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Filed under: Taxes, Money and Politics
The nonpartisan Congressional Budget Office is warning that if $607 billion in tax increases and spending cuts all hit as scheduled -- roughly the beginning of next year -- the U.S. will likely go into recession in 2013.
This is the "fiscal cliff" you may have heard about. But while economists, the Federal Reserve, and members of Congress have been warning about its approach for some time, the CBO's report is the first detailed analysis of its potential effects.
A Recipe for Recession
All...
Congressional Budget Office Warns of Recession in 2013 originally appeared on DailyFinance.com on 2012-05-24T14:55:00Z.
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Filed under: Technology, Earnings, Dell, Stocks in the News
It's getting harder for Dell (DELL) to think outside of the box.
Shares of the PC maker opened sharply lower on Wednesday after posting disappointing financial results. For the fiscal quarter that ended earlier this month, earnings tumbled 33% on a 4% decline in revenue.
You don't need to dig deeper than that into Dell's income statement to know that sales are soft and margins are contracting.
It also doesn't help that Dell's outlook for the new quarter is equally uninspiring. By pointing...
Why Dell Will Never Be Great Again originally appeared on DailyFinance.com on 2012-05-24T14:55:00Z.
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Filed under: JP Morgan Chase, Facebook, Stocks in the News
By Henry BlodgetAnd now for some more bombshell news about the Facebook IPO...
Earlier, we reported that the analysts at Facebook's IPO underwriters had cut their estimates for the company in the middle of the IPO roadshow, a highly unusual and negative event.
The analysts cut their estimates because a Facebook executive who knew the business was weak told them to.
Put differently, the company basically pre-announced that its second quarter would...
The Shocking Story of What Really Happened Inside Facebook's IPO originally appeared on DailyFinance.com on 2012-05-24T14:20:00Z.
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Filed under: Secret Shopper
"There are no red states or blue states, just the United States," Barack Obama memorably declaimed at the 2004 Democratic National Convention.In that speech, which instantly thrust the then-U.S. Senate candidate onto the national stage, Obama painted a picture of an America where Republicans and Democrats share more common ground than not.
Politically, that notion now seems questionable, at best -- and it clearly doesn't hold up when it comes to our online shopping patterns. There's a...
How Red and Blue States Split on Green: We Spend Differently originally appeared on DailyFinance.com on 2012-05-24T13:05:00Z.
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The most dizzyingly rich women in the world have something in common: It's almost always their husbands or fathers who actually earned the dizzying riches. But while Australian mining magnate Gina Rinehart inherited $75 million when her father died in 1992, she has spent the last two decades multiplying that sum -- 386 times. She's now worth $29 billion, according to BRW magazine's latest rich list, which makes her the wealthiest woman in the world.
Of the humans roaming this planet with...
The Richest Woman in the World: How Gina Rinehart Earns her Billions originally appeared on DailyFinance.com on 2012-05-24T11:45:00Z.
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Filed under: Investing, JP Morgan Chase, Banking
As a result of the bank's recent $2 billion (and counting) trading loss, JPMorgan Chase (JPM) announced Monday it would be suspending its $15 billion share-buyback program. This is yet another blow to the bank's investors, who have already seen $30 billion in equity wiped out from the trade gone wrong.Here's a primer on the costly trades, what the buyback program was about, and what its cancellation means for investors.
Details surrounding the trades continue to emerge, but here's the story...
The Real Impact of JPMorgan Chase Halting Its Share Buybacks originally appeared on DailyFinance.com on 2012-05-24T08:31:00Z.
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Filed under: Company News, Unilever, Facebook, Stocks in the News
Despite some ups and downs Wednesday, Facebook's stock closed at $32, a dollar up from where it ended the day Tuesday. But, while the stock seems to be reaching an equilibrium, its rocky IPO has revealed some basic problems that Facebook (FB) -- and, more precisely, Mark Zuckerberg -- will face as they navigate the rocky shoals and treacherous waters of public ownership.In the frenzied weeks before its IPO, Facebook released a 30-minute "roadshow video," in which Zuckerberg and company...
