Paul Dykewicz
Best Buy, Financials Knock Wall Street off New High
Stocks dipped modestly through late morning from yesterday’s new highs in the wake of a big drop in shares of retailer Best Buy (NYSE: BBY), which plunged 27 percent to $27.43 after the No. 1 consumer electronics chain reported weak holiday sales and forecast a bigger-than-expected decline in quarterly operating margins.
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Lawmakers Unveil $1.1 Trillion Spending Bill
Negotiators in the U.S. Congress unveiled a $1.1 trillion spending bill that aims to prevent another government shutdown, as well as boost funding levels slightly for military and domestic programs — but not for “Obamacare.”
JPMorgan Profit Hit by Madoff, Weaker Investment Banking
JPMorgan Chase & Co. reported its fourth-quarter profit fell 7.3 percent, hurt by weakened investment banking revenue and higher legal expenses.
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U.S. Retail Sales Climbed More Than Forecast in December
Retail sales rose more than forecast in December as consumers enticed by year-end discounting stepped up holiday gift buying to give the world’s biggest economy a lift at the end of 2013.
Eagle Publishing Becomes Part of Salem Communications’ Multi-Media Empire
Salem Communications Corporation (NASDAQ: SALM) announced the acquisition of the assets of Eagle Publishing, including business units Eagle Financial Publications, Eagle Wellness and Regnery Publishing, as well as the politically oriented websites of HumanEvents.com, and Redstate.com.
Gold Mine Stirs Hope and Anger in Greece
A Canadian companies plan to to mine for gold in the lush forests of northern Greece is testing the government’s resolve to prove Europe’s most ravaged economy is open for business.