In The News:
Soaring House Sales….
According to the National Associations of Relators, sales of previously-owned houses rose unexpectedly in August. Existing-home sales rose 1.7% in August, making it the best month of sales since February 2007, when home prices were just beginning to decline from the housing bubble. The unexpected increase was due to a flood of buyers rushing to buy so they can lock in mortgage rates before rates increase further. The trade group is cautions with their outlook for the next several months, warning home sales could slow due to higher borrowing costs and prices.
Crackberry Lay Off…..
Another week and another set of bad news for struggling cellphone maker, Blackberry. According to an article in The Wall Street Journal on Thursday, the company will lay off nearly 40% of its workforce by the end of the year. The cuts will be across the board affecting all areas of the company. This new round of layoffs follows last year’s round of 5,000 and smaller rounds this summer mostly from sales and reach and development divisions.
The layoff news comes a week before Blackberry will report earnings, which judging by the nonexistent sales of their phones this year, won’t be pretty. Shares of Blackberry (BBBY) fell 4% from their Wednesday peak in Thursday’s trading.
Which Color Should I Choose…?
Today is the day Apple Inc. (APPL) began sales of its iPhone 5S and 5C, hoping for strong demand will settle concerns about the company’s position in the smartphone market. Friday morning IPhone sales kicked off across Asia and Europe, with initial demand tilted heavily toward the higher end, 5S. Hundreds of customers waited outside Apple stores from Tokyo to Paris. Shortly after opening, Apple employees at stores in Frankfurt and London had to tell customers the silver and gold versions had sold out, leaving only the black version of that model available, according to some waiting in line.
In The Markets:
The Nikkei closed down on Friday as investors took profits in a quiet session. Chinese markets were closed for the Fall festival holiday.
European markets rallied Thursday as investor liked Wednesday’s news from the Fed.
US Markets closed mixed on Thursday with only the NASDAQ closing in positive territory. As the euphoria began to wear off from the Fed’s announcement markets stated to absorb the possible headwinds the next few months may bring. DJIA:-40.39 NASDAQ: +5.74 3789.38 S&P: -3.19 1722.33
In Dinner or Drink:
Pumpkin Spice Martini