What Mark Zuckerberg Can Learn From Ben and Jerry originally appeared on DailyFinance.com on 2012-05-24T05:00:00Z.
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Filed under: Technology, IBM, Apple
IBM (IBM) has butted heads with Apple (AAPL) in the past, but this time it's personal.Big Blue is asking employees to refrain from using Siri -- Apple's ballyhooed digital assistant -- while at work.
This may seem like an odd request at first. IBM isn't Microsoft (MSFT), a company with such deep-rooted hatred for all things Apple that CEO Steve Ballmer reportedly mocked an employee for trying to take his picture at a company meeting with an iPhone three years ago.
IBM doesn't mind if you...
Apple-0-7: Is Siri Spying on You? originally appeared on DailyFinance.com on 2012-05-23T15:30:00Z.
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Filed under: Investing, JP Morgan Chase, Goldman Sachs , Morgan Stanley , Facebook
Nobody expects someone selling them a used car to point out all of its flaws. And if you believe the salesperson who tells you that those pants look absolutely fabulous on you, you either have amazing self-esteem, or you're deluding yourself about what people will do to earn a commission.
So why should we expect Wall Street financial institutions to be any more trustworthy than the lemon-hawker down the street?
Many people are pointing at the latest controversy over Facebook (FB) as another...
What's the Difference Between Wall St. Banks and Used Car Salesmen? originally appeared on DailyFinance.com on 2012-05-23T15:01:00Z.
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Filed under: Company News, Kraft Foods, Food & Drink
Remember how you used to eat Oreos when you were a kid? ("Twist, lick, dunk" was never my style. With four hungry younger brothers, I had to dunk the cookies whole and eat them in one bite if I wanted to get my share.)
Most of us have an Oreo memory. That's because eating the sandwich cookie is a ubiquitous American experience. Consider that in the year 2000, nine out of 10 U.S. households enjoyed Oreos.
Of course, it can be hard to tell where the memory begins and the marketing ends. The...
Kraft's $2 Billion Cookie Turns 100 originally appeared on DailyFinance.com on 2012-05-23T14:36:00Z.
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Filed under: Company News, Ford Motor Co, General Motors, Autos
Picture this guy wandering into a pawnshop. He puts fingers to jaw, gazes uncertainly, and asks the owner: "I'm looking for a... a kind of decal, I guess you could call it. I was in here a few years ago and had to pawn it. It's about yay-big, sort of oval. Blue. It has my family name written on it in cursive: 'Ford.' Have you seen it?"There's a happy ending to this story. Turns out, the pawnbroker still has Mr. Ford's famous Blue Oval in stock -- and on Tuesday, Ford (F) got it back.
Burning...
Ford Gets Its Blue Oval Out of Hock originally appeared on DailyFinance.com on 2012-05-23T14:15:00Z.
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By Mandi WoodruffLast week, a Reddit user posted a photo of a $114,000 student loan bill-paid in cash-that elicited thousands of comments and dozens more when it was posted by Business Insider.
Since then, the anonymous alum has stepped forward as Alex Kenjeev, a 2009 law school graduate of the University of Toronto.
Kenjeev, who works for venture capitalist firm O'Leary Ventures, told Business Insider the $114,000 payment was the last chunk left of $190,000 in loans he took out during...
What Happened When Alex Kenjeev Paid His Student Loan in Cash originally appeared on DailyFinance.com on 2012-05-23T13:30:00Z.
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Filed under: Investing, Facebook, ETFs
Even for expert stock pickers, it's difficult to make a fully educated investment in the social media sphere. As Friday's Facebook IPO -- and its gory aftermath -- proves, any theory one might have is ultimately little better than speculation. After all, the first few trading days following any IPO generally bring a lot of short-term plays with share values jumping up and down -- and Facebook was no exception. It's also difficult to predict -- as Groupon likewise demonstrated this year --...
How to Invest in Facebook With Less Risk (If You Still Want To) originally appeared on DailyFinance.com on 2012-05-23T13:08:00Z.
