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Jan 6, 2011

CNBC Evening Brief : Congressional Budget Antics More Theater Than Reality



LATEST STORIES


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The Facebook Obsession
CNBC 360 Premieres Tonight, 9:00PM ET/PT
"The Facebook Obsession" is the compelling story behind the rise of the largest social media site on the planet, told through Facebook’s founders, friends and critics. Correspondent Lester Holt delivers a fascinating look at how this internet phenom, with half a billion users, is fundamentally altering American life...for better or worse. CNBC takes you inside the business model that has turned a dorm room venture into a multi-billion dollar enterprise.
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LATEST VIDEO

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Bank fees are here, with a vengeance | MarketWatch Personal Finance Daily

MarketWatch
Personal Finance Daily
JANUARY 06, 2011

Thursday's Personal Finance stories

By MarketWatch



Don't miss these top stories:
The fact that they're doing it is not really a surprise — after the passage of the consumer-credit law, we all knew banks would seek revenue elsewhere — but the size of the fees Bank of America Corp. plans to levy on some customers may be unexpected: as much as $300 a year for some accounts.

Read that story, and then don't miss Robert Powell's eight retirement-plan tasks to get done now, to make sure your savings are on track for the year ahead — and for your retirement. Because if our annual bank bill is going to be that high when we retire, we'll need all the help we can get.

Andrea Coombes , Personal Finance editor

Bank of America categorizes clients, adds fees

Responding to what it calls a "new economic reality," Bank of America (BAC) said it'll tack on banking fees of $6 to $25 and restructure accounts according to customers' status and choices.
Read more: Bank of America categorizes clients, adds fees.


REAL ESTATE

Mortgage rates fall: Freddie Mac

Mortgage rates dropped this week, Freddie Mac reported, with rates on the 30-year fixed-rate mortgage averaging 4.77%.
Read more: Mortgage rates fall: Freddie Mac.


RETIREMENT

Eight resolutions for retirement savers in 2011

Many Americans go off the grid in the final weeks of the year, but now that 2010 year-end statements are arriving in the mail it's time to get back on the grid — and to make sure you start 2011 on the right foot, especially with your retirement accounts.
Read more: Eight resolutions for retirement savers in 2011.


JOB MARKET

Optimism over government's job report grows

Expectations are mounting that the December job report will be strong given a flurry of positive signals this week, economists said on the eve of the report.
Read more: Optimism over government's job report grows.


U.S. claims for jobless benefits rise 18,000

The number of U.S. workers who filed new applications for unemployment benefits rose last week by 18,000 to 409,000, but the level of claims is still sharply lower from just six months ago.
Read more: U.S. claims for jobless benefits rise 18,000.


NATIONAL NEWS

Packages explode at Maryland government buildings

Two packages exploded at two separate Maryland government buildings on Thursday, injuring one person.
Read more: Packages explode at Maryland government buildings.


ECONOMY & POLITICS

Debt debate puts GOP pledge to early test

Republicans are facing an early test of their antispending, antideficit philosophy as Treasury Secretary Timothy Geithner says the United States is on track to hit its borrowing limit as early as March 31.
Read more: Debt debate puts GOP pledge to early test.


Deficits to climb if health law repealed: CBO

As House Republicans try to flex their muscle as the newly minted majority party and repeal last year's landmark health-care law, the Congressional Budget Office is warning that such a move will unravel the deficit-reduction benefits of the mandate.
Read more: Deficits to climb if health law repealed, CBO says.


Goldman Sachs is sued over mortgage-debt deals

Bond insurer ACA Financial Guaranty Corp. said Thursday that it has sued Goldman Sachs Group Inc. (GS) over a controversial mortgage-related vehicle that got the investment bank into legal trouble last year.
Read more: Goldman Sachs is sued over mortgage-debt deals.


Commentary: Pulling punches on BP

The presidential commission investigating the Gulf of Mexico oil spill finds a way to parse out plenty of blame without upsetting too many players.
Read more: Pulling punches on BP.


Obama names Daley chief of staff

President Barack Obama named William Daley to be his next chief of staff, reaching out to a veteran of Washington politics and the business world as he reshuffles his administration and confronts a new Republican-led House of Representatives.
Read more: Obama names Daley chief of staff.


