Search This Blog


Search Tool

Sep 3, 2010

MarketWatch : Weekly Roundup-Top Stories of the Week. Sep. 3rd., 2010


Weekly Roundup
SEPTEMBER 03, 2010

MarketWatch's top stories of the week

By MarketWatch

Investors ended the week on a four-session winning streak, sailing into the long weekend on a high note as an encouraging jobs report sent stocks to their best pre-Labor Day week in two decades.

The Dow Jones Industrial Average (DJIA) rose Dow up 2.9% on the week -- its first positive weekly showing since the beginning of August. The Dow also edged back into positive territory for the year.

Stay tuned to MarketWatch this weekend for our Weekend Investor feature on consumer sector's five standout stocks. See full story on dividend-paying consumer stocks.

Watch our weekly preview videos for Asia, Europe and the U.S. markets:

-- Greg Morcroft , assistant managing editor

Job-loss pace slower than expected

The U.S. economy shed 54,000 nonfarm jobs in August, the Labor Department reported Friday, a much slower decline than economists anticipated as the health-care and temporary-staffing industries led a 67,000 expansion in private-sector employment. Though the employment report broadly painted a picture of sputtering economic growth, the payrolls decline in August wasn't as steep as the 105,000 payroll subtraction expected by economists surveyed by MarketWatch and eroded market fears of a double-dip recession. Read full MarketWatch story on payrolls data.

H-P knocks Dell out of the 3Par water

The bidding war for 3Par appeared to reach a close as Hewlett-Packard (HPQ) raised its offer for the data-storage company to $33 a share, prompting Dell (DELL) to throw in the towel. Read more about the Dell-vs.-H-P battle for 3Par.

Samsung, Toshiba unveil Google-based iPad rivals

South Korea's Samsung and Japan's Toshiba unveiled tablet computers designed to rival Apple Inc.'s (AAPL) popular iPad. Read about Samsung's and Toshiba's iPad rivals.

Genzyme rejects Sanofi takeover bid

Following weeks of speculation, beleaguered biotech leader Genzyme (GENZ) rejected a $18.5 billion takeover offer from French pharmaceutical firm Sanofi-Aventis (SNY), asserting that the bid substantially undervalues the company. Sanofi had announced an offer to buy Genzyme for $69 a share in cash. The two firms had been in talks since July. Analysts said that they would expect a reasonable bid for Genzyme to be at least in the low $70s. Read more about Sanofi's hunt for Genzyme.

A 15-year mortgage isn't for everyone

A growing number of homeowners are choosing to pay down their mortgages at a faster rate, even if it means a substantial jump in their monthly payments. From January through June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term. About 9.4% did so in 2007. What's prompting the shift to shorter loans? Read about the pros and cons of a 15-year mortgage.

U.S. home prices rie 1% in June

Home prices rose 1% in June in 20 major U.S. cities, according to the Case-Shiller index released by Standard & Poor's. This is the third straight increase in home prices as demand picked up due to tax incentives. Prices have moved up 4.2% in the past year. Read about latest move in home prices.

Burger King to be sold for $4 billion

Burger King Holdings shares (BKC) jumped more than 25% Thursday, rallying as the fast-food giant said it will be gobbled up by investment firm 3G Capital for $24 a share in a deal valued at $4 billion. The buyout represents a 46% premium to the shares' price before media reports Wednesday that a deal was in the works. Read about the Burger King buyout.

Goldcorp to buy Andean Resources for $3.4 billion

Goldcorp (GG) announced it will pay $3.4 billion for all outstanding shares of Andean Resources Ltd., whose principal asset is a gold project in Argentina. Shares of Andean, which is listed in both Canada and Australia, soared. Read more about the mining deal.