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Filed under: Economy, Real Estate
For the past few months, reports have repeatedly affirmed that the economy is slowly improving. However, as one recent study highlights, some areas are recovering much faster than others. In fact, depending on where you live, the future may be bright ... or bleak.Last week, CredAbility, a nonprofit credit counseling service, released the Consumer Distress Index, which cataloged the rates of economic recovery across America. Based on 65 surveys conducted by the federal government, private...
America's Uneven Economic Recovery: The 10 Best and 10 Worst Cities originally appeared on DailyFinance.com on 2012-05-23T10:05:00Z.
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Facebook co-founder Eduardo Saverin has received a lot of criticism for his decision to give up his U.S. citizenship and emigrate to Singapore immediately before Facebook's (FB) IPO. But it's not a bad business move.Under current law, those who renounce their citizenship have to pay U.S. tax on their gains as if they had sold all their assets -- with up to about $650,000 in gains exempt from tax. That will lead to a huge tax bill for Saverin, but once it's paid, any future price appreciation...
Is Fleeing the Country a Smart Tax Strategy for You? originally appeared on DailyFinance.com on 2012-05-23T05:30:00Z.
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Filed under: Technology, Morgan Stanley , Facebook, Market News
It's day three of the Facebook (FB) valuation debate and the world is, once again, falling apart.As the stock's value continues to drop -- it closed Tuesday at $31, down 8.9% on the day, and down 19% from the IPO price of $38 -- lead underwriter Morgan Stanley (MS) is being attacked for its 11th-hour cut in estimates of Facebook's revenue forecasts. SEC Chairman Mary Schapiro, has claimed that "we need to look at" issues related to the IPO, and analysts are criticizing everyone from Nasdaq to...
Facebook's IPO Debacle, Day 3: Un-Friended and Dis-Liked on Wall Street originally appeared on DailyFinance.com on 2012-05-22T17:24:00Z.
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Filed under: Technology, Research In Motion, Apple, Amazon.com, Barnes & Noble
Size isn't everything when it comes to tablets, but Amazon.com (AMZN) is apparently hoping to make that point moot.
DigiTimes -- the Taiwanese tech publication that's a hotbed of supplier rumors -- is reporting that Amazon plans to supersize its Kindle Fire soon.
The 7-inch model that has attracted millions of buyers with its entry-level $199 price isn't going away anytime soon. Sources simply tell DigiTimes that a second Kindle Fire tablet -- this one with a 10.1-inch screen -- may hit the...
Watch Out, Apple: The Kindle Fire Is Getting Bigger originally appeared on DailyFinance.com on 2012-05-22T15:50:00Z.
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Filed under: Economy, Money and Politics
The U.S. is again closing in on its national debt limit, and if a recent statement by Republican Speaker of the House John Boehner is any indication, another fight with the Obama administration over the issue of raising it might be brewing.
Another debt-ceiling cage match is the last thing the American economy needs right now. Remember what happened during last summer's battle? It was ugly. But we may not be able to avoid it this time around, so here's a preview of what we might expect.
...
Get Ready, America: The Debt Ceiling Debate Is Back originally appeared on DailyFinance.com on 2012-05-22T15:40:00Z.
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Filed under: Google , Facebook, Market News
Facebook (FB) is burning more than just IPO investors these days.
Forget the leading social networking website operator's ability to stay above last week's initial $38 price tag. Some market watchers may view that as a failure, but it's Facebook's success as a platform that's giving other publicly traded companies fits.
Let's go over some of the surprising -- and not so surprising -- losers that are seeing their models take a hit at Facebook's expense.
5 Companies Getting Burned By Facebook originally appeared on DailyFinance.com on 2012-05-22T15:30:00Z.
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Filed under: Fashion & Beauty, Secret Shopper
How much does that fancy $100-a-bottle department store perfume you wear really cost to make? The answer is one of the retail industry's dirty little secrets -- with good reason. If shoppers got a whiff of the how little is spent on making "the juice," it would be like Toto pulling back the curtain in The Wizard of Oz.Here's the lowdown: Despite all the flamboyant marketing-speak behind prestige fragrances -- all that talk of floral formulas and gourmand notes -- the value of the actual...
