US FINANCIAL MARKET
- Alcoa, the largest aluminum producer in the United States, is cautiously optimistic that demand for the metal will continue to grow in 2013.
- Dish Network put in a bid for Clearwire on Tuesday that trumped Sprint Nextel’s $2.2 billion offer.
- Boeing Co’s 787 Dreamliner jet suffered a third mishap, heightening safety concerns after a string of setbacks for the new aircraft. On Monday, a fire aboard a Japan Airlines plane appeared to have started in a battery pack for the plane’s auxiliary power unit. And one day later, another Japan Airlines 787 at Logan had to be towed back to the gate after spilling 40 gallons of jet fuel.
- T-Mobile USA will start selling the Apple iPhone in about three to four months.
- Verizon has released preliminary figures demonstrating its smartphone sales, announcing an expected record 9.8 million smartphone activations which were driven by sales of Apple’s iPhone handset.
- AT&T saw smartphone unit sales top the 10 million mark for the first time in its history during the fourth quarter.
- Apple plans to sell a smaller, cheaper version of the iPhone as soon as this year. Apple had been working on a more affordable smartphone since at least February 2011 and is weighing retail prices of $99 to $149 for a device. Apple has sold more than 270 million iPhones worldwide. The device generated $80.5 billion in sales last year.
- Vodafone advanced after Verizon’s CEO was reported to say that his company could buy the U.K. carrier’s stake in their U.S. joint venture Verizon Wireless.
- Walt Disney toys are sold around the world. Now, children can find them in the cloud as well.
- Volkswagen and BMW are the favorites to add market share in the global auto industry over the next five years.
- Vacancies at U.S. regional malls declined for the fifth consecutive quarter (to 8.6%) and rents rose about 0.2% in the fourth quarter at large regional U.S. malls.
- Blackstone Group, the largest U.S. private real estate owner, accelerated purchases of single- family homes as prices jumped faster than it anticipated. Blackstone has spent more than $2.5 billion on 16,000 homes to manage as rentals.
- Morgan Stanley plans to cut about 1,600 jobs from its investment bank in coming weeks.
US ECONOMY & POLITICS
- The IRS will begin processing most tax returns on January 30th, a week later than scheduled. There were concerns the recently passed fiscal cliff legislation in Congress would create delays. But IRS officials say most taxpayers can start filing their federal returns on the 30th. Anyone claiming residential energy credits, depreciation of property, or general business credits will have to wait until February or March.
- Consumer credit in the U.S. increased more than forecast in November, led by borrowing for student loans and automobiles.
EUROPE & WORLD
- Iran’s central bank says the annual inflation rate hit 27.4% at the end of 2012, one of the highest rates ever quoted by Iranian authorities.
- German industrial production increased less than economists predicted.
TODAY in HISTORY
- Connecticut became the 5th state in the United States (1788)
- Mississippi became the second state to secede from the Union (1861)
- The Russian Revolution of 1905 was sparked by troops firing on petitioners to Czar Nicholas in St. Petersburg (1905)
- The United Nations headquarters officially opened in New York City (1951)
- Surveyor 7, the last of America’s unmanned lunar probes, landed on the Moon (1968)
- Kodak got out of the instant camera business after 10 years. A nasty court battle didn’t go their way. The court claimed that Kodak copied Polaroid patents. Sixteen million camera owners were offered free stock, coupons or a replacement camera (1986)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.