Volcker to step down as Obama adviser

Former Federal Reserve Chairman Paul Volcker, the inspiration for the still-undefined "Volcker rule," is expected to step down as a key economic adviser to the president, according a source familiar with the matter.
Read more: Volcker to step down as Obama adviser.


Commentary: What if we repealed Dodd-Frank?

Rep. Michele Bachmann, the Republican from Minnesota, has made it official. She's calling for a repeal of the Dodd-Frank Act, the regulatory overhaul enacted this summer that administration officials called "financial reform."
Read more: What if we repealed Dodd-Frank?


Holiday sales fall short of rosy expectations

Against hopes for a brighter holiday season, retailers' December sales are a mixed bag, raising worries that discounts may rise in January.
Read more: Holiday sales fall short of rosy expectations.


INVESTING

Facebook deal has some unsavory aspects

As Facebook Inc. tries to further delay an initial public offering with its Goldman Sachs deal, it raises many questions about public versus private markets.
Read more: Facebook deal has some unsavory aspects.


Facebook to go public or disclose data by 2012: WSJ

Facebook intends to start publicly disclosing internal financial information or stage an initial public offering of its shares by April 2012, according to a report published Thursday.
Read more: Facebook to go public or disclose data by 2012.


Commentary: Boehner cries, birds drop — yet stocks rise

One popular theory this week, at least in Democratic circles, is that the political ascension of the teary-eyed John Boehner and the mysterious dropping from the sky of dead birds in the U.S. South and in Sweden are caused by the same force.
Read more: Boehner cries, birds drop — yet stocks rise.


Bank deals won't come at any price

Bank-stock investors may be counting merger gains before they have hatched.
Read more: Bank deals won't come at any price.

Stocks End Mixed As Traders Eye December Jobs Report – U.S. Commentary | RTT&News Evening Market Wrap

Evening Market Wrap Thu Jan 6 17:01 2011

Commentary

Jan 6, 2011 Stocks End Mixed As Traders Eye December Jobs Report – U.S. Commentary Stocks saw a mixed close on Thursday, with traders largely staying on the sidelines ahead of Friday's December jobs report. A pickup in weekly jobless claims levels reported in the morning saw a muted reaction, while a pullback in the retail sector was seen on the heels of lukewarm December sales figures. Full Article

Economic News

Jan 6, 2011 U.S. Weekly Jobless Claims Rebound From Two-Year Low After reporting a significant drop in first-time claims for U.S. unemployment benefits last week, the Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended January 1st. The report showed that initial jobless claims rose to 409,000 from the previous week's revised figure of 391,000. Economists had expected jobless claims to increase to about 412,000 from the 388,000 originally reported for the previous week. Full Article

Corporate News

Jan 6, 2011 Preview: Alcoa Results To Set The Tone For Earnings SeasonAluminum giant Alcoa (AA) will set the tone for the upcoming corporate earnings season when it reports its quarterly results next Monday. Optimism has been prevalent heading into the report, with hopes growing that Alcoa's bottom line will get a boost from recent economic stability and demand for infrastructure in emerging countries like China and Brazil. The release of the company's results are considered the traditional kick off to the quarterly reporting period, with most of the country's biggest corporations scheduled to report their results over the next several weeks. Full Article
Jan 6, 2011 MedcoHealth Reaffirms Forecasts - UpdatePharmacy benefit manager MedcoHealth Solutions Inc. (MHS) Thursday reaffirmed its earnings forecasts for fiscal year 2010 and fiscal year 2011. The company said in a regulatory filing, ahead of the Goldman Sachs Healthcare CEOs Unscripted conference, that it continues to expect full-year 2010 GAAP earnings per share in the range of $3.14 to $3.16, representing a growth of 20-21% from last year. Full Article
Jan 6, 2011 Constellation Brands Profit Beats Street View; Lifts GuidanceAlcoholic beverages maker Constellation Brands, Inc. (STZ, STZ-B) Thursday reported a surge in third-quarter profit, driven by lower restructuring costs as well as a reduction in interest expense and effective tax rate. On a comparable basis, earnings rose from the prior-year period and topped Wall Street forecast. However, net sales were down 2% from last year, reflecting a decrease in Australia and Europe wine sales and the divestiture of the company's UK cider business. Constellation also lifted its earnings outlook for fiscal 2011. Full Article
Jan 6, 2011 Monsanto Swings To Profit; Backs ForecastAgricultural products giant Monsanto Co. (MON) said Thursday it turned to a profit in the first quarter, helped by increases in seeds and traits revenue particularly across corn, soybeans and cotton. Adjusted earnings matched analysts' estimates, while revenues topped expectations. The world's largest seed company also reaffirmed its fiscal 2011 adjusted earnings guidance, with plans to focus more on the Latin American seeds and traits market and U.S. seed market. The company's shares are trading higher by over 3% in the morning trade on the NYSE, following the news. Full Article