Behind the Spritz: What Really Goes Into a Bottle of $100 Perfume originally appeared on DailyFinance.com on 2012-05-22T14:10:00Z.
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Rachel Jonat spent most of her young adult life dreaming of Olympic medals and crossing finish lines.
But the games came and went and she began a new chapter as a wife and mother. Both roles forced her to take a hard look at the debt she and her husband were facing: $82,000 in total.
They clawed their way out one step at a time, attributing most of their success to the practice of minimalism.
"I've Always Lived with Debt"
Since opening her first line of credit at 17,...
Former Olympic Rower Turned to Minimalism to Pay Down $82,000 in Debt originally appeared on DailyFinance.com on 2012-05-22T13:30:00Z.
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Filed under: Retirement, Personal Finance
By Terry Savage, Author, The Savage Truth on Money
We're "out of season" on IRAs. Unlike the tax-time crunch, few people are spending time thinking about their Individual Retirement Accounts. And that makes it the perfect time to remind you how to avoid some expensive IRA mistakes.
IRA expert Ed Slott (www.IRAHelp.com) says the most costly mistakes you can make with your IRA do not come from investment losses. Instead, they are the taxes and penalties that arise when you make mistakes as a...
The 5 Most Dangerous IRA Mistakes You Can Make originally appeared on DailyFinance.com on 2012-05-22T11:15:00Z.
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Filed under: Savings Experiment, Food & Drink, Lifestyle
When you want to preserve leftovers, freezing is a great option. However, the key to stretching your savings is knowing how to properly store your food. Here are some tips on how...
Money-Saving Freezer Tips -- Savings ExperimentPreserve Your Budget by Freezing Foods -- Savings Experiment originally appeared on DailyFinance.com on 2012-05-22T10:00:00Z.
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Filed under: Technology, Media, Google , Netflix, eBay
Happy Birthday, YouTube!Google's (GOOG) fast-growing YouTube turned 7 on Monday. The world's most popular video-sharing website has come a long way in its brief life. Many of its milestones and metrics are jaw-dropping.
- There are 72 hours of video uploaded to the website every minute.
- YouTube receives 800 million unique visitors a month, who consume 3 billion hours of clips.
- There are now tens of millions of channels, and subscriptions to the content channels have increased 50%...
Happy Birthday, YouTube! Now, Get Back to Work and Make Money originally appeared on DailyFinance.com on 2012-05-21T17:19:00Z.
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Filed under: Media, Apple, Amazon.com, Barnes & Noble, Books
Over the past five years, e-reader and tablet sales have increased at record-breaking rates quarter after quarter. Apple (AAPL) sold 11.8 million iPads in its fiscal second quarter alone -- a 151% unit increase from the same quarter last year.The boom in e-readers and tablets -- such as the iPad, Barnes & Noble's (BKS) Nook, and Amazon's (AMZN) Kindle -- has resulted in Americans starting to read more, according to a new study from the Pew Research Center.
According to the study:
- ...
Surprise! Technology Has Made Us More Bookish originally appeared on DailyFinance.com on 2012-05-21T16:10:00Z.
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Filed under: Secret Shopper
When businesses do things that harm workers, the environment, or the health and safety of their consumers, we are justifiably outraged. But do the companies deserve all the blame?
Not necessarily.
In fact, our buying habits can actually drive companies to focus more on maximizing profits and less on making conscientious business decisions in order to remain competitive in the marketplace. When our shopping behavior rewards unethical business practices, the blame game becomes a lot less...
Businesses Behaving Badly: You May Be To Blame originally appeared on DailyFinance.com on 2012-05-21T15:35:00Z.
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Filed under: Hewlett-Packard, Dell, Sony, Tiffany & Co, Market News
There's never a dull moment on Wall Street. Let's go over some of the items that will help shape the week that lies ahead.
