The Other Side of Life 24/7: Daily Investor Briefing: Wall Street rises, but still down for...

Friday, November 9, 2012

Daily Investor Briefing: Wall Street rises, but still down for...

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11/9/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street rises, but still down for the week

NEW YORK (Reuters) - Stocks advanced on Friday, but failed to make up for what turned out to be the worst week for markets since June, as investors turned their attention from the presidential election to the coming negotiations over avoiding the "fiscal cliff."

Consumer sentiment at five-year high; inventories jump

NEW YORK (Reuters) - An increasingly upbeat view of the economy and jobs market drove U.S. consumer sentiment to a more than five-year high in early November, while a jump in wholesale inventories suggested the economy grew more than initially estimated last quarter.

JC Penney sales plunge overwhelms progress at new shops

NEW YORK (Reuters) - J.C. Penney Co Inc on Friday reported its worst drop yet in same-store sales since Chief Executive Ron Johnson began his radical transformation of the department store chain, overshadowing signs of progress at the new boutiques that are the centerpiece of the project.

Retail credit card fee settlement gets initial approval

(Reuters) - A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc..

Kodak did not mislead investors before bankruptcy: court

NEW YORK (Reuters) - Eastman Kodak Co executives did not mislead investors about the photography pioneer's deteriorating financial health in the year prior to its bankruptcy, a Manhattan federal judge ruled.

Supreme Court to review Amex arbitration case

(Reuters) - The U.S. Supreme Court on Friday agreed to consider whether American Express Co may invoke an arbitration clause to prevent its merchant customers from banding together in an antitrust lawsuit against the company.

Ex-Goldman trader accused of $118 million loss denies fraud

NEW YORK (Reuters) - A lawyer for a former Goldman Sachs Group Inc trader denied on Friday U.S. civil accusations that his client had defrauded the Wall Street bank of $118 million.

EU 2013 budget talks end in failure

BRUSSELS (Reuters) - Talks on the European Union's 2013 budget collapsed in acrimony on Friday, denting hopes of a swift deal later this month on the bigger issue of the bloc's long-term spending for 2014-2020.

Exclusive: Schulze's Best Buy bid seen in December, below range

NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc by founder Richard Schulze could come in under his initially proposed $8 billion range and will likely not occur before December, sources familiar with the matter said, in a new twist to the months-long saga at the struggling electronics retailer.

MoneyGram to forfeit $100 million to settle U.S. fraud case

(Reuters) - Payment transfer company MoneyGram International Inc agreed to forfeit $100 million and admitted it aided in wire fraud and failed to maintain an effective anti-money laundering program, according to court documents filed on Friday.