Political News

Jan 6, 2011 Geithner Says Debt Limit Could Be Reached By End Of MarchTreasury Secretary Timothy Geithner sent a letter to members of Congress on Thursday warning that the U.S. could reach its debt ceiling as early as March 31st and urging Congress to once again raise the debt limit or risk the nation defaulting on its obligations. Geithner said that the outstanding debt that is subject to the limit currently stands at $13.95 trillion, leaving approximately $335 billion of "headroom" beneath the current debt limit of $14.29 trillion. Full Article
Jan 6, 2011 Democrats Accuse Republicans Of Exempting $1 Trillion From DeficitSenate Democrats released a report on Thursday accusing Republicans of abandoning their campaign promises to cut the federal deficit by exempting more than $1 trillion in proposed tax cuts and increased government spending. The report claims that new budget rules adopted by House Republicans and newly-elected House Speaker John Boehner, R-Ohio, on Wednesday would increase the deficit by $1.07 trillion. Full Article

NYT: Afternoon Business News : Behind China's Charm Offensive in Europe



BUSINESS
News Analysis

Behind China's Charm Offensive in Europe

By LIZ ALDERMAN
Chinese officials have stepped up their vows of support for Europe in the past several weeks, and have grown increasingly vocal about pledging to help Europe contain a sovereign debt crisis and accelerate a recovery.

December Retail Sales Are Weaker Than Expected

By STEPHANIE CLIFFORD
Though December was not as forecast, the overall holiday season was still relatively strong, analysts said.

Airline Order Is Vote of Confidence in Rolls-Royce Engine

By JULIA WERDIGIER
British Airways expressed confidence in the engine maker by ordering the same model that exploded midair on a Qantas plane in November.
DealBook

French Agency Grants Hermès a Waiver for Its Anti-Takeover Plan

By DAVID JOLLY
Hermes International's family shareholders won an important victory on Thursday in their battle against Bernard Arnault, head of LVMH Moet Hennessy Louis Vuitton, when the French authorities said they could create a holding company to group their shares.

Donald J. Tyson, Food Tycoon, Is Dead at 80

By ROBERT D. McFADDEN
The folksy Arkansan turned his father's chicken business into a global enterprise, rolling over competitors and enraging environmentalists.

Dow, SP slip on weak retail shares. Financial And Forex Info News | Reuters Daily Investor Update

Financial And Forex Info News


From: Reuters Daily Investor Update


LATEST NEWS
Dow, SP slip on weak retail shares
NEW YORK (Reuters) - Stocks slipped on Thursday as soft retail sales and a sharp rise in the dollar left investors edgy a day ahead of December's employment report. | Full Article

December retail sales show shoppers still wary
January 06, 2011 02:56 PM ET
NEW YORK (Reuters) - Any lingering notion that Americans are back to their free-spending ways was debunked on Thursday as many mainstream retailers reported disappointing December sales. | Full Article
Geithner presses Republicans to lift U.S. debt limit
January 06, 2011 02:20 PM ET
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Thursday stepped up pressure on Republican lawmakers to raise the nation's $14.3 trillion debt limit, warning failure to act would lead to an economic catastrophe. | Full Article
Jobless claims up, underlying trend still down
January 06, 2011 01:10 PM ET
WASHINGTON (Reuters) - New claims for jobless benefits moved higher last week, but a decline in the four-week average to a nearly 2-1/2-year low suggested the labor market continues to improve. | Full Article
Intel offers concessions to EU on McAfee
January 06, 2011 12:23 PM ET
BOSTON/BRUSSELS (Reuters) - Intel has offered concessions in a bid to win European Union antitrust clearance for its $7.7 billion purchase of security software maker McAfee Inc. | Full Article

Skype acquires Qik mobile video company | Financial & Forex Info News | Reuters Technology Alert