Men's wages are falling faster than women's

Wage growth among middle- and low-income U.S. workers has been shaky, at best, for a decade, but in the last three years it had collapsed, with wages growing at less than half the rate they had in the period right before the recession, and some workers' pay decreasing, according to a new analysis by the Economic Policy Institute. Men's median wages fell 1.3% in the year ending in the second quarter, down from a growth rate of 5.3% in the comparable period ending in mid-2008, the first year of the recession. Women's wage growth dropped to 3.7% from 5.2% over the same period. Read more about men's falling pay.

Goldman to shutter principal strategies unit

Goldman Sachs (GS) has decided to shutter its principal strategies unit, which does its proprietary trading, in the wake of financial-overhaul regulation passed by Congress, according to a person familiar with the matter. The widely expected decision follows J.P. Morgan Chase's (JPM) decision to close its proprietary trading business. See full story on Goldman Sachs' plan.

MarketWatch: Personal Finance Daily : Good news for Labor Day drivers: Gas prices drop. Sep. 3rd., 2010


Personal Finance Daily
SEPTEMBER 03, 2010

Friday's Personal Finance stories

By MarketWatch

Don't miss these top stories:
Driving somewhere this weekend? If so, there's good news for you at the gas pump. As Steve Gelsi writes in his story today, gas prices are lower than experts predicted earlier this year, though the national average is only a few cents lower than it was this time last year.

But gas prices are kind of like real estate. Location matters. So, it's probably good I'm not driving anywhere this weekend. San Francisco's prices are still at about $3.20 a gallon.

Read Gelsi's story for more on the gas-price outlook, plus don't miss Lew Sichelman's Realty Q&A column on why it's not a good idea to tap your retirement savings to pay off your mortgage, and Robert Powell's column on a strange provision in the health-care reform law that gives health-care cost subsidies to younger retirees -- those who aren't yet eligible for Medicare -- but only some of those retirees, and only for a relatively short period of time.

Wishing you all a happy Labor Day weekend!

-- Andrea Coombes , Personal Finance editor

Gas prices dip as more drivers take to the road

Energy experts predict lower retail gasoline prices over Labor Day weekend compared to earlier in the summer, just as a greater number of Americans may drive more than 50 miles from home during the three-day holiday.
See story on Labor Day drivers to get a break at the gas pump.


Don't tap your retirement fund to pay off a mortgage

In this week's Realty Q&A, a retiree says his only debt is his $94,000 mortgage, and he wonders whether he should tap his 401(k) to pay off that bill. Lew Sichelman offers some advice.
See Realty Q&A on don't tap your retirement fund to pay off a mortgage.


Health law's retiree perk won't last long

If you are among the estimated 1.3 million retirees too young to qualify for Medicare but fortunate enough to have employer-sponsored health care coverage, count your blessings. The next two years could bring a bit of a windfall.
See story on health law's retiree perk won't last long.


Five consumer-sector stocks with stable dividends

Stingy consumers are causing stomachaches for brand-name makers of household goods and packaged foods. The biggest consumer-staples companies have been forced into short-term promotions and price cuts to stoke volume growth and retain market share.
See Weekend Investor on five consumer-sector stocks with stable dividends.

Commentary: Does the market's P/E ratio indicate undervaluation?

Are stocks hugely undervalued? It certainly would seem to be a big stretch to argue that they are, even to advisers who are otherwise bullish. After all, the market's current P/E ratio -- depending on how the "E" is measured -- ranges from being more or less in line with the long-term historical average to being moderately above it.
See story on does the market's P/E ratio indicate undervaluation.

Commentary: Equity defies its eulogizers

The Death of the Cult of Equity" is one of the hoarier old clichés to emerge from the financial crisis.
See story on equity defies its eulogizers.


U.S. nonfarm payrolls fall by 54,000 in August

The U.S. economy shed 54,000 nonfarm jobs in August, the Labor Department reported Friday, a much slower decline than economists anticipated as the health-care and temporary-staffing industries led a 67,000 expansion in private-sector employment.
See story on private-sector jobs grow by 67,000.

