. trade deficit widened to $44.2 billion in August, a 4.1% increase since July.
Exports of U.S. products are down $181.3 billion as a slowing global economy weaken demand for U.S. made goods.
A deal is in the works for Sprint Nextel Corp to merge with Metro PCS, even thought Metro PCS just agreed to merge with T-Mobile, which is owned by Deutsche Telekom.
Reports say Sprint is currently decideding if it should move forward now or wait until after Metro PCS is done merging with T-Mobile.
Merging after would be more complicated and would have to be cleared by the Federal Trade Commission.
Sprint currently used CDMA technology while T-Mobile used GSM, the most widely used techonoly format for mobile phones around the world.
Washington, D.C. -
New data from the Dept of Labor show new unemployment claims fell 26,000 to 359,000, which is the lowest level since July.
The labor market has remained in limbo over uncertainties in higher taxes, deep government cuts, Europe's debt problems, and s slowdown in production output in China indicating new orders are down.
With the smartphone dominating phone sales by an overwhelmingly large margin, it has shaped up to be a battle between Apple's iPhone and Android based phones of various sorts, with a combined marketshare of 85% while Windows, Nokia and Blackberry collective accounting for a mere 12-15% of all sales combined.
But who is buying what, and how many people will switch to a competing platform?
According to a new study by AYTM Research, Android users are 2.4x more likely to switch to an iPhone than vice versa.
Alibaba, a Chinese based search engine similar to Yahoo, has bought back half of the stock Yahoo owned in the company for $7.6 billion. Alibaba also plans to buy back the remaining stock Yahoo holds in the company after its Initial Public Offering, or IPO.
After raising cash from taking on loans, sale of preferred stock and funding from a host of international investors, Alibaba paid Yahoo $6.3 billion in cash, $800 million in preferred shares and one-time cash payment of $550 million in connection with an amendment to their intellectual property license agreement.
News of record sales yet again for Apples newest iPhone, the iPhone 5, has pushed Apple's stock above $700 in after hours trading. The stock closed today at $699.78 per share.
At $700 a share, Apple is worth $656 billion and only four other companies have every crossed the $700 a share barrier; Priceline, Berkshire Hathaway NVR Inc. and Google.