Financial & Forex Info News ( F & F I N )


From: Reuters Technology Alert

LATEST NEWS
Skype acquires Qik mobile video company
SAN FRANCISCO (Reuters) - Internet telephone service Skype said it acquired mobile video company Qik for an undisclosed amount. | Full Article

Goldman customers get Facebook financials
January 06, 2011 04:13 PM ET
NEW YORK (Reuters) - Facebook earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion, according to documents that Goldman Sachs is providing to clients. | Full Article
Analysis: Facebook ignites Bubble 2.0 chatter
January 06, 2011 03:56 PM ET
SAN FRANCISCO (Reuters) - Remember Webvan? The online grocer, whose initial public offering in March 2000 was among the most hotly anticipated during the dot-com boom, is now viewed as one of the greatest disasters of the era. | Full Article
LinkedIn plans to go public in 2011: sources
January 06, 2011 09:53 AM ET
NEW YORK (Reuters) - LinkedIn, the social networking site for professionals, plans to go public in 2011 and has selected its financial underwriters, three sources familiar with the process told Reuters. | Full Article
RIM announces 4G PlayBook tablet
January 06, 2011 10:02 AM ET
LAS VEGAS (Reuters) - Corporate interest in Research in Motion's new tablet was "massive," the company said, as it announced plans to launch a 4G version of the device this summer with Sprint Nextel. | Full Article

Wet season may hit 'entire quarter':| Financial & FGorex Info | The Australian Business Briefing

Financial & Forex Info News





Wet season may hit 'entire quarter'
Coal mine Matt Chambers QUEENSLAND'S floods could have an impact on $6 billion worth of coal shipments if the state has a drenching January-February wet season.
 
Wall St weak on euro-zone debt worries
Wall Street Kristina Peterson THE Dow suffered its first decline of 2011 today, as retail and telecommunications shares lagged and euro-zone debt worries resurfaced.
 
Orocobre passes key regulatory hurdle
Lithium car battery Shane Romig OROCOBRE has cleared a major regulatory hurdle in the race to bring a new lithium mine online in the north of Argentina.
 
China flags more interest rate hikes
China Liu Li CHINA'S central bank says it will give a higher priority to curbing inflation in 2011, raising expectations it will tighten interest rates.
 
Greek PM seeks to soothe investors
aus bus pix Papandreou Nathalie Boschat and Frances Robinson GREECE's prime minister has taken pains to allay continued investor concerns over the country's staggering debt burden.
 
Apple iPad gets run for its money
Apple iPad Lara Sinclair, Las Vegas IT'S taken the best part of a year, but a flood of new devices is finally set to give Apple's iPad a run for its money.
 
US retail sales soft in crucial month
Retail sales in November Karen Talley US retailers appear to have overestimated the spending momentum of consumers, with softness in December sales underscoring a sluggish economy.
 
World turns to new rare-earth players
aus bus pix rare earth Stuart Biggs RARE earth metals are key to global efforts to switch to cleaner energy -- from batteries in hybrid cars to magnets in wind turbines.
 
Financial Markets
Wall St weak on euro-zone debt worries
Wall Street Kristina Peterson THE Dow suffered its first decline of 2011 today, as retail and telecommunications shares lagged and euro-zone debt worries resurfaced.
 
Gold dips as US job hopes improve
Oil slides as US dollar strengthens
 
Financial Markets Coverage
 
Mining & Energy
Orocobre passes key regulatory hurdle
Lithium car battery Shane Romig OROCOBRE has cleared a major regulatory hurdle in the race to bring a new lithium mine online in the north of Argentina.
 
Gold dips as US job hopes improve
Oil slides as US dollar strengthens
 
More Mining & Energy Coverage

CNBC ORIGINALS The Facebook Obsession

;The Facebook Obsession is the compelling story behind the rise of the largest social media site on the planet, told through Facebook's founders, friends and critics. Correspondent Lester Holt delivers a fascinating look at how this internet phenom, with half a billion users, is fundamentally altering American life... for better or worse. CNBC takes you inside the business model that has turned a dorm room venture into a multi-billion dollar enterprise.



