NYT Said to be Selling About.com for $270 Million

“The New York Times Co. is selling its About.com website to Answers.com for $270 million, according to a person with knowledge of the deal.”

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U.S. equities pared early morning losses to trade near the unchanged level. The markets still remain weak on comments from a fed president out of Dallas stating that adequate stimulus is already in place.

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The day Michael Anselmo signed a lease on his first apartment in New York City, he lost his job at Buck Consultants LLC. He spent about 10 months struggling to pay rent with unemployment benefits. Two years later he’s still hesitant to buy a home or even a road bike.

“Every decision that I have made since I lost my job has been colored by that insecurity I feel about the future,” said Anselmo, 28, who now rents an apartment in Austin, Texas, and works as a consultant for UnitedHealth Group Inc. “Buying a house is just further out on the timeline for me than it used to be.”

Anselmo and many of his peers are wary about making large purchases after entering adulthood in the deepest recession and weakest recovery since World War II. Confronting a jobless rate above 8 percent since 2009 and student-loan debt hitting about $1 trillion, 20-to-34-year-olds are renting apartments, cars and even clothing to save money and stay flexible.

As the Great Depression shaped the attitudes of a generation from 1929 until the early years of World War II, so have the financial crisis and its aftermath affected the outlook of young consumers like Anselmo, said Cliff Zukin, a professor of public policy and political science at the Edward J. Bloustein School of Planning and Public Policy at Rutgers, the state university of New Jersey.

Recession Effects
“This is a generation that is scared of commitment, wants to be light on their feet and needs to adjust to whatever happens,” said Zukin, who’s researched the effects of the recession on recent college graduates. “What once was seen as a solid investment, like a house or a car, is now seen as a ball and chain with a lot of risk to it.”

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Gapping up

DF +26.8%, WFR +16.5%, EVOL +13%, CHTP +12.2%, IILG +10.4%,

KNXA +9.9%, ENOC +9.8%, CSGS +7.9%, ESRX +6.9%, RAX +6.1%,

TSEM +5.8%, ACTS +4.8%, POWL +4.7%, SAPE +4.2%, MAXY +4%,

DMD +3.2%, RIO +3.1%, MNTX +2.9%, JAZZ +2.8%, ACHN +2.2%,

CVS +0.4% , CLWR +16.7%,

Gapping down 

PRMW -21.2%, PCLN -15.1%, XOMA -10.1%, Z -9.6%, WG -8.7%,

NVTL -7.5%, IDSY -5.6%, EXAS -4.8%, AYR -4.3%, WPZ -3.5%,

EXPE -3.2%, KRC -2.2%, UBS -2.2%, VVUS -1.9%, PLAB -1.1%,

GRPN -3% , PAY -2.1%, WIN -2% , PAY -2.1%,

ARCO, CHD, CVS, CBST, FE, G, GRPN, HCN, IAG, JIVE, MGM, PCLN, PG, RAX, TSLA, PAY, RIMM,

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In Play ,

On the Wires 

“U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report.”

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Fannie Mae reported earnings that were better than expected. The company will issue a $2.8 billion dividend to the Treasury.

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“NEW YORK (AP) — McDonald’s Corp. is blaming a sluggish economy for keeping a key sales figure flat in July.

The world’s biggest hamburger chain says revenue at restaurants open at least 13 months was the same as a year ago, as diners pulled back amid a tough economy. After years of outperforming expectations, even through the recession, the results are the latest sign that McDonald’s is starting to feel the effects of the global economic volatility.”

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“Rio Tinto Group (RIO), the world’s third- largest mining company, said first-half profit dropped 22 percent after prices for iron ore, copper and aluminum fell and costs at its operations gained.

Net income declined to $5.9 billion from $7.6 billion a year earlier, London-based Rio said today in a statement. That compares with the $5.04 billion average of 11 analyst estimates compiled by Bloomberg. Profit was boosted by a deferred tax asset of $1 billion after the introduction ofAustralia’s Mineral Resource Rent Tax on July 1.”

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“Italian banks’ purchases of the country’s sovereign debt rose to a record in June as concerns that Italy may be forced to seek a bailout discouraged foreign investors.

Banks boosted their holdings of Italian government bonds by about 14 billion euros ($17 billion) in June to 316 billion euros, according to a Bank of Italy report today.

Italian banks “have been holding the fort at government debt auctions in the absence of foreign investors,” said Nicholas Spiro managing director of Spiro Sovereign Strategy in London by e-mail. “The run on the bond markets of Spain and Italy continues unabated and domestic banks have been left to pick upthe slack. The question is how much longer they will be able to plug the gap if foreign investors continue to steer clear of Spanish and Italian debt.”

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“The euro weakened as reports showing declines in German industrial production and exports added to evidence Europe’s sovereign debt crisis is hurting the region’s largest economies.

The 17-nation currency fell against all except one of its 16 major counterparts after Standard & Poor’s lowered its outlook on Greece’s sovereign rating to negative from stable. The pound appreciated for a second day against the dollar and the euro after Bank of England GovernorMervyn King said an interest-rate cut may be counterproductive. Japan’s yen rise.”

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90 fire fighters are trying to put out a blaze on the 88th floor of WTC.

“Europe reported a 0.6% decline in comparable sales for July as strong results in the U.K. and Russia were more than offset by weaker performance in Germany and several Southern European markets amidst an increasingly difficult environment. Europe’s priority remains building guest traffic by featuring enhanced everyday value offerings alongside classic core favorites and appealing premium products.

Asia/Pacific, Middle East and Africa reported a comparable sales decrease of 1.5% for July. Positive results in Australia were more than offset by ongoing weakness in Japan and the negative impact from the shift in timing of Ramadan. Throughout the segment, compelling daypart value platforms and market-leading conveniences continue to differentiate McDonald’s in the region. ”

Source

“LONDON (Reuters) – The Libor system as a measure of interbank lending costs has ceased to work since the financial crisis and a fix needs to be found to support existing contracts based on the rate,Bank of England governor Mervyn King said on Wednesday.

Britain has set out to reform the key interest rate that was rigged by a number of banks, including Barclays , in a transatlantic scandal that is threatening to seriously damage London’s reputation as a financial center.”

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“PARIS (Reuters) – France’s economy is likely to slip into recession in the third quarter, the Bank of France said on Wednesday, forecasting a contraction of 0.1 percent for the second quarter running which adds to signs Europe’s economic prospects are still worsening.

The estimate, which followed the Bank’s forecast last month for a similar contraction in the second quarter, suggests France’s 2 trillion euro economy may struggle to meet the government’s forecast for 0.3 percent growth this year.”

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“LONDON (Reuters) – Britain’s economy will barely grow this year and may have taken a bigger hit from the euro zone debt crisis than thought, the Bank of England said on Wednesday, but it gave little indication that it would rush to pour further stimulus into the economy.

The BoE resumed its asset buying last month, launching a four-month, 50-billion-pound ($78 billion) program with newly created money to keep a lid on borrowing costs and pump more cash into the economy.

Since then, figures have shown Britain’s recession has deepened, with little sign of a hoped-for bounce in activity in July or a boost from the Olympic Games the country is hosting.”

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