Commentary: Economy adds jobs, just not enough of them

The U.S. economy is still bogged down, but it's not sinking any further into the mire.
See story on economy adds jobs, just not enough of them.

Commentary: Labor market unable to gain traction

The latest jobs figures released Friday confirm that our nation's labor market has been unable to gain traction.
See story on job market unable to gain traction.

Commentary: Land of Opportunity running out of opportunities

With millions of people twiddling their thumbs waiting for a job, the Land of Opportunity is in danger of becoming barren. Nearly three years into our economic wilderness, we still can't seem to find our way out.
See story on Land of Opportunity running out of opportunities.

Job creation needs to be sped up, Obama says

The creation of 67,000 private-sector jobs in August was "positive news," President Barack Obama said Friday, but job growth needs to be faster and the White House is mulling more stimulus measures.
See story on job creation needs to be sped up, Obama says.


Top 10 working-class TV series for Labor Day viewing

Television's long history has given us lots of celebrated blue-collar characters over the years, but for various reasons most of them have been relegated to sitcoms -- Ralph Kramden, Archie Bunker, Roseanne Conner, Al Bundy.
See story on top 10 working-class TV series for Labor Day viewing.


What we learned about the economy this week

The Labor Department on Friday reported 54,000 jobs were lost outside of the agricultural sector in August, mostly because temporary Census workers were let go.
See story on what we learned about the economy this week.

U.S. services-sector growth slows in August, ISM says

Growth slowed in the U.S. non-manufacturing sector in August, with a key index hitting 51.5%, compared with 54.3% in July, the Institute for Supply Management reported Friday.
See story on U.S. services-sector growth slows in August, ISM says.

Commentary: BP's shakedown in the Gulf

Is BP playing hardball, or is it having another Hayward-esque "I want my life back" moment? In an article published Friday in the New York Times, David Nagel, executive vice president for BP America, warned that the company would be hard pressed to build up its $20 billion oil spill fund unless it's allowed to continue drilling on the U.S. Outer Continental Shelf.
See story on BP's shakedown in the Gulf.

Hurricane Earl weakens, heads for New England

Hurricane Earl weakened Friday to a Category 1 storm as it headed up the Atlantic coastline toward southeastern New England, where residents braced for heavy rains and gusting winds.
See story on Hurricane Earl weakens, heads for New England.

CNBC Evening Brief: Private-Sector Hiring Remains Weak Despite August's Gain


»click here to see the latest top stories from


»click here to see the latest top video from

NYT : Afternoon Business news:Sep. 3rd., 2010

Your Money

How Debt Can Destroy a Budding Relationship

Because one person's debt becomes a shared responsibility in marriage, when do you reveal a substantial liability?
  • Wealth Matters

The Art of Thinking Quickly and Clearly Under Great Pressure

Through no fault of his own, Frederick Peters arrived in a financial crisis threatening his business. He survived by avoiding distractions and focusing on the problem.
Patient Money


In the Age of Recalls, Tips for a Pathogen-Free Kitchen

Safety experts have advice on ways to germ-proof your food, and still save money.

News Analysis

E.U.'s Big Step Toward Crisis Prevention

The European Union has created new financial watchdogs to prevent future economic crises that have thrown the future of the euro into question.

Wall Street Looks to End 3-Week Losing Streak


An encouraging employment report for August has lifted hopes about the pace of economic growth.

WSJ :Intelligent Investor, by Jason Zweig. Sep. 3rd., 2010

The Intelligent Investor, by Jason Zweig
from The Wall Street Journal

Fixed-indexed insurance products, commonly called "equity-indexed annuities," offer the promise of protection on the downside combined with a guaranteed minimum upside. Do they deliver?

RTTNews: Evening Market Wrap: August Jobs Data Helps Lift Stocks To Three-Week Highs - U.S. Commentary .