The Facebook Obsession Sneak Peek
Can't wait to see how it all started? Check out this sneak peek from The Facebook Obsession for the real story of the world's largest socia
l network as told by its founders, friends, and foes.
» Watch the preview video icon


Facebook Quitting Facebook
Los Angeles-based social-media marketer Alana Joy shows how Facebook makes breaking up hard to do when she tries to leave the social network for good.
» Watch video video icon



Top 10 Dorm-Room Ventures
Top 10 Dorm-Room Ventures
Who says you need a college degree to start a business? There are plenty of student�and former student�entrepreneurs who have become household names.
» View slideshow

Mark Zuckerberg
Zuckerberg's First TV Appearance
In 2004, Harvard sophomore Mark Zuckerberg introduces Facebook to a national audience on CNBC's now-defunct show Bullseye.
» Watch video video icon

Target: Inside the Bullseye

Coming Soon
A CNBC Original,
Target: Inside the Bullseye, PREMIERES Thursday, January 13th.

» See more


  









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WSJ Deals Alert: Facebook to Disclose Financial Information or Go Public by April 2012

Deals Alert
from The Wall Street Journal


Facebook will begin disclosing financial information or stage an initial public offering by April 2012, according to a new 100-page private-placement memo now being distributed to potential investors in the company.

The social-networking company said in the document that it intends to breach a critical 500-shareholder limit this year. Crossing the limit triggers an SEC rule that requires that companies file financial information – even if their shares don’t trade publicly.

http://online.wsj.com/article/SB10001424052748703730704576066162770600234.html?mod=djemalertDEALS

Financial & Forex Info News : U.S. Markets At Close

                                                        Financial & Forex Info News

U.S. Markets At Close

Major Indexes
    Last Change % Chg
DJIA* 11697.31  -25.58  -0.22
Nasdaq*  2709.89     7.69   0.28
S&P 500*   1273.85    -2.71  -0.21
DJ Total Stock Market* 13454.25  -28.24  -0.21
  
 
Source: The wall Street Journal

8) Bank of America to change fees for checking accounts, cites increased regulation | The Washington ost Afternoon Edition : Today's Most Read Articles

Washington Post


1) The Take: John Boehner shows at the start that he is no Gingrich

When Newt Gingrich took the gavel as House speaker 16 years ago, he promised to transform America. On his first day Wednesday, new House Speaker John Boehner promised the Democratic minority more opportunities to amend legislation.

2) Nancy Pelosi perma-grins and bears it as she hands speaker's gavel to John Boehner

Pelosi is better in the fight than she is in charge, a more able warrior than lawmaker.

3) Lawmakers recite Constitution on House floor

WASHINGTON -- And let it be said, on this second day following the convening of the 112th Congress, newly sworn members of the House shall stand and read aloud the Constitution of the United States.

4) Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports

The severe drop in state revenues resulted largely from the big investment losses experienced by state pension funds during the worst period of the downturn. Also, the report said, tax revenues slipped while demand surged from newly needy citizens.

5) New GOP House can't govern with rhetoric alone

The GOP's rhetoric is devoid of plans like improving health care and creating more jobs.

6) THE RELIABLE SOURCE: Person of the Year

As her marriage and health fell apart, Elizabeth Edwards spent the last year of her life out there: She talked publicly about her separation from John, about his love child, about his mistress Rielle Hunter posing half-naked for GQ ("disgusted"). Edwards could have quietly retreated while battlin...

7) Washington Redskins offseason: Transition to 3-4 defense should emulate Green Bay Packers, some NFL coaches say

If their plan works, the Washington Redskins soon will have a defense that resembles the Pittsburgh Steelers' successful 3-4 scheme, the model for what Coach Mike Shanahan hopes to achieve.

8) Bank of America to change fees for checking accounts, cites increased regulation

Bank of America will begin offering greater rewards to its most affluent and active banking customers but reduce services for its most basic users, executives said Wednesday, as the financial industry seeks to make up for lower revenues amid heightened federal regulations.

9) Taurasi has Turkish contract voided for doping

ANKARA, Turkey -- American basketball star Diana Taurasi has had her contract terminated by Turkish club Fenerbahce after her "B" sample tested positive for doping.

10) She loves her job - and her married boss

Adapted from a recent online discussion. Dear Carolyn: I'm in love with my married boss. I thought it would get better with time but it's getting worse. We had two minor physical encounters about four years ago, decided it was a bad idea, and returned to our just-professional relationship. My per...