1. The Diablo's in the Details
Last week could've gone better for Activision Blizzard (ATVI).
The country's largest video game company put out the highly anticipated Diablo III last Tuesday and there was no shortage of buyers. It was Amazon's most pre-ordered PC game of all time. The problem started when diehard gamers finally began trying to play the game.
Server...
What to Watch This Week: Games, PCs, Jewelers, Pandora, and MIB3 originally appeared on DailyFinance.com on 2012-05-21T13:45:00Z.
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On Saturday, Mark Zuckerberg tied the knot with his college sweetheart, Priscilla Chan.
The wedding was a surprise for all of the guests, who thought they were attending a med school graduation party for Chan.
The couple met in line for the bathroom at a frat party nine years ago.
Here's a summary of their time together, as told through their Facebook timelines.
Congrats Priscilla and Mark!
More from Business Insider
Mark Zuckerberg and Priscilla Chan: A Romantic Facebook Timeline originally appeared on DailyFinance.com on 2012-05-21T13:17:00Z.
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Filed under: Facebook, Market News
On Monday, Facebook's stock fell from its IPO price of $38 to a low of (as of this writing) $33.60. So what?
As outlets from The Wall Street Journal to MSN breathlessly reported, Facebook's (FB) official value lost about $12 billion over the weekend, and CEO Mark Zuckerberg is now worth about $2 billion less than he was on Friday.
Again, so what?
With investors across the world screeching like drenched cats and headlines questioning whether or not the social network is already headed down...
Why Facebook's Falling Share Price Really Doesn't Matter originally appeared on DailyFinance.com on 2012-05-21T12:49:00Z.
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Filed under: Personal Finance
These are not like the summer camps you remember from your youth.Kids at Camp Millionaire in California build a whole mini-society based on "moola" -- a mock currency with -- wait for it -- a cow's portrait on the money. The tweens at Camp Challenge in North Carolina immerse themselves in an online simulation called "Life With Bills" where they virtually apply for jobs and pay their way.
And you thought Facebook was absorbing.
Business camps used to attract primarily those kids with a...
Summer Money Camps: Fun in the Sun With Finance originally appeared on DailyFinance.com on 2012-05-21T12:20:00Z.
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Filed under: Power of Planning
You always remember to change the oil in your car ... when the red warning light comes on. You get diligent about flossing ... when the dentist mails the reminder postcard to make an appointment for your six-month checkup. So consider this article your warning light/postcard to get ready for your midyear money review.With six months of earning, saving, and spending under your belt, you've got plenty of data to project how 2012 is going to play out. So let's lift the hood on your finances and...
Your 7-Step Midyear Money Checkup originally appeared on DailyFinance.com on 2012-05-19T05:00:00Z.
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Filed under: Technology
On Saturday, Elon Musk will make history. Again. This is the man who:
- Invented PayPal (and sold it to eBay (EBAY) for $1.5 billion).
- Looked under the hood of the electric car that General Motors (GM) had just killed, and brought it back to life.
- Launched the first ever private space vessel to orbit the Earth.
- Was the inspiration behind the movie version of Iron Man's billionaire inventor Tony Stark.
Elon Musk Boldly Goes Where No Entrepreneur Could Afford to Go Before originally appeared on DailyFinance.com on 2012-05-18T16:20:00Z.
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The Real Facebook Investing Story: How Advisers and Investors Are Using Social Media2012-05-18T19:56:00Z
Filed under: Facebook, Market News
Investment adviser Mark Matson's firm manages more than $3 billion for thousands of investors, and he's a big believer in coaching those clients in the art of prudent financial planning.But the CEO of Matson Money isn't doing the majority of that advising to people facing him across a mahogany desk or in a wainscoted boardroom at his Mason, Ohio, offices. He's spreading his message on Facebook, Twitter and LiveStream.
Matson is part of a growing trend, one that may make the age-old gripe...
The Real Facebook Investing Story: How Advisers and Investors Are Using Social Media originally appeared on DailyFinance.com on 2012-05-18T15:56:00Z.
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