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Business and Money Thursday AM Preview #Hounews

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Behind the scenes in the News92 FM Newsroom/Photo credit: Brent Clanton

Behind the scenes in the News92 FM Newsroom/Photo credit: Brent Clanton

Wall Street keeps its winning streak alive, despite disappointment over the two new iPhones from Apple. Investors are showing they are not overly impressed by Apple’s two new smartphone models; Apple’s stock price is dropping–down about $12 a share on Tuesday and then down again, – close to $27 a share yesterday. A plunge in Apple shares dragged the Nasdaq down four points, and held the S&P 500 to a gain of just five points.
The Dow added 136-points–.9%–to 15,227.
Oil rose 30-cents to $107.84/barrel.

Coming up this morning, the Labor Department releases its weekly update on first-time claims for unemployment benefits and Freddie Mac, the mortgage company, releases weekly mortgage rates.

Big criticism from Big Labor of Obamacare, with a strongly-worded resolution warning the Affordable Care Act will drive up the costs of union-sponsored health plans to the point that workers and employers are forced to abandon them. he resolution marks the first time the nation’s largest labor federation, the AFL-CIO, has gone on record embracing that view. Ironically, Unions were among the most-enthusiastic backers of the Law when it passed in 2010.

What will be the biggest toys this Christmas?
WalMart conducted toy tests with a thousand kids from 18-months to 10-years old, and the top picks this season include a new robotic pet Furby, a hugging Elmo, and a Barbie Dream House.
Good thing WalMart does lay-away!

Houston businessman Theldon Branch III is the newest appointee to the Port Commission of the Port of Houston Authority. Branch is CEO of The Branch Companies, a privately held holding company overseeing investments in real estate, financial assets, automotive an construction industries.

The American Advertising Federation of Houston is presenting its annual “Trailblazer Award” to Welcome Wilson, Sr., tonight at 7pm in the Museum of Natural Science Wortham IMAX theater. Wilson is chair of the University of Houston System Board of Regents, and chairs a real estate development group. News 92 FM’s Dennis Spellman will emcee the event.

Yahoo CEO Marissa Mayer says the Internet company now has about 800 million worldwide users, a 20% increase since she was lured away from Google 15-months ago to steer a turnaround.

New data shows lenders initiated foreclosure action in August against the fewest U.S. homes for any month in nearly eight years. Foreclosure listing firm RealtyTrac Inc. said Thursday that nearly 56,000 homes entered the foreclosure process last month. That’s down 8% from July, and down 44% from August last year.

The music industry’s largest record companies are suing Sirius XM Radio Inc. for royalties it says the satellite radio company didn’t pay for recordings from before 1972. Sony, Universal and Warner, as well as ABKCO, an independent company that manages the music rights of acts like the Rolling Stones and The Animals, filed the lawsuit yesterday in Los Angeles for unspecified damages and a judgment about the rights involved in pre-1972 recordings.


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