Evening Market Wrap Fri Sep 3 17:01 2010 


Sep 3, 2010 August Jobs Data Helps Lift Stocks To Three-Week Highs - U.S. Commentary Stocks rallied to their best closing levels in three weeks ahead of the Labor Day weekend on Friday, as a softer than forecast drop in August jobs helped to alleviate some fears of a double-dip recession. Nonetheless, the day's buying may have been held back by a worse than expected reading on service sector activity. Full Article

Economic News

Sep 3, 2010 Employment Shows Modest Drop Amid Continued Private Sector Job Growth Employment in the month of August fell by much less than economists had been expecting, according to a report released by the Labor Department on Friday, with the report also showing a much smaller than previously reported drop in employment in July. The report showed that non-farm payroll employment fell by 54,000 jobs in August, matching the revised decrease in jobs seen in July. Economists had expected employment to fall by about 120,000 jobs. Full Article
Sep 3, 2010 Service Sector Activity Sees Slower Pace Of Growth In August While activity in the service sector expanded for the eighth consecutive month in August, a report released by the Institute for Supply Management on Friday showed that the pace of growth in the sector slowed by much more than economists had been anticipating. The report showed that the ISM's non-manufacturing index fell to 51.5 in August from 54.3 in July, although a reading above 50 indicates continued growth in the service sector. Full Article
Sep 3, 2010 Lockhart: Don't Read Too Much Into Fed's Bond Buying The Federal Reserve's recent decision to invest in longer-term Treasuries represents a "small, tactical change" and not a change of strategy on securing the economic recovery, Atlanta Fed President Dennis Lockhart said Friday. Lockhart said that economists have read too much into the FOMC's August decision to reinvest principal received on mortgage-backed securities or maturing agency debt by purchasing longer-term Treasury securities. Full Article

Earnings News

Sep 3, 2010 Campbell Soup Serves Up Hearty Profit Despite Flat Sales World's largest soup-maker Campbell Soup Co. (CPB) reported Friday a 63% year-over-year surge in profit for the fourth quarter despite a marginal decline in sales. A lower effective tax rate helped lift profits compared to the year-ago quarter, when results were weighed down by a charge. Full Article

Corporate News

Sep 3, 2010 Disney, Time Warner Cable Strike New Deal Walt Disney Co. (DIS) and cable operator Time Warner Cable Inc. (TWC) have reached a new long-term expanded programming deal that will keep Disney's broadcast and cable channels on Time Warner Cable, ending several weeks of tense negotiations. The deal ensures that ESPN will be available to Time Warner customers for the NFL season, which kicks off Thursday, September 9. Full Article
Sep 3, 2010 Celldex Says Pfizer Terminates Cancer Vaccine Deal - Update Celldex Therapeutics, Inc. (CLDX), a development stage biotechnology company, said Friday that Pfizer Inc. (PFE) has terminated a global development and commercialization deal for Celldex's experimental therapeutic cancer vaccine, rindopepimut, citing that the program is no longer a strategic priority of Pfizer. Full Article

Forex Top Story

Sep 3, 2010 Dollar Fades Even As Jobs Picture Brightens The dollar rocketed higher versus the yen but quickly fell back to earth on Friday, as enthusiasm over the latest jobs report fizzled out after a troubling look at the service sector. Unemployment rose to 9.6% in August, but the private sector added 67,000 jobs to help offset a significant drop in census-related employment. Full Article

Political News

Sep 3, 2010 GOP Takes Unsurprisingly Negative View Of Jobs ReportWhile many see the smaller than expected drop in employment in August as a positive sign for the U.S. economy, Republicans leaders in the House have expressed an unsurprisingly negative view of the data as they seek to highlight signs of economic weakness heading into the mid-term elections. A report released by the Labor Department on Friday showed that employment fell by 54,000 jobs in August, compared to estimates for the loss of about 120,000 jobs. Full Article

FOX BREAKING BUSINESS NEWS. Job Losses : What's next?. Sep. 3rd., 2010

Obama Flag 276 generic
Job Losses: What's Next?Week Ahead Investors await word from President Obama he fleshes out plans to rev up the stalled economy.

