In The News:
Barnes & Noble (BKS) announced Thursday plans to spin off its college bookstore business into a separate publicly traded company by the end of August. Last year, Barnes & Noble had planned to spin out the troubled Nook business as well, but the company’s plans to revitalize its Nook digital business remained unclear. The proposal of the college bookstore business separation comes as Barnes & Noble’s 649 consumer stores appear to have stabilized. Over the last year, the book store retailer has placed greater emphasis on in-store events that have driven traffic to its stores. Shares of Barnes & Noble traded higher in the after-market.
Fidelity Investments announced a generous reward to investors saving for retirement, a new offer to match part of their IRA contributions for three years after they transfer at least one retirement account. Under the company’s IRA Match program, according to the company an industry first, customers who transfer traditional, Roth, or rollover individual retirement accounts can have up to 10% of their annual IRA contributions matched by Fidelity. Essentially the investment giant will be bringing one of the key perks of many corporate 401(k) programs to the market for self-directed retirement products. The match will be available to investors who transfer IRA accounts with at least $10,000 to Fidelity, with the percentage of matching contributions based upon account valued transferred. Direct rollovers from 401 (k) plans are not eligible.
The Federal Communications Commission set aside two decades of laissez-faire policy to assert broad authority over the Internet. The committee voting on Thursday to regulate broadband providers as public utilities and overruling laws in two states that made it harder for cities to offer their own Web service. Both commission rulings were setbacks for big telecommunications and cable companies who has invested billions of dollars in their networks. The rulings were a win for Internet companies that have enjoyed explosive growth as people spend more time online. The commission pledged to use a light touch, and the immediate effects of the decisions are limited because companies, regulators and users all agree in principle that traffic shouldn’t be blocked.
In The Markets:
Asian equity markets closed mixed on Friday despite receiving a mixed bag of economic data.
European markets closed higher on Thursday as investors received better-than-expected labor-market data from Germany as well as other economic data from the Eurozone.
U.S. markets closed lower on Thursday as downbeat economic data and selling pressure in the energy sector weighted on markets. DJIA: -10.15 18214.42 NASDAQ: +20.75 S&P: -3.12 2110.74
In Word Of The Day:
A taxable distribution of a portion of company’s earnings that are declared by a company’s board of directors and distributed to its shareholders at the declared date.
In Dinner or Drink:
- 1 oz. Ginger syrup*
- .75 oz. Lemon juice
- 3 oz. Water
- 1.5 oz. Islay Scotch whisky
- 1 tsp Allspice dram
- Garnish: Orange peel
- Glass: Mug
Add the ginger syrup, lemon juice and water to small saucepan and heat until piping hot. Stir in the whisky and allspice dram, and pour into a pre-heated mug. Garnish with an orange peel.
*To make ginger syrup, combine equal parts diced raw ginger, sugar and hot water in a blender. Puree until smooth and strain through a fine-mesh strainer. Refrigerate until needed.
Have a safe and wonderful weekend, Ya’ll!