American Morning

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December 22nd, 2011
07:58 AM ET

AM Minding Your Business for December 22, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* U.S. stock futures are trading higher this morning after a quiet day yesterday. The Dow and S&P 500 just barely ending the day in positive territory. Investors were concerned that Europe's banks were in more trouble than originally thought.
* This morning, we'll get a fresh read on the employment situation. The initial jobless claims report is expected to show that 380,000 unemployment claims were filed for the first time last week. It's a good sign for the jobs market.
* The Justice Department is announcing Bank of America will pay $335 million to settle claims the bank's Countrywide Financial lending unit steered minorities into into higher interest rate sub-prime loans. Attorney General Eric Holder says the discrimination took place between 2004 and 2008.
* Investigators who are trying to track down the missing $1.2 billion in customer funds missing after the collapse of MF Global say some of that money could be in the United Kingdom. They've identified about $700 million that was transferred to England in the days before the firm's collapse. Investigators warn getting that money back could be a long and drawn-out process.
* Johnson and Johnson is pulling 12 million bottles of Motrin from store shelves. The company, which has been plagued by recalls over the past two years, says the products are safe.
* It's go time for workers at UPS. Today is the company's busiest shipping day of the year. UPS says it will deliver nearly 26 million packages today - or almost 300 a second! That's about a million more than it delivered last year. UPS attributes the increase to more folks shopping on-line.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
December 21st, 2011
07:57 AM ET

AM Minding Your Business for Dec. 21, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* U.S. stock futures are up again after a promising housing report helped send the Dow up 337 points. New home construction jumped more than 9% in November, much higher than expected. Housing permits - a gauge of future construction - also climbed nearly 6%.
* Positive news from Europe is also helping to lift stocks. Struggling banks there can begin placing orders for unlimited three-year loans from the European Central Bank. It's an attempt to keep credit flowing during the debt crisis.
* Banking sector stocks catching a breather after this ECB measure. Bank of America's stock, which is down more than 60% since the beginning of the year, is up nearly 1% in pre-market trading this morning.
* Bank of America could be close to settling an investigation with the Justice Department. At issue is whether it's Countrywide financial unit violated fair lending practices by encouraging those risky subprime mortgage loans. According to Bloomberg, the deal, which could be announced this week, could mean Countrwide customers would be compensated.
* Honda is now reportedly shipping cars made in China to North America. It's significant because companies import a lot of products from China to keep costs down.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
December 15th, 2011
08:26 AM ET

AM Minding Your Business for Dec. 15, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* Wall Street just can't shake its concerns about Europe's ongoing debt crisis. Stocks took a hit yesterday. The Dow, Nasdaq and S&P 500 all dropped more than 1%.
* Federal Reserve Chairman Ben Bernanke is concerned that Europe's problems may spill over into the U.S. That's according to Republican senators who were briefed by the Fed chairman yesterday.
* Concerns about Europe have investors dumping gold and going into cash. The precious metal sank 5% yesterday. It's the first time gold's been below the $1600 level in three months. Silver, copper and palladium were also down sharply.
* In about two hours from now, we'll get a fresh read on the employment situation. The initial jobless claims report is expected to show that 390,000 unemployment claims were filed for the first time last week. Anytime that number is below 400,000 it's considered a good sign for the labor market
* The nation's top CEOs remain cautious about the economy. According to a survey by the Business Roundtable, two-thirds say they don't plan to increase hiring in the next six months, nor do they plan to spend more on large equipment.
* Finally some good news for the travel industry. According to AAA, nearly 92 million Americans - that's about one-third of the population - are expected to travel at least 50 miles this holiday.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
December 14th, 2011
07:49 AM ET

AM Minding Your Business for Dec. 14, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* The Federal Reserve is holding off on any new steps to boost the economy. That announcement yesterday is pushing stocks lower and stock futures are trading pretty flat so far this morning.
* Turns out the housing bust was even worse than we originally thought. The National Association of Realtors reports the number of existing homes sold over the past five years is less than previously estimated. That's because some properties were listed more than once and in some cases new home sales were also counted.
* It's two words we all like to hear. And according to a new report from the National Federation of Independent Businesses – the number of small companies planning to hire new workers is at its highest level in 38 months. Though we should mention that number is still well below pre-recession levels.
* Chrysler, the once troubled carmaker is turning things around. The company's CEO tells the Wall Street Journal they're right now on track to make $3 billion in profit next year. It's all because of rising auto sales in the U.S.
* Southwest airlines inks a record $19 billion deal to buy 208 Boeing 737 jets. That is the largest aircraft order ever placed.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
December 13th, 2011
08:09 AM ET

AM Minding Your Business for Dec. 13, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* U.S. stock futures are trading higher this morning after concerns the Eurozone deal won't do enough to address Europe's real financial problems – pushed the Dow down more than 162 points. Ratings agency Moody's also announced yesterday it will review the ratings of all European Union nations.
* The Federal Reserve will no doubt be weighing the risk coming from Europe when it meets later today. Most analysts expect the Central Bank to hold off when it comes to announcing a new strategy to boost the economy. Economists are forecasting the Fed will keep interest rates close to zero percent.
* AT&T putting its T-Mobile merger on hold. The wireless carrier has agreed to postpone an anti-trust lawsuit that it needed to win in order to keep its merger alive. The Justice Department and the FCC both opposed that deal, saying it would lead to higher cell phone bills and less competition.
* General Motors is hoping to restart production at it's Chevy Cruze plant in Ohio as soon as possible. The plant shutdown yesterday afternoon because of what GM calls a "supplier issue." The Chevy Cruze is the second best selling small car in the American auto market.
* With the unemployment rate at 8.6%, American workers will apparently go to great lengths to keep their jobs. According to a survey by staffing company Randstad U.S., nearly a quarter of those questioned say they'd work longer hours, give up their bonus and accept a reduction in benefits just to keep their jobs. Though only 16% would accept a pay cut in order to stay employed.
* Several Macy's stores will be pulling all-nighters so you can finish your holiday shopping. The retailer says 14 of its stores will stay open for 83 hours straight leading up to Christmas Eve.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
December 12th, 2011
09:16 AM ET

AM Minding Your Business for Dec. 12, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* Most Asian markets are advancing overnight. A debt crisis treaty by many European leaders is triggering some optimism.
* U.S. investors will be watching Europe closely today. No official meetings are planned this week after a majority of Eurozone members struck a deal for a new treaty to save the Euro.
* The judge overseeing MF Global's bankruptcy is clearing the way for some customers to get their money back. He approved releasing roughly $2 billion more in frozen funds to customers of the firm.
* Are young people better off today than their parents were 30 years ago? That depends on their gender. A new study says young women today earn about $1.17 for every dollar their moms earned in 1980. Young men today are earning about 10 cents an hour less than their fathers did 30 years ago.
* Some Kmart's in Michigan and California have been receiving anonymous donations which are used to pay off layaways. One secret Santa in Detroit even donated $2,000. That covered 14 layaways!

Tune in to American Morning at 6am Eastern every day for the latest in business news.


Filed under: Minding Your Business
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