Should Bernanke Babysit Congress?

Some say Ben Bernanke needs to be more vocal on fiscal matters that Washington is currently struggling to come to a consensus on.

Fact Checking the Democrats on Jobs

EMac Time to check the Democrats' job growth claims, given the smoke bombs being set off in this debate as the midterm elections loom. | WATCH

A Note to the Super-Organized

Game Plan There’s a time and place for being organized, just not every time and every place.

A Different Kind of Match-Making

A slew of new Web sites are looking to bring together venture capitalists and entrepreneurs.

The Washington Post Afternoon Edition | Most Read Articles. Sep. 3rd. 2010.

Most Viewed Articles on

1) Our distracted commander in chief

Obama sees the war in Afghanistan as an unwanted interference with his true vocation.

2) It's shark week on the Potomac

Willy Dean was on the Potomac River in a 22-foot skiff Tuesday morning when he realized there was something both abnormal and enormous in his net. It was a deadly 8-foot-1 bull shark , a 300-pound-plus killer that had likely been feasting on cownose rays at Cornfield Harbor, just off the shores of...

3) Put the millionaires' tax money to good use

With the economy downshifting into first gear and their poll numbers sagging, the White House and Democratic congressional leaders are desperate for an economic and political game-changer as they head into the November elections. As it happens, there's one close at hand: the expiration of the "Bush"...

4) We're spoiled brats, and we vote

Americans' refusal to look seriously at the nation's situation is an equal-opportunity scourge.

5) Unemployment rate rises, in sign of weak growth

The unemployment rate edged up and private-sector job creation continued at a modest pace in August, the government said Friday, reflecting an economy that is treading water, neither accelerating into a robust recovery nor slipping into another recession.

6) White House considers pre-midterm package of business tax breaks to spur hiring

With just two months until the November elections, the White House is seriously weighing a package of business tax breaks - potentially worth hundreds of billions of dollars - to spur hiring and combat Republican charges that Democratic tax policies hurt small businesses, according to people with...

7) Albert Haynesworth goes the distance in Washington Redskins' preseason finale

The defensive lineman starts for the first time in the preseason, but the Redskins fall to the Arizona Cardinals, 20-10.

8) Hostage standoff was grueling time for officials

From the early stages of Wednesday's hostage standoff in Silver Spring, tactical officers had positioned themselves to shoot James J. Lee. The big fear: Doing so would set off explosives attached to his body and kill his three hostages.

9) Weakening Hurricane Earl pounds N.C., moves toward Md., Delaware

Downgraded to a Category 1, Hurricane Earl lost strength Friday morning as it moved along the coast of the Delmarva Peninsula after pounding the Outer Banks with heavy rains and strong winds overnight.

10) Threatening mosques -- and Christianity, too

In the mosque controversies, some Christians are undermining their own faith.

RTTNews : Daily Stoks to Watch: Finisar's strong quarter, outlook – Stocks To Watch

Daily Stocks to Watch Fri Sep 3 09:03 2010 

Stocks To Watch

Sep 3, 2010 Finisar's strong quarter, outlook – Stocks To Watch Finisar Corp (FNSR), a maker of high-speed network gear, posted better-than-expected first-quarter results, thanks to robust demand for its higher data rate transceivers and ROADM products that are used to switch traffic in fiber optic networks. The company said adding capacity continues to be a top priority in the next quarter, particularly for its ROADM products where demand currently exceeds its ability to supply. Income from continuing operations was $19.41 million or $0.24 per share, compared to year-ago loss of $11.12 million or $0.18 per share. Full Article
Sep 3, 2010 Introducing RTT Growth & Value StocksThe Growth & Value Stocks service is designed with a disciplined approach of extensive fundamental analysis to cater swing traders and investors. The service identifies growth stocks that are generally overlooked and value stocks that are usually undervalued by the market. The growth and value stocks we select have significantly outperformed the broader market indices. Full Article

