On Monday December 13, 2010, 6:15 pm EST
FedEx's busiest day: The
pre-game show for Santa
NEW YORK (AP) -- Monday is
expected to be the busiest day in FedEx history, with nearly 16 million
packages moving on its conveyer belts, trucks and planes. That's up 13 percent
from 14.2 million on the busiest day last year, and double what the company
handles on a normal day.
The jump in shipments bodes
well for the nation's retailers, online stores and larger rival UPS, which has
its single busiest day next week.
Consumers are using smart
phones and other mobile devices, as well as computers, to buy and ship. Online
holiday spending since Nov. 1 is up 12 percent over last year to nearly $22
billion, according to research company comScore. Last Monday and Wednesday ranked
in the top five days for online spending ever, comScore said.
WikiLeaks cyberbrawl is
battle of amateurs
NEW YORK (AP) -- The
Internet drama precipitated by WikiLeaks' release of classified U.S. diplomatic
cables has been called the first "global cyberwar." But at closer
look it's really more of an amateur brawl.
Although big businesses
such as Mastercard and Visa were ensnared, the so-called
"Hacktivists" didn't do serious harm. And while one of the "big
boys" of the Internet -- Amazon.com -- was an obvious target after it
snubbed WikiLeaks, the hackers held off, fearing Amazon was too difficult to
get.
Meanwhile, WikiLeaks
revealed itself to be less than sophisticated when it came to maintaining an
online presence.
AP analysis: Economic
stress falls to 18-month low
Job gains around the
country offset higher foreclosures and helped reduce the nation's economic
stress in October to an 18-month low, according to The Associated Press'
monthly analysis.
Stress fell in 56 percent
of the roughly 3,100 U.S. counties analyzed and in 28 of the states, the AP's
Economic Stress Index shows.
Demand overseas for U.S.
semiconductors and strength in technology companies have helped lower
unemployment in New England, for example.
And higher exports and
inventory rebuilding for heavy equipment have boosted manufacturing,
distribution and wholesale jobs in the Midwest, said William Testa, a vice
president of the Federal Reserve Bank of Chicago.
Stocks end mixed ahead of
Senate vote on tax deal
NEW YORK (AP) -- Stocks
ended flat Monday after expectations that a tax-cut package will pass the
Senate kept them higher for much of the day.
The tax-cut compromise
brokered by the White House and Republicans was scheduled for its first Senate
vote late Monday.
Economists expect the
nearly $900 billion tax package to boost economic growth and increase the size
of the budget deficit. House Democrats have pledged to block the measure unless
tax rates rise for the nation's wealthiest estates.
Judge in Va. strikes down
federal health care law
RICHMOND, Va. (AP) -- A
federal judge declared the foundation of President Barack Obama's health care
law unconstitutional Monday, ruling that the government cannot require
Americans to purchase insurance. The case is expected to end up at the Supreme
Court.
U.S. District Judge Henry
E. Hudson wrote that no court had expanded the Commerce Clause of the
Constitution to allow the government to regulate a person's decision not to buy
a product.
In his order, he said he
will allow the law to remain in effect while appeals are heard, meaning there
is unlikely to be any immediate impact on other provisions that have already
taken effect. The insurance coverage mandate is not scheduled to begin until
2014.
A&P bankruptcy may be
opportunity for competitors
PORTLAND, Oregon (AP) --
The fall into bankruptcy court by the Great Atlantic & Pacific Tea Co. is
the culmination of years of decline but creates an opportunity for its
competitors and could mean further consolidation in the supermarket industry.
The nation's oldest grocer
filed for Chapter 11 bankruptcy protection Sunday after years of struggling
with enormous debt, falling sales and rising competition from low-priced peers.
The company, which owns
A&P, Pathmark, Super Fresh and other grocery stores, is scheduled to head
to court Monday.
Airbus forecasts faster
recovery for industry
COLOMIERS, France (AP) --
The international aircraft industry will recover faster than expected, European
manufacturer Airbus said Monday, predicting a need for about $3.2 trillion
(euro2.4 trillion) in new passenger and freighter planes globally over the next
20 years.
The figure translates to
nearly 26,000 aircraft, up slightly from an earlier forecast for 25,000. Strong
growth in new markets and low-cost airlines in Asia will help propel demand.
Though global air traffic historically doubles every 15 years, it is expected
to do so in India and China in only six years, the company said.
GM offers buyouts to
skilled trades workers
DETROIT (AP) -- General
Motors Co. is offering buyouts to several thousand skilled trades workers at 14
plants around the U.S.
The automaker will pay
eligible workers $60,000 to retire with full benefits. Younger workers will
have the option to take the $60,000 in exchange for giving up retiree health
care and other benefits.
GM spokesman Chris Lee
didn't know how many workers will get the offers. The company estimates it has
2,000 more skilled trades workers than it needs right now. Skilled trades
workers do jobs that need special training, like electrical work and welding.
Fewer homeowners underwater
in the third quarter
NEW YORK (AP) -- The number
of homeowners who owe more than their houses are worth fell for the third
straight quarter this summer.
About 10.8 million
households, or 22.5 percent of all mortgaged homes, were underwater in the
July-September quarter, housing data firm CoreLogic said Monday. That's down
from 23 percent, or 11 million households, in the second quarter.
The decline came mainly
because more homes had fallen into foreclosure and not because home prices had
increased.
By The Associated Press
The S&P 500 index eked
out a new 2010 high for the fourth time in four days. The index rose 0.06 point
to 1,240.46.
Other indexes took a late
afternoon spill. The Dow Jones industrial average closed with a gain of 18.24,
or 0.16 percent, to 11,428.56, having been up as many as 70 points earlier. The
Dow is now just 15.52 points from its 2010 closing high, reached Nov. 5.
The Nasdaq composite index
fell 12.63, or 0.5 percent, to close at 2,624.91. That snapped a six-day streak
in which the index notched new 2010 highs.
Benchmark crude rose 82
cents to settle at $88.61 per barrel on the New York Mercantile Exchange.
In other Nymex trading,
heating oil added 0.77 cent to settle at $2.4652 a gallon. Gasoline gained 0.91
cent to settle at $2.3184 a gallon. Natural gas picked up 0.3 cent to settle at
$4.420 per 1,000 cubic feet.
In London, Brent crude rose
71 cents to settle at $91.19 per barrel.