RTTNews: Morning Market briefing : Softer Than Expected Job Losses Prime Stocks For Early Jump - U.S. Commentary. Sep. 3rd., 2010

Morning Market Briefing Fri Sep 3 09:01 2010 


Sep 3, 2010 Softer Than Expected Job Losses Prime Stocks For Early Jump - U.S. Commentary Stock futures are pointing to a sharply higher open Friday morning, as August job losses came in far softer than forecast by economists. The major index futures are all firmly positive, with the Dow futures up by 116 points. Full Article

Economic News

Sep 3, 2010 Indonesia Orders Banks To Raise Reserves Indonesia's central bank on Friday decided to raise banks' reserve requirement ratio in a bid to curb lending amid rising inflation. It also left its benchmark interest rate unchanged at 6.5% as expected. Full Article
Sep 3, 2010 Eurozone Private Sector Expansion Continues In August Eurozone private sector continued its expansion with services activity picking up to a three-month high in August. Full Article
Sep 3, 2010 Slower UK Services Growth Raises Double-Dip Concerns U.K. service sector recovery continued to loss momentum with growth flagging to a sixteen-month low in August as employers shed more jobs owing to uncertain economic outlook amid tough austerity measures and the value added tax hike. Full Article
Sep 3, 2010 Japan Capital Spending Falls For 13th Quarter Capital expenditure by Japanese companies continued to decline in the June quarter extending the current sequence of decline to 39 months, official figures showed on Friday. Separate data showed that Japan's service sector activity declined at a slower pace in August. Full Article
Sep 3, 2010 Employment Falls By Much Less Than Expected In August Employment in the month of August fell by much less than economists had been expecting, according to a report released by the Labor Department on Friday, with the report also showing a much smaller than previously reported drop in employment in July. Full Article

Earnings News

Sep 3, 2010 H&R Block Q1 loss narrowsThursday, H&R Block Inc. (HRB) said its first-quarter loss narrowed from last year, although revenue were more or less flat from last year, reflecting lower operating expenses due to workforce reduction and office closures. The results were also hurt by hefty severance costs. Full Article
Sep 3, 2010 Campbell Soup Q4 proift up 64%, beats estimate; guides FY11 below StreetFriday, Campbell Soup Co. (CPB) reported a 64% rise in profit for the fourth-quarter, although revenue slid 1%, helped by better margins. Earnings came in above the Street view, while revenue fell short of expectations. Looking ahead, Campbell guided fiscal 2011 earnings below the current estimate of analysts. Full Article

Corporate News

Sep 3, 2010 Goldcorp to buy Andean Resources for $3.4 blnFriday, Goldcorp Inc. (GG) said it agreed to buy Andean Resources Ltd. for about C$3.6 billion or US$3.42 billion, an acquisition that would enable the company to access Andean's Cerro Negro gold project in Argentina. The companies expect the deal to close later this year or in early 2011. Under the scheme of arrangement, each Andean share will be swapped for 0.14 common shares of Goldcorp or C$6.50 cash. Full Article
Sep 3, 2010 Celldex says Pfizer ends vaccine development dealFriday, Celldex Therapeutics Inc. (CLDX) said Pfizer Inc. (PFE) ended the deal that was signed to co-develop Celldex's cancer vaccine, citing that the the program was not a strategic priority for Pfizer. The firms had entered into the deal in April 2008 to develop a vaccine against Glioblastoma Multiforme, a form of brain tumor. Celldex said it intends to continue the development of the vaccine, which is currently is mid-stage development. Full Article
Sep 3, 2010 HP to buy 3PAR for $2.35 bln, as Dell quits raceThursday, Hewlett-Packard Co. (HPQ) agreed to buy 3PAR Inc. (PAR) for a total enterprise value of $2.35 billion or $33 per share in cash, up from its previous offer of $30 a share. Earlier in the day, Dell decided to opt out of the race, ending the bidding war for 3PAR. 3PAR said its board sees the revised offer to be superior to the bid from Dell Inc. (DELL). Full Article
Sep 3, 2010 BP says oil spill costs touch $8 blnFriday, BP plc (BP) Friday announced that its total cost of response to the massive oil spill in the Gulf of Mexico, reached about $8 billion to date. The company also revealed that the well could be permanently shut in around two weeks. Full Article
Sep 3, 2010 Disney, Time Warner Cable sign new dealThursday, Walt Disney Co. (DIS) and Time Warner Cable Inc. (TWC) signed a long-term expanded programming deal to keep Disney's broadcast and cable channels on Time Warner Cable, ending weeks of tense negotiations. As per the agreement, Time Warner video subscribers will get access to without an extra charge. Disney also granted Time Warner Cable the right to retransmit signals from four ABC stations, as well as air Disney Junior and ESPN Goal Line channels. Full Article

Broker Ratings Changes

Sep 3, 2010 KeyBanc Capital Markets Raises Buckle Inc. (BKE) To Hold From Underweight
Sep 3, 2010 KeyBanc Capital Markets Starts W.R. Grace & Co (GRA) At Buy With $36 Price Target

Todays WS Events

Sep 3, 2010 Campbell Soup Q4 10 Earnings Conference Call At 10:00 AM ET Campbell Soup Co. (CPB) will host a conference call at 10:00 AM ET September 3, 2010, to discuss its Q4 10 earnings performance. To access the webcast, log on to To listen to the call, dial 1-866-847-7864 (US) or 1-703-639-1430 (International). For replay of the call, dial 1-888-266-2081 or 1-703-925-2533, Access Code 1478732.

FINANCIAL AND FOREX INFO : Reuters Business Today :.Stocks Futures Flat Ahead Payrolls Sep. 3rd., 2010


Stock futures flat ahead of payrolls
Payrolls fall less than expected in August
Campbell Soup profit beats estimates
China approached Canadian fund on rival Potash bid
Canada's Goldcorp to buy Andean for $3.4 billion
Heavy in dollars, China warns of depreciation
Brazil oil firm Petrobras plans $65 billion stock sale
Service sector spotlight shines on Germany, China
BP oil spill costs hit $8 billion as ends rig probe
Banks admit better disclosure on bonuses needed

New York Times Breaking News Alert : Jobless rate Rose to 9.6%. Sep 3rd., 2010

Breaking News Alert
The New York Times
Fri, September 03, 2010 -- -----

U.S. Economy Lost 54,000 Jobs in August; Jobless Rate Rose to 9.6%

The unemployment rate rose in August for the first time in
four months as weak hiring by private employers wasn't enough
to keep pace with a large increase in the number of people
looking for work.

The Labor Department says companies added a net total 67,000
new jobs last month, down from July's upwardly revised total
of 107,000.

Overall, the economy lost 54,000 jobs as 114,000 temporary
census positions came to an end. State and local governments
shed 10,000 positions. The jobless rate rose to 9.6 percent
from 9.5 percent in July.

Read More:

FOX - Breaking Business News

Unemployment Line
More Doom & Gloom?The Labor Department's August employment report is likely to show that employment fell for a third straight month.

Markets Brace for Jobs Report

Futures were in neutral territory as traders await the release of the August jobs report.

The Lehman Brothers Blame Game

WATCH FBN's Charlie Gasparino offers his take on who's right and who's wrong in the ongoing battle over why the firm was not bailed out.

Flood Insurance: A Taxpayer Drain

WATCH Former FEMA Director Michael Brown questions the federal government’s involvement in the flood-insurance business.